Abstract
As mining projects grow larger and more complex, developing accurate early-phase estimates becomes increasingly challenging. In my experience, it’s common for capital estimates to increase by fifty percent from the Order of Magnitude phase to Execution. Several factors contribute to the difficulty of accurately estimating complex projects, including:
- Project teams lacking experience with large projects
- Evolving project requirements
- Involvement of multiple parties and varied approaches
- Pressure to meet predefined cost expectations
This presentation will explore strategies to enhance our estimating accuracy, including:
- Improving estimating processes
- Assembling the right team
- Managing project scope effectively
- Utilizing appropriate allowances
- Helping executive management understand different estimate classes