UCEC 2021 Conference Virtual Sessions to Feature Three New Research Studies
Upstream Cost Engineering Committee (UCEC) 2021 virtual sessions kicked off in late June and continue through July 9, continuing IPA’s practice of delivering updated cost and schedule metrics, tools, and new research for E&P companies committed to advancing their owner cost engineering and project controls capabilities.
A sub-committee of the Upstream Industry Benchmarking Consortium (UIBC), companies belonging to the UCEC range from super majors and national owner companies (including those with partial state ownership) to majors and independents. Because this year’s annual conference is virtual, an unlimited number of company employees may attend each session. IPA will deliver each live webinar twice to accommodate different time zones. (The full agenda is available to member companies.)
Three research studies will be featured during UCEC 2021.
E&P Project Schedule Forensics
At a high level, we know what happens on projects that make them slip, and we know what the slip looks like at the phase level (i.e., FEL, DE, Procurement, Fabrication, T&I, HUC, etc.). In this study, we conduct a forensic evaluation of native schedules for E&P projects, more specifically projects for which subsea is the dominant concept. The purpose of the study is to characterize where the slip occurs at an activity level, and thus identify the main contributors to overall project slip. (Research by IPA Associate Project Research Analyst Andy Spragg)
Growth in Topside Weight
This study investigates offshore project topsides weight growth by comparing actual weights and estimated weights. The study will dissect the topsides weights at a more detailed level to understand what areas of the topsides experience growth from estimate to actual. This will help inform decisions for setting contingencies for topsides weights and understand offshore project cost efficiencies. (Research by IPA Research Analyst Krishna Jaitly)
Measuring Engineering Progress
This study looks into the techniques and tools used by Industry to measure engineering progress as a component of the overall project controls strategy. The goal of this phase of the study is to provide a comprehensive summary of the available methods for measuring engineering progress of capital projects based on actual data from industry projects and project systems. The summary will include complete descriptions of practices, preliminary data on the frequency of use by Industry, and qualitative descriptions of pros and cons for each approach. (Research by Consortia Membership and the IPA Institute Director Andrew Griffith.)
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