Matrix Integration of Schedule & Cost to Predict Offshore Structure Project Cost

This paper discusses an interrelationship between
the cost and schedule by using the cost/schedule data sets of the
actual offshore construction project. It presents the method to
define the offshore work packages from the complex work and
cost breakdown structures that is a very vital key to have success
in forecasting the total project cost. The predicted total project
cost is simulated considering the time value of money and the
allocated resource factor that strongly depend on the interest rate
and the allocated time for each resource, respectively. The
calculations are based on mathematical matrix manipulations.
The model is developed based on an actual case study on the
offshore construction project. The budgeted cost of work
scheduled (BCWS), budgeted cost of work performed (BCWP),
actual cost of work performed (ACWP), cost performance index
(CPI), and schedule performance index (SPI) are computed
based on the matrices.