Cost Management - Description of Image
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Development of Project Construction Cost Estimates
This image describes the National Project Management System (NPMS) model with 3 stages, 9 phases, control points, deliverables and cost estimate categories.
- Project Inception Stage
- Broad Cost Projection : Forecast of resources required for preparation of PPA/LPA submission
- Project Identification Stage
- Deliverable: Preliminary Project Plan
- Deliverable: Investment Analysis Report (IAR)
- Control point: Preliminary Project Approval (PPA)
- Identification Close Out
- Class D Construction Cost Estimate (Indicative): Develop the indicative construction cost estimate(s) (for each defined option where applicable) and update them as required throughout the phases as project information become more defined, whilst ensuring that current market condition is taken into consideration
- Project Delivery
- Deliverable: Project Management Plan (PMP)
- Deliverable: Approval Document (AD)
- Control Point: Effective Project Approval (EPA)
- Class C / Schematic Design Construction Cost Estimate (Indicative): Prepare the indicative cost estimate(s) based on schematic designs for the various options.
- Class B Construction Cost Estimate (Substantive): At the end of design development, prepare the cost estimate based on the latest approved design documents, which meet the minimum requirements to support a substantive estimate. Refer to the Cost Estimate Definition, and the Minimum Requirements for Construction Estimates Preparation Checklist for details.
- Updated Class B Construction Cost Estimate (Substantive): The cost estimate shall be updated at the appropriate stages during the production of the construction/tender documents, in order to maintain cost control for the project
- Class A / Pre-Tender Construction Cost Estimate: Develop cost estimate based on the tender documents prior to bid
- Delivery Close Out
- Deliverable: Close Out Document (COD)
- Construction Contract Final Account: Compile data on project's cost at completion
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