CP231003 Cost Control.docx

CP231003 Cost Control.docx

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CP231003CostControl

COMPANYPROCEDURE

CP231.003/5Z

COSTCONTROL

REVISION

DATE

REVISIONDETAILS

0

29July1986

InitialIssue

1

02February1987

Rev.1（TotallyRevised）

2

27February1988

（a）RevisedHeaderformataspage1

（b）Added"CommercialLimitation"assection5.3.1andrenumberedexisting5.3.1to5.3.2

3

23May1990

（a）Totalrevision

（b）SplitEstimateDeviation（EDN）ProceduretoseparateProcedureCP231.007Z

4

14July1998

（a）ChangedCompanynametoKvaernerProcess（Netherlands）B.V.

（b）Generalrevision

5

11November2003

（a）ChangedCompanynametoAkerKvaernerNetherlandsB.V.

（b）AddedreferencestoCP231.009–RiskManagementandM0039–ContingencyRundownPlanning

Preparedby:

CostEngineeringDepartment

Approvedby:

ManagerCostEngineeringDepartment

Approvedby:

ManagerQuality&SafetyAssurance

Approvedby:

DirectorFinance&Control

Authorisedby:

ManagingDirector

TABLEOFCONTENTS

1.0SCOPEOFAPPLICATION5

2.0OBJECTIVES5

3.0DEFINITIONS5

3.1ControlEstimate5

3.2OriginalBudget5

3.3EstimateDeviation5

3.4CurrentBudget5

3.5Commitments6

3.6EstimatetoComplete6

3.7CurrentForecast6

3.8Expenditures6

3.9Trend6

3.10CodeofAccounts6

3.11DirectCosts6

3.12IndirectCosts6

3.13Escalation6

3.14Contingency7

4.0RESPONSIBILITIES7

4.1ProjectManager7

4.2CostEngineer7

4.3DisciplineLeadEngineers9

4.4PlanningEngineer9

4.5ConstructionManager9

4.6SubcontractEngineer9

4.7ProjectPersonnel10

5.0GENERALELEMENTS10

5.1BasisofControl10

5.2Budgets11

5.3Commitments11

5.4EstimatetoComplete12

5.5TrendMeeting12

5.6CurrentForecasts12

5.7Expenditures13

5.8ExpenditureForecastingandCashFlow13

5.9Escalation14

5.10Contingency14

5.11SubcontractControl15

5.12Backcharges15

6.0COSTREPORTING16

6.1MonthlyCostReport16

6.2FinalCostReport16

7.0REFERENCES17

1.0

SCOPEOFAPPLICATION

Thisproceduresetsoutactivitiesandresponsibilitiesthroughoutaprojectforcontrolling,forecastingandreportingofprojectcosts.

ChangeadministrationduringprojectexecutioniscoveredinCP231.007Z-EstimateDeviationNotice（EDN）Procedure.

2.0OBJECTIVES

Theobjectivesofthisprocedureareasfollows:

Identifyresponsibilitiesforcontrolling,forecastingandreportingofcostsduringallstagesofprojectexecution.

Establishproceduresforcontrolling,forecastingandreportingofcostsduringallstagesofprojectexecution.

Establishformatsforreportingandapprovals.

3.0DEFINITIONS

3.1ControlEstimate

Anestimatewhichisbaseduponaclearlydefinedandapprovedprojectscopeofwork,includingAkerKvaernerscopeofservices,andacleardefinitionofdeliverables.ItisnormallypreparedbytheEstimatingGroup,withinputfromtherelevantengineeringdisciplines.AClientpreparedestimatewhichhasbeenreviewedandagreedwithAkerKvaernermayalsobeused.TheestimateisusedtoestablishtheOriginalProjectBudget.

Itisnormallypreparedwhenthescopeofworkisknowninallmajorengineeringdisciplinesandtheprocessequipmenthasbeendefined.Itispreparedeitherduringaproposalorduringtheearlystagesoftheproject.Timingisdependentonscopedefinitionandcontractualconditions.

ItissetupandmaintainedinaccordancewiththeAkerKvaernerE&CEuropeCodeofAccountsandcoversalldirectandindirectcosts,escalationandcontingencies.

3.2OriginalBudget

FollowingapprovalbybothClientandAkerKvaernerManagement,theControlEstimatebecomestheOriginalBudgetfortheproject.

3.3EstimateDeviation

AnyconditionthatmayresultinavariancefromtheControlEstimate,eitherincostorschedule.

Duringprojectlife,changeswilloccurinworkscopeorprojectexecutionplanthatmaynecessitatebudgettransfers,additionsordeletionstotheoriginalbudgetand/orschedule.

3.4CurrentBudget

TheCurrentBudgetisbasedontheOriginalBudgetasdescribedinparagraph3.2above.

Itisregularlyupdatedduringprojectexecutiontoincorporateapprovedbudgettransfersandscopeadditions/deletionsresultingfromapprovedEDN's.TheupdatedCurrentBudgetisissuedinthemonthlyCostReport.

3.5Commitments

Thesearemadeduringprojectexecutionbyexpenditureofmanhoursandincidentals

andexecutionofcommercialagreements（eg.Letter’sofIntent,PurchaseOrders,ContractsandSubcontracts）whichwillresultinexpenditure.Assessmentofcommitmentvalueswilldependonthetypeofcontractualagreements,asdetailedinparagraph5.3.Commitments,andshallexcludeBTW/VAT.

3.6EstimatetoComplete

ThemostrecentforecastofCommitmentsstilltobemadetocompletetheproject.

ForamoredetailedexplanationofEstimatetoCompleterefertoparagraph5.4ofthisprocedure.

3.7CurrentForecast

ThetotalanticipatedcostoftheprojectresultingfromtheadditionofEstimatetoCompleteandcurrentCommitments.

ForamoredetailedexplanationofCurrentForecastrefertoparagraph5.6ofthisprocedure.

3.8Expenditures

Thetotalvalueofinvoicespaid（excl.BTW/VAT）.

ForamoredetailedexplanationofExpendituresrefertoparagraph5.7ofthisprocedure.

InvoiceApprovalsaretheresponsibilityoftheAccountingDepartment.

3.9Trend

AnearlyidentificationofadeviationfromapartoftheCurrentBudgetthatmayresultinanoverrun/underruninoneormorecostareas.

3.10CodeofAccounts

AkerKvaernerE&CEuropeCodeofAccounts.

3.11DirectCosts

CostsofallitemsofequipmentandmaterialinstalledintheconstructionofthePlanttogetherwiththecostsoflabourandmaterialsusedininstallingthem,asspecifiedintheoriginalcontractscopeofwork,andasamendedviatheEDNprocedure.

3.12IndirectCosts

AllcostsincurredinachievingtheengineeringandconstructionofthePlant,butforitemswhicharenotdirectlyincorporatedinthePlant.TheseincludeEngineering,Procurement,ConstructionManagement,Incidentalcosts,etc.

3.13Escalation

Fundswhichareallocatedintheestimatetocompensateforchangesinpricesofmaterialandwageratesoccurringbetweenthetimetheestimateispreparedandthetimeofactualengineering,purchaseanddeliveryofequipment,materialsandconstruction.Estimatesarenormallypreparedonthebasisofcurrentpriceandwagerateswithanallowanceforfutureanticipatedescalation.

ForamoredetailedexplanationofEscalationrefertoparagraph5.9ofthisprocedure.

3.14Contingency

Fundswhichareallocatedintheestimateasspecificprovisionforunforeseeableelementsofcostwithinthedefinedprojectscopeofwork.

ForamoredetailedexplanationofContingencyrefertoparagraph5.10ofthisprocedure.

4.0RESPONSIBILITIES

4.1ProjectManager

ThemainresponsibilitiesoftheProjectManagerinCostControlare:

-concurrencetoamendmentsofthestandardCostControlProcedure,forapprovalbyAkerKvaernerManagement,tocoverClientrequirements,

-achievementofallcontractcostandbudgettargets,

-reportingprojectcoststatusmonthlytoClientandAkerKvaernerManagementinaccordancewiththisprocedure,

-schedulingandconductingmonthlycosttrendmeetings,

-reviewandapprovalofDesignChangeRequests（DCR's）inaccordancewithCompanyProcedureCP231.007Z,

-preparation,approvalandissuetoClientofOrderOfMagnitudechanges（OOM's）inaccordancewithCompanyProcedureCP231.007Z,

-identification,initiationandtimelypreparation,review,approvalandissuancetoClientofEDN'sinaccordancewithCompanyProcedureCP231.007Z.

4.2CostEngineer

ThemainresponsibilitiesoftheProjectCostEngineerare:

-familiarisehim/herselfwiththeContract,ProjectProcedures,ControlEstimateandscopeofworkusedasbasisfortheControlEstimate.

-amendthestandardCostControlProcedure,ifrequiredbytheClient,fortheconcurrenceoftheProjectManagerandapprovalbyAkerKvaernerManagement,thusestablishingtheagreedCostControlProcedurefortheproject,forinclusioninDesignDataNo.1,

-supporttheProjectManagerinthesuccessfulimplementationoftheCostControlProcedure,forEngineering,ProcurementandConstructionactivities,

-assistandadvisetheProjectManageroncostrelateditemstominimisetheprojectcost,

-Continuallymonitordesigndevelopmentagainsttheoriginalscope（Estimatebasis）toidentifychangesandcostimpacts.ChallengetheneedforchangestothedesignwhichcausecostincreaseswhichcannotberecoveredviatheEDNprocedure.

-preparetheOriginalBudgetbasedupontheapprovedControlEstimateafterreviewoftheControlEstimatewiththeEstimatingGroup,

-issuedisciplineman-hourbudgetstoDisciplineLeadEngineersafterco-ordinationwithandapprovaloftheProjectManager,

-obtaincopiesofvendorbidsuponreceiptbypurchasingandreviewagainsttheCurrentBudgetinordertoprovideanearlywarningsystem,whenbidsareoverthebudget,totheProjectManager,

-assignbudgetvaluestoEngineeringAnalysis/QuotationAnalysis（EA/QA's）,analysevariancesbetweentheCurrentBudgetvalueandrecommendedQAvalue,priortoapprovalbytheProjectManager,

-obtaindataoncommitmentsandexpenditurestodateforengineering,incidentals,materials,constructionmanagementandsubcontractcostsandmaintainanup-to-datecommitment/expenditureregisteraspartofthecostreportdatabase,

-participateinmonthlyCostTrendMeetingstoreviewcostswiththeProjectManager,DisciplineLeadEngineersandProcurementRepresentativeinordertoevaluateandrev