Hastak, M; Halpin, D W and Vanegas, J (1996) COMPASS: new paradigm for project cost control strategy and planning. Journal of Construction Engineering and Management, 122(3), pp. 254-264. ISSN 0733-9364
Abstract
The need to remain competitive while generating profit requires management to develop innovative cost management strategies that will allow them to distinguish and control early-on factors that might adversely impact the cost of a project. This paper describes a decision support system, COMPASS (Cost Management Planning Support System) for project cost control strategy and planning. Throughout the life cycle of a project, COMPASS methodology assists management in evaluating the potential degree of cost escalation. It also identifies attributes such as management errors, regulatory approval, and error/rework, that might be the cause for project cost escalation. Furthermore, COMPASS assists management in formulating a cost control strategy while utilizing their experience and past project performance data. The attributes identified by the cost control strategy, if controlled, would minimize the expected loss (i.e., project cost escalation).
| Item Type: | Article |
|---|---|
| Index terms: | project performance, paradigm, cost management, life cycle, regulatory approval, cost escalation, cost control, methodology, profit, project cost, rework, strategy, decision support |
| Subjects: | project management theory and practice, research methods, economics, accounting and finance, education and knowledge transfer, management, regulatory law, decision analysis, value management, financial and cost management, economic analysis, operations management |
| Topics: | Legal Issues, Risk Management, Business Strategy, Cost Management, Project Management, Research Practice |
| Descriptive scope: | 3 PCT |
N.B. Descriptive scope is a count of how many of the five facets of empirical research are indicated by the words used in title, abstract and keywords. It is not intended as a judgement on the research; merely a count of the kind of word we would expect to indicate Phenomenon, Concepts, Theoretical framing, Empirical techniques, Analytical techniques. If all five are present, then a code of “5 PCTEA” will indicate this. If you feel the coding for this record is questionable, we welcome discussion around the terms we matched or the way we categorized them. The facet you would expect may not be coded, or a facet may be coded inappropriately. This can also bear on a larger question, of which facets should be treated as defining in construction management research. Please get in touch, and we will look at it. More details here