The Upstream Cost Engineering Committee (UCEC) was formally organized in 1999. It is an approved subcommittee of the Upstream Industry Benchmarking Consortium (UIBC) and is held in the second quarter of each year. The purpose of the UCEC is to improve upstream project and business results by improving cost engineering functional processes through the use of cost and schedule metrics by developing and analyzing upstream cost metrics. UCEC participants include IPA clients that have a common interest in cost engineering and cost metrics development and should represent the cost engineering function in their companies. If the participants do not represent the cost engineering function, they should have a strong commitment to improving that function within their companies.
The metrics produced by the UCEC can be used for the following:
It should be noted that the metrics are developed from all of the projects in the Upstream Project Evaluation System (PES®), not just from the data of the member companies.