Cost and Value Management in Projects

Abstract

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System and software assurance — rationalizing governance, engineering practice, and engineering economics

“…VALUE DELIVERY As stated earlier in the paper value delivery implies that the value proposition associated with both the investment made in engineering processes for system and software assurance, and the costs associated with architectural and design decisions, shows clear benefit to both the organization and the acquirer and users of the system. Venkataraman and Pinto [22] cite The Institution of Civil Engineers (ICE) definition of value management as addressing: the value process during the concept, definition, implementation and operation phases of a project. Value management encompasses a set of systematic and logical procedures and techniques to enhance project value through the life of the facility.…”

“…The literature surveyed is abundant with models, equations, and checklists but comes to no consensus on the "best" approach for system and software assurance. Several of the references cited provide more information for comparison of governance requirements as well as methods, tools, and techniques [5], [6], [8], [12], [18], and [22]. Figure 1, described earlier as depicting governance in the engineering life cycle may be annotated to illustrate the touch points for rationalizing governance with risk and value.…”

Causes of Cost Overrun in Federal Road Projects of Ethiopia in Case of Southern District

“…The construction industry is multipart in nature because it involves different technology, a reasonable size of the projects; a high level of organizational complexity and different parties (client, contractor, consultant, Supplier, Bank, Insurance, permitting agency and public) [1]. It has a major role in the economic developments of one society [2].…”

“…For instance, the Boston's Central Artery/Tunnel Project faces the technical and logistic challenges that increase the project costs from $2.5 Billion to $14.63 billion [1], nearly the project cost overrun is 485%. The study of [9] and [10] show that the problem of project cost overrun is also a problem in de-veloping country like Ethiopia.…”

Software Cost Estimation Approaches: A Survey

“…Moreover, the estimation of the software's cost is impacted by many factors, including the implementation's efficiency, and the number of reviews and studies done prior to the development stage cost. There is clearly a strong relationship that exists between the estimation of software effort and software cost, as it can be said that the effort is the primary driving factor for the software's cost [11] [12] [13] [14].…”