Certification of costs is one of our processes used to validate the model. Our team members, those who are qualified as Certified Benchmarking Professionals (CBP), review and approve the data, processes and output from the model to provide an additional layer of certainty to the results.
Why certify your costs?
Certified costs are recognised in the financial industry as accurate and trustworthy, which means that they are accepted almost universally by the people who will fund your project.
The advantage is greater certainty in the cost model, ready acceptance by the financial industry, thereby avoiding an additional expensive verification step and so reducing delays and extra costs to your project. it also means seamless connection from your project to the funding institution.
This advantage is magnified in the case of banks we work with, where the BMP cost model provides a pre-approved transition to the project funding process
How we identify risk
We interrogate all risk profiles not just the engineering aspects and rate them against risk to the funder / client / owners team / EPCM Contractor. These risks include but are not limited to:
- Owner’s responsibilities
- Owner’s team
- Vendors – local and off shore
- Project management consultants
- Approvals – local and federal
- Exchange rates
- Labour – local and expatriate
- In-country and off-shore risk
- Union and labour supply agreements
To establish an overall risk profile that applies to every cost associated with a project. It’s your choice as to which of these items you require. Our processes ensure that all items are linked.
ROI – this is linked to every part of the process, including work packages
Baseline Costs – you must know these or otherwise its just a guess, and if these costs are not repeatable, then they are not your baseline costs.
Best Practice Costs – we can compare any cost against industry best practice. We cover most industries with costs sourced from reliable sources that look at the whole picture – from submission for funding approval to final account.
Audit – Our CBP professionals ensure that these processes are correct, meaning we are pre-cleared with three banking institutions for Funding Submissions, this accelerates the process and ensures compliance with these banking organizations protocols
Business Case and Finance Funding – We have contacts with many funding organizations and our processes are cleared in advance, so that any submission can be easily managed within these institutions.
- Our monthly trends data covers every continent, including regional Areas.
- We receive this data on a monthly basis
- Resources – oil and gas – port and rail – processing – heavy construction – building – airports – civil infrastructure – automation – manufacturing
- New work and optimization of any large project.
- Example: For one of our banking clients, we were asked to supply an alternative engineering solution for a jetty and wharf build – we did this via modularisation and automated robotic welding, managed the sea tows with our insurance knowledge and contacts, this took 21 weeks off the schedule and 14-16% of the wharf and jetty direct costs.
- We are able to offer these Engineering alternatives and via our vast database and our fundamental engineering skill sets.
- We are able to offer – On site management of your schedule and costs. This is not your usual 20 plus EPCM team – we can do this with a maximum of four staff only for a large project, and less for a smaller one. Typically this is: engineering manager, an analyst, a planner and a progress chaser. This ensures the design, plan and schedule is as per the Budget. This allows you to carry out the construction while we monitor costs – labour – procurement – overheads – schedule to ensure you do not overspend. Also watching that the contract is adhered to by all parties.
- Take the time to allow us to show you the detail on how we can assist you in improving your margins and lowering your costs for better production.
- The flowchart works and its processes
- Explain how our SDS works
- Deliverables data-book / WBS / risk elimination via bill of quantities
- Building your own benchmarking / schedule / setting up your internal Database
- How our independent project reviews work for you
- Helping you understand how the proforma data-books can help you to build your own database
- Generic workbook explanation generic data-book example with costs removed from client example.
- Alternative engineering
- Risk workbook and Generic Workbook
- How to manage your deliverables.
- Plus we can show you some examples of previous projects. Both existing operations and new projects. .
- Bundamba – Queensland Government recycled water pipeline 6 billion project, asked to manage main contractor’s deliverables, including offering engineering alternatives.
- Modelling assumptions given to review the viability of client project
- Stockyard optimization for a coal project
- Rail works for commuter and heavy haul rail infrastructure in the UK, EU and Australia
- Solar and wind power projects, in the USA and EU
- Iron ore processing optimization for a large project in Western Australia
- RFID automation for airport fuel handling
- Factory processes and automation including robotics