The Cost Engineering Committee (CEC) operates under the Industry Benchmarking Consortium (IBC) Charter and Benchmarking Code of Conduct. It is a voluntary association of IBC member owner organizations with the mission of improving business results by enhancing the project controls function through the sharing practices and providing data for research and metrics. Unlike the IBC and Project Evaluation System (PES®) products, the CEC does not benchmark individual company performance. Rather, it provides metrics and Best Practice information with a focus on cost and schedule engineering.
In 2009, the CEC will be in its 11th year. In 2008, over 100 individuals from 35 different owner organizations were in attendance. The CEC member companies come from a number of different process industries, including Petroleum Refining, Commodity Chemicals, Specialty Chemicals, Pharmaceuticals, and Mining, Minerals, and Metals.
The CEC assists cost engineers by providing many metrics and tools that offer an unbiased snapshot of Industry. The metrics are based on data provided by IPA clients and facilitate the company’s internal development, review, and validation of estimates, schedules, and databases. A list of the tools and metrics that are provided to attendees is below:
Summary Cost Metrics
Detailed and Unit Cost Metrics
Schedule Duration Metrics
Actual/Estimate Metric Trends
Location Cost Metrics
Scheduling Practice Metrics