Nobyembre 2018 - ODBEST by Olan Deems – Filipino Business & Engineering Blog

It's Fun to Stroll around Wolmi Park (월미 공원)

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It's a large forested park that you can walk or climb along or on this well-preserved mountain. There are several traditional Korean gardens and the hilltop Wolmi Observatory offering the best 360° views over the sea and the coast or across the port and towards Yeongjongdo. Well, what I am describing is the Wolmi Park (<i>월미 공원</i>)  located at 131-22, Wolmi-ro, Jung-gu, Incheon, South Korea. This park is within the Wŏlmi-do (월미도) island,  one kilometer off the coast of South Korea near Incheon.</div>
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Let's then stroll to this large park...</div>
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I assure you as walk around, it is definitely worth your time of exploration and relaxing as you go around the cultural street (<i>seaside town promenad</i>e) and navy memorials. You would feel the experience have toured the whole island in just one day - <i>family fun, food tripping (such </i><i>as icy beer or ice creams, </i><i>aroma of coffee, etc.</i><i>)</i><i>, harbor shopping, garden viewing (such as rows of colourful flowers along the walkway</i>)<i> and cultural experience.</i></div>
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BTW, as you roam around you will see a Korean life of years gone by as defined by the typical historic building architecture, depicting the life in rural villages.</div>
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<tr><td class="tr-caption" style="text-align: center;"><span style="font-size: xx-small;">Wolmi Observatory</span></td></tr>
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Are you interested? Then let's go...</div>
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It's Fun to Stroll around Wolmi Park (월미 공원)

It's a large forested park that you can walk or climb along or on this well-preserved mountain. There are several traditional Korean ga...

Magbasa nang higit pa »

12:31 AM

Cost Control

<b><span style="font-size: large;">General</span></b><br />
<span style="white-space: pre;"> </span><br />
CONTRACTOR will utilize CONTRACTOR’s own Cost Control System which is a PC-based system linked to the company accounting system. The system has two-fold-objectives;<br />
<span style="white-space: pre;"> </span><br />
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<ul>
<li>To manage the Project in integrated Project control for both schedule and resource. </li>
<li>CONTRACTOR management with a timely and accurate cost status of the project based on the current performance as well as the forecast-at-completion basis to identify problem areas so corrective actions can be taken.</li>
</ul>
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<div class="separator" style="clear: both; text-align: center;">
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CONTRACTOR’s cost control philosophy encompasses the following key principles;<br />
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<ul>
<li>Cost control shall be based on the earned value concept, using values developed from the Contract Price. </li>
<li>A common scheduling level breakdown structure shall be used for integrated project control of both cost and schedule.</li>
<li>A budget for control purposes will be prepared in detail as possible during the very early stage.</li>
<li>Continuous monitoring and comparison of quantities and costs against the control budget will be implemented for the entire duration of the Project.</li>
<li>Written Project cost control procedures will be rigidly enforced.</li>
<li>Cost control must be a continuing responsibility of management and the entire project team.</li>
</ul>
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<span style="white-space: pre;"> </span><br />
Based on the above objectives and principles, CONTRACTOR’s Cost Control System shall be devoted to integrating various functions of cost and schedule control into a unified system. This system will be used to constantly monitor, forecast, control, and report the status of the Project.<br />
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<b><span style="font-size: large;">Organization and Responsibility</span></b><br />
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The Project Cost Team is composed of experienced personnel from specialized departments and works under the direction of the Project Control Manager throughout the Project execution. The functions and responsibilities of cost engineers per each Project phase are as follows:<br />
<span style="white-space: pre;"> </span><br />
1.  Overall<br />
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<ul>
<li>Develop the project cost control procedure under the guidance established by the project Control Manager and standard procedures and policies contained in the cost control manual.</li>
<li>Maintain constant communication with all project task force members to develop and disseminate project cost requirements.</li>
<li>Maintain a continuous evaluation of the total project cost status.</li>
<li>Advise project management of cost deviations together with conclusions and recommendations to resolve problem areas</li>
<li>Ensure the contingency allowance is adequate.</li>
<li>Review, analyze, and forecast project costs, and provide curves and analysis of task force costs.</li>
<li>Develop monthly cost reports for all project costs.</li>
<li>Department function as well as project-related.</li>
<li>Prepare all estimates for any changes in the project control estimate to ensure the changelog is current.</li>
<li>Attend and participate in all project estimate review meetings.</li>
<li>Attend project progress meetings.</li>
<li>Attend major subcontractor progress meetings.</li>
</ul>
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2.    Engineering-Procurement<br />
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<ul>
<li>Participate in the evaluation of subcontractor bids. </li>
<li>Participate in the evaluation of major material and equipment purchases.</li>
<li>Ensure the validity of back charge documentation and assess potential recovery of back charges.</li>
<li>Monitor man-hour expenditures by major discipline.</li>
<li>Monitor home office expenses, overheads, and man-hour costs.</li>
<li>Monitor total expenditures and commitment curves for home office labor and materials.</li>
</ul>
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<b><span style="font-size: large;">Project Cost Code</span></b><br />
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For effective project cost control, logical and interrelated coding and numbering systems are a key element of success. It is defined as the method used to positively identify controllable elements of the project and provides the means to distribute control budgets and collect costs against these budgets.<br />
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Upon commencement of the project, the project cost code is established within the framework of the standard code of accounts and modified wherever necessary to meet specific project requirements. The established project cost code will be used to collect project data at the detail level and move this data to higher summary levels as required by the reporting functions.<br />
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<b>Procedures of Cost Control</b><br />
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1. Project Control Estimates (Budget)<br />
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Upon Commencement of the Project, the cost engineer, under the direction of the Project Control Manager prepares the initial control budget based on the proposal estimate in accordance with the Project cost codes approved for implementation by management.<br />
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The basic approach is as follows,<br />
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1)<span style="white-space: pre;"> </span>Review, update, and trend the proposal estimate and schedule to reflect the latest information.<br />
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-<span style="white-space: pre;"> </span>Review for the changes of proposal base during contract finalization, such as capacities of units, factors used in the estimate, escalation, material take-off used for quotations, or factored estimates.<br />
-<span style="white-space: pre;"> </span>Update the pricing data for the material as revised during the final negotiation.<br />
-<span style="white-space: pre;"> </span>Update the negotiated prices of subcontracts for design, services, and 3rd party inspection.<br />
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2)<span style="white-space: pre;"> </span>Rearrange all cost elements into the form of a control budget in accordance with the Project cost code. Information contained in the control estimates is inputted into the computer database to form a control base.<br />
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When a change authorization or trend report is approved or a budget reallocation becomes necessary and is authorized, the cost engineer enters the change in the budget referencing the source of the change.<br />
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2.    Tracking and Recording Project Cost<br />
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Upon completion of the Project control estimate, it is formally approved and signed off by the Project Manager. The cost engineer, thereafter, uses this estimate for the budget basis which is used to compare actual vs. budget status.<br />
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3.     Expenditure Control<br />
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Expenditure control is applied in all cases prior to commitment.<br />
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In the home office, manhours and budget are established prior to the start of Work as defined in the Schedule Control and Progress Reporting section.<br />
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Home office manhour expenditures are recorded on timesheets using the Project cost codes. Manhour costs are determined by applying the manhour rate.<br />
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For equipment and material purchases, quotations are entered on bid tabulation forms and compared against the budget. Purchases exceeding budget values require Project Management confirmation and approval before the issuance of the purchase order. Purchased equipment, material, and subcontract costs are recorded first as a projected (Predicted) cost, then as a commitment when a purchase order is placed, and finally as an expenditure when an invoice is paid. Requisitions and purchase orders carry the Project area code.<br />
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Non-payroll costs, which cover such things as travel and living, communications, computer facilities, reproduction, and miscellaneous expenses, are recorded through approved expense claims, invoices, or vouchers that carry the Project area code.<br />
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All Project costs are coded and recorded in a manner that matches the estimate codes. The coding structure follows the Work Breakdown Structure such that vertical summation of costs through the Work Breakdown Structure gives the Project section and total Project costs. Horizontal summation of costs by Project cost code gives the total Project cost for selected accounts.<br />
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