The article written by Smith is focused on the project cost management profession. In particular, the author examines those global problems and challenges that are faced by its representatives. The information revealed by the author is likely to be beneficial for those individuals who are occupied in various fields but provide cost management services in the framework of the global construction industry. The necessity to develop the discussed paper can be explained by the existence of numerous high profile projects that are associated with critical resource overruns. Such issues faced at all project levels made Smith consider the possibilities of more efficient cost management.
The author states that cost management professionals are often not obliged to be registered as professionals in the field. That is why many of them do not have the experience required for high-quality services and have poor specialist technical competencies. The article discusses those problems that are faced by these individuals to provide recommendations that can improve cost performance.
Smith’s work is based on a literature review so it reveals true to life experiences of professional cost management associations. In particular, the sample includes authoritative sources that discuss information about seven organizations, such as the International Cost Engineering Council, the Royal Institution of Chartered Surveyors, and the Association for the Advancement of Cost Engineering, etc.
The researcher states that projects with under-estimated costs have a negative influence on both developed and developing countries’ gross domestic product, as about 90% of their construction projects are proved to have cost overruns up to 100%. Due to globalization, those organizations that operate in the construction and infrastructure market are brought together. For the representatives of developed and developing countries to establish equality considering project cost management, a set of standards, competencies, and certification programs should be established.
The research methodology selected by Smith provides an opportunity to identify those challenges and issues that are major ones for professionals. Numerous discussions and meetings that have been held between 2010 and 2013 are selected as the major source of information for research. In particular, they are associated with the International Cost Engineering Council and its key members. The author examines these materials thoroughly, which provides him with an opportunity to point out problems observed at global and regional levels. Analyzing this information, he also manages to speak about the future needs of professionals and the whole industry.
According to Smith, the major issue is the failure to identify the profession globally. Different scientists resort to a variety of terminology so that no universal description of the profession exists. As a result, it is not possible to make numerous counties establish the same standards. Their absence restricts the profession and makes it difficult to work towards global goals. Finally, those practices that are provided by professionals all over the world differ significantly.
As knowledge is not shared and common standards are not established, developed, and developing countries perceive associated services in different ways. In addition to these global problems, each region faces its peculiar problems. For instance, the project cost management profession is not equally established in North and South America, and Canada. Disciplines associated with this profession in Europe are very disparate. The influence of the Middle and Far East firms on the international ones is enormous. African professionals do not receive enough knowledge and experience from other countries. Finally, the Asia Pacific recognized the cost management profession only recently. However, it develops rather fast, facilitating its global expansion.
Based on the discussed information, the author of the article developed eight recommendations that are meant to streamline global recognition of the profession and minimalize issues and challenges faced by it. First of all, Smith urges the creation of global leadership that can be represented by a global association of cost management professionals. He believes that in this way, professional standards can be easily shared among different counties.
In addition to that, he considers the creation of a single professional title to be critical because it affects the way this profession is perceived. Global professional standards and certification should be developed to share common bodies of knowledge and ensure the quality of provided services. ISO standards should be created to facilitate the institutionalization of the profession. The development of certification programs can ensure that all professionals receive needed education and can cope with their duties.
Interaction with the key global organizations can be advantageous as it facilitates international cooperation. Recognition by the World Trade Organization can provide professionals with numerous benefits. Finally, the transportability of services is needed for them to be used internationally.
All in all, I believe that Smith managed to fulfill the purpose of his research successfully. He identified those major issues that are faced by the project cost management profession at both regional and global levels. Moreover, he provided a range of recommendations, revealing how they can be overcome. To my mind, the author used authoritative and reliable sources, which proves that his conclusion can be trusted. However, it would be advantageous if he supported his recommendations with some evidence instead of simply sharing his personal views. Moreover, it would be great if he discussed some ideas revealed by professionals, for instance, their perceptions of the current state and their hopes for the future.