Eliminating the Guesswork in Estimation, Budgeting, and Cost Control
Comparison basis reviewed 29 October 2026: category-level workflow guidance, not a test of every vendor or current product version. Confirm the selected edition, modules, integrations and commercial proposal against your requirements.
Capital projects rely primarily on BoQ quantities for costing. Estimating a project’s cost budget is a BoQ-based exercise that requires engineering knowledge, local experience, and project ingenuity while incorporating the element of Risk (the unknown).
To minimize risk and establish a realistic budget, allocating direct and indirect resources is essential.
Risk mitigation and control are achieved by recognizing the “known knowns”, the “known unknowns”, and speculating on the “unknown unknowns”.
| Category | Scheduling Apps | Estimation Tools | ProjectVIEW ERP |
|---|---|---|---|
| Known knowns | |||
| Quantity verification from BoQs, cross-checked with drawings/BIM (QTO) | Varies by product and scope; verify in the selected edition and proposal. |
Varies by product and scope; verify in the selected edition and proposal. |
Fully supported |
| Interpretation of direct resources (materials, labor, machinery, subcontractors) and indirect resources | Varies by product and scope; verify in the selected edition and proposal. |
Varies by product and scope; verify in the selected edition and proposal. |
Fully supported |
| Known Unknowns | |||
| Assembly (synthesis) of resources required for each BoQ (Type Allocation) | Varies by product and scope; verify in the selected edition and proposal. |
Varies by product and scope; verify in the selected edition and proposal. |
Fully supported |
| Quantity of each resource type required to construct each BoQ (Quantity Allocation) | Varies by product and scope; verify in the selected edition and proposal. |
Varies by product and scope; verify in the selected edition and proposal. |
Fully supported |
| Updated/forecasted cost of resources for each BoQ (materials, payroll, etc.) | Varies by product and scope; verify in the selected edition and proposal. |
Varies by product and scope; verify in the selected edition and proposal. |
Fully supported |
| Estimated execution duration for each BoQ (based on labor productivity, machinery utilization, material sourcing, and subcontractor availability) | Varies by product and scope; verify in the selected edition and proposal. |
Varies by product and scope; verify in the selected edition and proposal. |
Fully supported |
| Availability of resources at the time BoQs need to be constructed (resource leveling) | Varies by product and scope; verify in the selected edition and proposal. |
Varies by product and scope; verify in the selected edition and proposal. |
Fully supported |
| Unknown Unknowns | |||
| Change Management: Register and control variations and new design requirements | Varies by product and scope; verify in the selected edition and proposal. |
Varies by product and scope; verify in the selected edition and proposal. |
Fully supported |
Cost Management
ProjectVIEW ERP minimizes budget risk by increasing the number of “known” constants while constraining the “unknown” variables alleviating uncertainty and underdeterminacy during Cost Estimation.
It extrapolates complex relationships between Cost, Time, and Risk by reducing assumptions and removing ambiguity to create realistic budgets and maintain updated versioning between Cost Control and Scheduling Progress baselines.
Managing Risk in Project Budgeting
FAQ: Cost risk management with ProjectVIEW ERP
What is cost risk management in capital projects?
It is the process of finding, sizing and controlling the events that can push cost above budget: quantity errors, price changes, low productivity, scope changes, delays and subcontractor failure.
How does ProjectVIEW ERP detect cost overruns early?
It compares budget, commitments, actual cost and forecast for each BoQ item and WBS activity. Earned value indicators (CPI and SPI) and cost-to-complete show which items drift, before the final account.
How does ProjectVIEW ERP control variations and claims?
Each variation or claim is priced against the BoQ and WBS before approval, and is tracked through client approval and certification.
Does ProjectVIEW ERP manage risk in shipbuilding and ship repair?
Yes. Newbuild, repair and conversion projects are controlled with the same BoQ, WBS and cost code structure. Papilas Shipyard in Perama, Piraeus, uses DANAOS Vortex, our asset and maintenance suite.
ProjectVIEW ERP’s Risk Management
Risk management considerations include defining the Risk domains (Operations, Quality, Environment, Safety, Resources, and Plant), setting Probability and Possibility accordingly, and assessing Severity, Impact, and estimated cost. Our analyzer will assist you in calculating the Cost of Mitigation based on suggested Mitigation Actions and comparing the Cost of Risk with the Cost of Mitigation using a Cost-Benefit Analysis. Calculations are based on nonlinear regression analysis.