The Global Cost Management Profession

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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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.
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