May 2009

Project Management

Sustainable cost cuts in capital spending

A reduction program based on your company's unique nature can ensure that budget slashes implemented today will not jeopardize the ability to deliver projects tomorrow

Siddiqui, A., Engineered Project Services LLC

The recent economic slowdown has caused "unprecedented demand destruction" in the words of some process industry executives. Leading companies in the sector have announced large layoffs as well as plans for aggressive cost-cutting. Along with reductions in capital spending, the engineering and construction functions within industry firms have been asked to lower staff totals. To achieve the cost reduction targets, capital project functional leaders should analyze the capital project cost chain to identify the right opportunities for cost reduction. While cost cuts are never pleasant, they are necessary. Smart leaders must meet corporate targets without impacting the future capability to de

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