We have a dedicated team of thirty expert cost engineers with a proven track record on major government projects across UK defence. Our staff are devoted to the management of project costs, undertaking such activities as, modelling, estimating, assurance, investment appraisals, and risk analysis.
Our experts customise the approach and outputs to meet the specific requirements of each individual customer. We are experts at analysing technical options and building cost estimates where little or no data exists, our transparent approach ensures all assumptions are agreed at the outset before work begins.
We assist customers by saving money on existing projects, whilst also advising on the most efficient way to spend money on future projects, ensuring optimal value for money is always achieved.
Cost engineering
- Provides detailed tender evaluation to support decision making and drive value for money in the delivery of projects. Utilising should-cost modelling to forecast what a service, project or programme ‘should’ cost over its whole life.
- Provides allowable cost reviews (ACR) to ensure full compliance with Single Source Cost Standards (SSCS).
- Implements cost saving reviews highlighting potential opportunities to reduce project costs without adversely impacting delivery timescales.
Cost estimating
- Collection and analysis of data to estimate the time, cost, material, and labour required to manufacture a product, construct a building, or provide a service. Robust estimating upfront allows accurate budget setting, building confidence in the likelihood of delivering on budget.
- Development of a detailed Basis of Estimate (BoE) including scope, assumptions, exclusions, and data source.
- Utilises multiple estimating techniques based on data maturity and availability, ensuring the best possible estimate is achieved.
Cost modelling
- Utilises best-practice techniques to build bespoke financial models to forecast future cost, taking account of inflation, forex movements, and uncertainty.
- Provides a detailed breakdown of cost through implementation of a cost resource breakdown structure (CRBS).
- Generates probabilistic outputs through monte-carlo simulation, ensuring all approvals criteria are met.
- Provides detailed sensitivity analysis examining the impact of parameter changes on the modelled output, enabling decision-makers to better understand cost drivers.
Cost management
- Monitors current performance against baseline cost and KPI’s to reduce the chances of project overspend.
- Analyses Earned Value Management (EVM) data to track progress against project milestones, enabling decision makers to quickly implement corrective action.
- Develops dynamic reporting through dashboards, detailing current position against forecast and real-time what-if analysis.
Cost assurance
- Provides an independent review of the accuracy, robustness, and reliability of financial models and input data. Improving the overall quality of decision-making and third-party confidence in the outputs.
- Provides independent verification of cost models to ensure they meet best-practice requirements and are calculating error free.
- Provides independent validation of cost inputs including review of assumptions and data maturity assessment.