The Project Cost Management Profession – In Pursuit of Global Recognition & Standards

Publisher:
Federation of Scientific & Technical Associations (FAST)
Publication Type:
Conference Proceeding
Citation:
ICEC 2014 - IX World Congress - Re-Engineering Total Cost Management, 2014, pp. ? - ? (10)
Issue Date:
2014-10-20
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Thumbnail145_FINAL PAPER ICEC 2014-Standards.pdf Published version603.61 kB
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ThumbnailCoverPageProceedings.pdf Published version384.11 kB
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Foreword.pdf Published version281.73 kB
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ThumbnailCopyright.pdf Published version93.02 kB
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ThumbnailPeer Review Process.pdf Published version181.93 kB
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This paper examines the issues surrounding the lack of global recognition for the project cost management profession and explores the opportunities that the profession might benefit from by implementing over-arching strategies to raise professional recognition and standards on a global scale. For the purposes of this paper Project Cost Management is used as the single descriptor for the professional roles of cost engineering, quantity surveying, project management and project controls. The paper commences with an analysis of the various terminologies used to describe the profession around the world and the major regional differences in terms of recognition and general practice. It then explores the global development of the profession over the past two decades and identifies the main issues and barriers preventing greater unification of the profession. This is followed by a comparison of the major regional differences in practices, services, competency standards and registration/certification requirements for the profession. The purpose of the paper is examine how the identified differences affect the transportability of professional project cost management services between countries and the effect that they have on global recognition of the profession. The research method underpinning this study comprises a survey of professional cost management associations that are members of the Pacific Association of Quantity Surveyors (PAQS), the African Association of Quantity Surveyors (AAQS) and the International Cost Engineering Council (ICEC). The research results reveal considerable differences in practices, standards and registration/certification requirements despite the fact that the fundamental principles and procedures of project cost management practice are the same throughout the world. The study will reveal the need for global initiatives to address this particularly in regions such as Europe, Africa and the Middle East. The paper concludes with a range of recommendations and strategies to help address these issues. This will include the development of a single global identity for the profession, the development of global project cost management standards and methods of measurement and strategies to achieve greater global recognition through global organizations such as the United Nations and the World Bank. The paper contends that collaboration between the various professional associations around the world that represent the project cost management profession will be the key to the effective implementation of these strategies.
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