Cost Engineers Converge in Northern Virginia for CEC 2019

The Cost Engineering Committee (CEC) held its annual meeting September 24 to 25 in McLean, Virginia. The CEC, a working subcommittee under IPA’s Industry Benchmarking Consortium (IBC), assists cost engineers by providing metrics and tools that offer an unbiased snapshot of industry cost and schedule estimates and trends.

New and updated capital project research studies were presented at CEC 2019. Cost engineers and other key project team personnel representing CEC member companies were briefed on the latest trends in the engineering, procurement, and construction market and joined in communities of practice discussions.

The following two research studies were featured:

State of Data Integration Maturity in the Capital Projects Industry

Building on insights gained from IPA’s digitalization in capital projects research presented in March at IBC 2019, this updated research study takes a more expansive look at the strategies and tools project organizations with owner companies are using to capture and integrate data to improve project definition. The research takes a cost-benefit approach to demonstrating the value of data integration in project planning and development.

Capital Project Schedule Forensic Study

Previous IPA-led research has provided CEC member companies with high-level insights into drivers of project schedule slip. This new research study examines how schedules break down at a detailed level. Owner companies benefit from understanding where optimism is buried in project schedules.

CEC meeting attendees also heard a presentation on the keys to good site-based schedule estimates and received instruction on applying the cost and schedule tools IPA prepared. The CEC focuses on all aspects of cost engineering, including cost estimating, scheduling, and project control practices and metrics, with the goal of expanding the owner cost engineer’s capabilities.

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