Analysis of theoretical approaches to the management of the cost of investment projects
Keywords:
cost management, investment projects, cost engineering, investment and construction project, project life cycle, value, costs, risks, integrative approachAbstract
The article is devoted to the analysis of the existing theoretical and methodological principles of managing the cost of investment projects in the conditions of transformation of the economic environment, increasing uncertainty and complication of investment and construction activities. The relevance of the study is due to the limitations of traditional cost and financial-oriented approaches to cost management, since in dynamic conditions they do not ensure the achievement of strategic value for investment in the long term. It is shown that the modern practice of managing investment projects requires a transition from fragmented cost control to systematic management of value creation throughout the project life cycle.
Based on the generalization of scientific approaches to managing the cost of investment projects, a comparative analysis of cost, value-oriented, process, system and risk-oriented approaches was carried out. It was established that each of them covers individual aspects of cost formation and control, but does not ensure the integrity of management decisions regarding the optimization of the relationship between costs, functionality and expected investment results. Particular attention is paid to cost engineering as the most progressive interdisciplinary approach that combines economic, engineering and management tools and is focused on functional cost optimization of investment decisions.
Cost engineering should be considered not as a separate tool, but as a methodological basis for reformatting the investment project management system. Its application at the early stages of the life cycle allows for the formation of optimal cost solutions, minimizing the risks of budget overruns and ensuring consistency between the investor's strategic goals, technical and technological parameters of the project and the costs of their implementation. The integration of cost engineering with value-based management, systems analysis, risk management and digital technologies, in particular information modeling and life cycle cost analysis, is proposed.
The results of the study form a theoretical basis for the development of a synergistic model of cost management of investment projects, focused on creating sustainable economic and consumer value.
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