EXPERIENCE-ORIENTED MODEL OF BUDGET ALLOCATION AND COST CONTROL FOR ENGINEERING CONSULTING PROJECTS

Shih Hsu Wang*, Shu Pin Chang, Wei Chih Wang

*Corresponding author for this work

Research output: Contribution to journalArticlepeer-review

Abstract

This paper presents an experience-oriented model of budget allocation and cost control for engineering consulting projects. The proposed model comprised two modules: a work item module and a work duration module. Regarding the work item module, a project manager employed the analytic hierarchy process (AHP) to determine the budget percentage allocated to each work item. Regarding the work duration module, this study compiled all S-curves appearing in each budget percentage range in past projects. A project manager then selected the optimal curve shape for each work item to determine the daily budget allocation and cost control limits throughout the work duration of each work item. Testing revealed that the proposed model facilitates project managers' budget allocation decision-making, determines budget control limits for the overall project and for each work item and identifies work items that may be out of control at an early stage.

Original languageEnglish
Pages (from-to)402-420
Number of pages19
JournalInternational Journal of Industrial Engineering : Theory Applications and Practice
Volume30
Issue number2
DOIs
StatePublished - 2023

Keywords

  • AHP
  • Budget Allocation
  • Cost Control
  • Engineering Project
  • PERT
  • S-curve

Fingerprint

Dive into the research topics of 'EXPERIENCE-ORIENTED MODEL OF BUDGET ALLOCATION AND COST CONTROL FOR ENGINEERING CONSULTING PROJECTS'. Together they form a unique fingerprint.

Cite this