Cost Data Visualisation

Decision making using the methodologies and analysis generated by the cost engineering function is widely considered good practice across industry, as a way to support both technical engineering decisions and fundamental business decisions. One persistent challenge for the professional cost engineer is to present cost data and information to decision makers and a mix of audiences. Data visualisation is therefore an important element to ensure that data is presented in a clear, effective and convenient format to ensure sufficient insights can be gathered. This work explores different data presentation and visualisation approaches. This review highlighted this topic as a research gap that this paper is novel in addressing. The review findings are further explored through a series of semi-structured interviews with experts in relevant fields to establish effective data visualisation methods, along with the challenges associated with presenting cost data to a variety of audiences. Chart embellishments are one explored area of potential to increase the engagement and understanding of visualisations.

COST-ENGINEERING COMPONENTS FOR PREVENTING ECONOMIC DESTRUCTION IN THE ACTIVITIES OF PARTICIPANTS OF CONSTRUCTION DEVELOPMENT PROJECTS

The article is devoted to solving the scientific problem of developing theoretical provisions and providing methodological and applied recommendations for improving approaches to economic assessment and substantiation of engineering projects of construction enterprises. The relevance of scientific research is due to the need to implement a large-scale program for updating the technical and technological base of most domestic enterprises based on replacing outdated types of equipment, technologies and models of construction production management, as well as improving methodological approaches to organizing and managing an enterprise. A significant amount of work on the development and implementation of these measures can be carried out by specialized organizations - engineering firms. However, the feasibility of purchasing their services by construction companies requires a preliminary justification through the development of appropriate engineering projects. Cost engineering as a complex solution to the Customer's problems is indeed a topical product that will increasingly be in demand on the market. Especially in the current conditions, when the key task for any company is to reduce costs, both during the construction phase and during the operation of the facility. The cost engineering of investment and construction projects is closely related to the concepts: project risk management, complex project cost management (TCM - total cost management). Integrated project management can use all methods and tools of value engineering, such as technology audit, price audit, earned value methodology, etc.

FORMALIZATION AND GENERAL METHODICAL CONCEPT OF COST ENGINEERING IN THE SYSTEM OF CRISIS MANAGEMENT OF CONSTRUCTION ENTERPRISES

The article proves that value engineering (Value engineering) is a set of methods and tools for managing the value of an investment project at all stages of its life cycle, determines the economic relations among the participants. It is determined that cost engineering includes: formation of the project budget (budget planning of the project, assessment of the efficiency of capital investments, investment assessment) estimated pricing; examination (verification of the accuracy of the determination) of the estimated cost of construction; formation of construction cost; cost control of the project implementation process analysis of actual costs (construction costs). Cost engineering of investment and construction projects is closely related to the concepts: project risk management, integrated project cost management (TCM – total cost management). The use of cost engineering allows to complete the project within the planned time and budget with full satisfaction of previously defined expectations of the Customer, ie with full achievement of all predetermined results. Thanks to considerable experience and high qualification, in realization of projects in the EPC format (Engineering, Procurement, Construction – the contract of full volume of works "turnkey"), experts can achieve reduction of investment and operational costs of the investor by 10-15%. In integrated project management, all methods and tools of cost engineering can be used, such as technological audit, price audit, the method of mastered volume, the application of which are given with the use of economic and mathematical modeling.