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Matrix Integration of Schedule & Cost to Predict Offshore Structure Project Cost

Ty, Phuor and Sambu Potty, Narayanan and Akram, M. K. M (2014) Matrix Integration of Schedule & Cost to Predict Offshore Structure Project Cost. In: 2014 IEEE Colloquium on Humanities, Science and Engineering (CHUSER 2014), 7 - 8 April, 2014, Penang Malaysia.

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Abstract

This paper discusses an interrelationship between the cost and schedule by using the cost/schedule data sets of the actual offshore construction project. It presents the method to define the offshore work packages from the complex work and cost breakdown structures that is a very vital key to have success in forecasting the total project cost. The predicted total project cost is simulated considering the time value of money and the allocated resource factor that strongly depend on the interest rate and the allocated time for each resource, respectively. The calculations are based on mathematical matrix manipulations. The model is developed based on an actual case study on the offshore construction project. The budgeted cost of work scheduled (BCWS), budgeted cost of work performed (BCWP), actual cost of work performed (ACWP), cost performance index (CPI), and schedule performance index (SPI) are computed based on the matrices.

Item Type:Conference or Workshop Item (Paper)
Uncontrolled Keywords:Integrating Schedule and Cost; Matrix; Resource Allocation; Time Value; Overhead Cost.
Subjects:T Technology > TA Engineering (General). Civil engineering (General)
Academic Subject One:Academic Department - Civil Engineering - Structures, materials and construction
Departments / MOR / COE:Mission Oriented Research > Sustainable Development
ID Code:11223
Deposited By: DR NARAYANAN SAMBU POTTY
Deposited On:21 Apr 2014 04:55
Last Modified:19 Jan 2017 08:20

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