Key research themes
1. How is cost variance analyzed and managed in quality management and manufacturing processes?
This theme investigates the modeling, estimation, and practical implications of cost variance specifically related to quality costs in manufacturing and process improvement. It focuses on methods to quantify, control, and reduce cost variance arising from quality conformance and non-conformance, utilizing concepts like Cost of Quality (COQ), process-based cost modeling, and uncertainty propagation. Understanding cost variance here is crucial for improving product quality while controlling manufacturing costs and increasing overall organizational competitiveness.
2. What are the drivers and implications of cost variance and overruns in project risk management and estimation?
This theme addresses cost variance as uncertainty or deviation in project cost estimates, particularly focusing on risk-induced overruns and their probabilistic modeling. It examines statistical and analytical deficiencies in common project risk cost estimation methods, explores the empirical distribution of cost overruns in IT and infrastructure projects, and presents advanced models to improve accuracy in forecasting and controlling cost variance. The insights enable project managers and decision-makers to better quantify, price, and mitigate cost risk in various industry contexts.
3. How can advanced cost controlling and pricing methodologies reduce cost variance and improve project or operational performance?
This theme explores practical methodologies and tools to monitor, control, and price costs and their variances in manufacturing and project environments. It includes earned value management approaches, reactive power pricing in utilities, manufacturing accident cost modeling, and yielded cost metrics for manufacturing process performance evaluation. These methodologies provide actionable means to identify, measure, and control cost variances to improve decision-making, budget adherence, and operational efficiency.