Cost estimation problem in FS and feed phase of thermal power projects : a case study of Thai Binh 2 Thermal Power Project | |
| Author | Tran Viet Sinh |
| Call Number | AIT Proj. no.MPM-CM-11-45 |
| Subject(s) | Electric power-plants--Vietnam Thai Binh 2 Thermal Power Project (Vietnam) |
| Note | A project report submitted in partial fulfillment of the requirements for the Degree of Professional Master in project Management in Construction Engineering and Infrastructure Management, School of Engineering and Technology |
| Publisher | Asian Institute of Technology |
| Series Statement | Project ; no. MPM-CM-11-45 |
| Abstract | The accurate determination of investment capital and project costs in all projects as well as its stages has strong affect to the project success and efficiency. The required levels of accura cy of project cost estimates vary at different stages of project development, ranging from ball park figures in the early stage to fairly reliable figures for budget control prior to construction. Since design decisions made at the beginning stage of a pro ject life cycle are more tentative than those made at a later stage, the cost estimates made at the earlier stage are expected to be less accurate. Generally, the accuracy of a cost estimate will reflect the information available at the time of estimation. The project cost estimates may be viewed from different perspectives because of different institutional requirements. In spite of the many types of cost estimates used at different stages of a project, cost estimates can best be classified into three majo r categories according to their functions. A project cost estimate serves one of the three basic functions: design, bid and control. For establishing the financing of a project, either a design estimate or a bid estimate is used. 1.Design Estimates For the owner or its designated design professionals, the types of cost estimates encountered run parallel with the planning and design as follows: - Screening estimates (or order of magnitude estimates) - Preliminary estimates (or conceptual estimates) - Detail ed estimates (or definitive estimates) - Engineer’s estimates based on plans and specifications. For each of these different estimates, the amount of design information available typically increases. 2. Bid Estimates For the contractor, a bid estimate subm itted to the owner either for competitive bidding or negotiation consists of direct construction cost including field supervision, plus a markup to cover general overhead and profits. The direct cost of construction for bid estimates is usually derived fro m a combination of the following approaches. - Subcontractor quotations - Quantity takeoffs - Construction procedures. 3. Control Estimates For monitoring the project during construction, a control estimate is derived from available information to establis h: - Budget estimate for financing - Budgeted cost after contracting but prior to construction - Estimated cost to completion during the progress of construction. In this study, the author shall focus on the cost estimation methods in the view of tbe Owner (Design estimate), with reality project case study of Thai Binh 2 Thermal Power Plant Project. |
| Year | 2011 |
| Corresponding Series Added Entry | Asian Institute of Technology. Project ; no. MPM-CM-11-45 |
| Type | Project |
| School | School of Engineering and Technology (SET) |
| Department | Department of Civil and Infrastucture Engineering (DCIE) |
| Academic Program/FoS | Construction Engineering and Infrastructure Management (Professional Master) (MPM-CM) |
| Chairperson(s) | Hadikusumo, Bonaventura H. W.; |
| Examination Committee(s) | Chotchai Charoenngam;Oulawan Kulchartchai; |
| Scholarship Donor(s) | Power Engineer ing Consulting Joint Stock Company 1 (PECC1); |
| Degree | Project (M. Eng.) - Asian Institute of Technology, 2011 |