Project cost management article Essay Example | Topics and Well Written Essays - 1250 words

Project cost management article - Essay Example y because of the fact that not many people all over the world are aware of the value that the project cost management profession adds to a particular project. The study also highlights that the international construction industry has a history of projects which overran both in terms of time as well as cost. This highlights the necessity for an enhanced approach towards effective project control and cost management. With regards to the facts that have been mentioned, this scholar, in his paper, has endeavoured to review literatures in the field of global project cost management issues as well as the researches undertaken by number of professional cost management associations all over the world. The researcher caters to stress the need for the worldwide recognition of the project cost management profession as well as the development of international standards in this profession. This has been done on the basis of strategies and recommendations provided by global organizations such as t he World Bank and the UN with the underlying aim of developing ISO cost management standards as well as the development of various project cost management certification program, thereby, enhancing the professional standards in mostly developing countries. It is indeed true that the profession of project cost management is not internationally recognized which in turn leaves no scope of development for personnel who choose to work in this profession. Moreover, given the fact that there is no common definition of this job type, not much people are aware of the aspects of this profession (Smith, 2014). The profession of project cost management is known by different names in different countries (for example cost engineering in the Americas, quantity surveyor in the Europe and Asia) and therefore lacks a global identity. There is a hue disparity in the way project cost management is carried out in the developed countries such as the US and the US when compared to the way it is done in the