The Global Cost Management Profession

Smith, PV

The Global Cost Management Profession

Smith, PV

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Publisher:: The Association of South African Quantity Surveyors
Publication Type:: Conference Proceeding
Citation:: International Cost engineering Council: 8th ICEC World Congress, 2012, pp. 1 - 22
Issue Date:: 2012-01

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Field	Value	Language
dc.contributor.author	Smith, PV https://orcid.org/0000-0001-5825-2014	en_US
dc.contributor.editor	Pearl, RG	en_US
dc.contributor.editor	Verster, JJP	en_US
dc.date	2012-06-23	en_US
dc.date.issued	2012-01	en_US
dc.identifier.citation	International Cost engineering Council: 8th ICEC World Congress, 2012, pp. 1 - 22	en_US
dc.identifier.isbn	978 0 86886 808 0	en_US
dc.identifier.uri	http://hdl.handle.net/10453/23235
dc.description.abstract	This paper examines the global development of Project Cost Management as a distinct professional discipline. Whilst Project Cost Management has long been recognised in many countries around the world (particularly Commonwealth countries) it has traditionally not been recognised in regions such as Europe, China, India and South America where cost management is simply considered to be a subset of the broader project management and engineering fields. The past decade has seen major changes in this respect as governments and major private sector developers have increasingly recognised the need for more effective cost control on projects. This shift has been the result of numerous cost budget blowouts on major projects around the world. The recent Global Financial Crisis has heightened the importance of project cost management/control. The methodology for this paper comprises a literature review and the collection/analysis of data on professional cost management associations and firms around the globe. The research found demonstrable evidence of the rise and recognition of the profession beyond traditional strongholds particularly in regions such as China, India and the Middle-East. However, the profession continues to face developmental issues in regions such as Europe, Scandinavia and South America. It was also found that the global development of the discipline will be greatly assisted through official recognition by major international organisations such as the World Trade Organisation and the World Bank. The research highlighted the importance of professional associations and firms working together to achieve this. The paper provides original contribution to the field through collection and analysis of data on professional cost management associations and firms.	en_US
dc.publisher	The Association of South African Quantity Surveyors	en_US
dc.relation.ispartof	International Cost engineering Council: 8th ICEC World Congress	en_US
dc.relation.ispartof	World Congress on Cost Engineering, Project Management and Quantity Surveying, AACE American Association of Cost Engineers	en_US
dc.title	The Global Cost Management Profession	en_US
dc.type	Conference Proceeding
utslib.location	Durban, South Africa	en_US
utslib.location.activity	Durban, South Africa	en_US
utslib.for	120201 Building Construction Management and Project Planning	en_US
dc.location.activity	Durban, South Africa	en_US
pubs.embargo.period	Not known	en_US
pubs.organisational-group	/University of Technology Sydney
pubs.organisational-group	/University of Technology Sydney/e-Press
pubs.organisational-group	/University of Technology Sydney/Faculty of Design, Architecture and Building
pubs.organisational-group	/University of Technology Sydney/Faculty of Design, Architecture and Building/School of Built Environment
utslib.copyright.status	closed_access
pubs.consider-herdc	true	en_US
pubs.finish-date	2012-06-27	en_US
pubs.place-of-publication	Durban, South Africa	en_US
pubs.start-date	2012-06-23	en_US

Abstract:

This paper examines the global development of Project Cost Management as a distinct professional discipline. Whilst Project Cost Management has long been recognised in many countries around the world (particularly Commonwealth countries) it has traditionally not been recognised in regions such as Europe, China, India and South America where cost management is simply considered to be a subset of the broader project management and engineering fields. The past decade has seen major changes in this respect as governments and major private sector developers have increasingly recognised the need for more effective cost control on projects. This shift has been the result of numerous cost budget blowouts on major projects around the world. The recent Global Financial Crisis has heightened the importance of project cost management/control. The methodology for this paper comprises a literature review and the collection/analysis of data on professional cost management associations and firms around the globe. The research found demonstrable evidence of the rise and recognition of the profession beyond traditional strongholds particularly in regions such as China, India and the Middle-East. However, the profession continues to face developmental issues in regions such as Europe, Scandinavia and South America. It was also found that the global development of the discipline will be greatly assisted through official recognition by major international organisations such as the World Trade Organisation and the World Bank. The research highlighted the importance of professional associations and firms working together to achieve this. The paper provides original contribution to the field through collection and analysis of data on professional cost management associations and firms.

Please use this identifier to cite or link to this item:

http://hdl.handle.net/10453/23235