COST ENGINEERING

iStock_000020970740Large.jpgCost Engineering is a practice that requires balance between cost, quality and time. At EPCM-psp, we offer a full range of financial analysis and cost tracking services to maximize this balance for our clients. While many companies make their schedule match the budget, at EPCM-psp we make the budget reflect the schedule. Interlinked with our trademarked Float Based Prioritization Scheduling methodology and the unique Project Controls services we provide, cost engineering becomes a vital part of the management process.

EPCM-psp is one of the first companies in North America to develop a complete Turnaround/Shutdown budget using Primavera. Our budgets consist of all field related expenses, administrative and overhead costs, logistics, equipment rentals, service contractors and material expenses.

“At EPCM-psp  we allow our customers to be proactive rather
than reactive. We offer predictability.” – Trevor D. Gill


What makes EPCM-psp different?
EPCM-psp integrates and coordinates with all parties concerning key aspects of a project. Wesupport our clients from the initial project set up, all the way through the commissioning and close out of a project.

Many companies tend to look at how much a project costs as it progresses or how much it will cost at completion. EPCM-psp engineers build budgets allowing our customers to see how much the project will cost before it starts.  The initial cost becomes the baseline used to track the cost variance through to its completion.

iStock_000018325908Medium.jpgAt EPCM-psp our cost engineers are  experienced in SAP, Primavera and other business software. Our Cost Engineers can create comprehensive financial reports utilizing our clients systems, along with our own proprietary methodologies to provide critical information that drives continuous improvement throughout an organization.

We create intuitive reports that help management with KPI's and Earned Value reporting.  We create reports in customized tabular and graphic layouts that provide the same data in different user friendly formats. We understand clients see things differently so we should provide our data in number of ways depending on our customers’ needs.

Some of the typical financial reports Cost Engineers at EPCM-psp provide for our clients include:

•    Earned Value by shift, day, week, or month
•    Direct Field Budgets &Costs by Company and/or Craft
•    Vendor& Specialty Service Provider Budgets and Costs
•    Material Budgets & Costs
•    Indirect & Overhead Budgets &Costs
•    Capital Spending
•    Expense Tracking

Other EPCM-psp Cost Engineering Services

At EPCM-psp we also help our customers by:

- Coordinating with project engineers, report on the financial health of all active projects by reporting exact details and causes on why projects can potentially exceed budget, requesting purchase orders to be closed on completed projects and ascertaining that vendors do not have any open invoices for completed projects.

-Supporting the project team to ensure costs are controlled within budget, and that cost control is maintained from inception to completion

-Coordination with field leads to ensure purchase orders are approved in a timely manner and providing support when required to investigate source/details of open purchase orders

-Updating and distributing a comprehensive list of projects categorized by vendor, PO#, approver, description, project name, and status of the project

-Updating and distributing a report that tracks total hours charged by vendors

-Reporting on the development of projects broken down by phase/stage in development

-Assisting in preparing cost estimates, tracking and control procedure and continuously looking at ways of improving processes and revising procedure accordingly