Project Controls - Planning, Cost Control, and Risks Integrated

Most Projects, across all industries in the world, continue to be exposed to the unexpected and sometimes unexplainable cost and schedule overruns. In some instances, the overruns have serious financial and schedule implications. In this publication, the authors share an easy to follow Project Controls Methodology called Simplified Integrated Project Controls. The main purpose of this Methodology is to manage scope, schedule, budgets, cost control, and EPC risks in a single “Integrated” Work Breakdown Structure (IWBS).

 

How to Integrate Scope, Schedule, Budget and Risks

The Main Objective of this publication is to have readily available answers to the 20 Most Frequently Asked Questions (FAQs) on Project Controls or Integrated Planning and Cost Control. These FAQs are aimed at assisting Project Teams to find the answers to these questions that would enable them to produce progress-, performance-, and status reports for managers to take proactive and informed decisions. The answers provided in this publication are based on the accredited Simplified Integrated Project Controls Based on Earned Value Management Principles.

Project Controls Based On Earned Value Management Principles

The book, Simplified Integrated Project Controls, provides clear guidelines on "how" to manage Project Controls based on Earned Value Management Principles. Accredited by ECSA, the Engineering Council of South Africa, the aim of this methodology is to give the reader the necessary understanding and knowledge of how to set up a simple project, as well as a multi-discipline complex project correctly, which is one of the main reasons for project control failure. It has been found that the methodology in this book, if applied correctly, enhances the performance of most of the project management and control software on the market.The book describes the guidelines for all the necessary Earned Value Management processes, complete with guidelines for integrated baseline reviews, detailed scheduling, cost, as well as dashboard reporting. It also clarifies how to assess progress, measure performance, and to establish the true status of a project, and how to manage engineering, procurement, and construction (EPC) risks at control account level from the very early phases of the project. This book enables the reader to provide answers to the three most fundamental project control questions of project controls, at each reporting cycle:• What is the monetary value of the work planned?• What is the monetary value of the work earned?• What are the actual costs of the work accomplished? In Summary, this book provides the “how to…”:• Base projects on an Integrated Work Breakdown Structure.• Identify all the Control Accounts that will ensure the success of the project objectives.• Test the authenticity of a Master Schedule based on the IWBS’s Control Accounts.• Develop and agree on a Performance Measurement Baseline, i.e. time-phased S-curves.• Conduct Integrated Baseline Reviews.• Objectively and accurately measure Project Performance (technical and progress performance).• Manage thresholds.• Deliver Progress, Performance, and Status Reports.The authors trust this book will enhance the career of the reader who wishes to become a specialist in the field of Project Controls and to enjoy a very satisfactory career in Project Controls.

One Integrated Work Breakdown Structure: for Improved Project Controls

How to Integrate the Scope, Schedule, Budget and Risks into One Integrated Work Breakdown Structure.

 

ONE AGREED INTEGRATED WBS
To enable effective progress tracking and controlling of equipment and material the entire project team needs to work from ONE AGREED INTEGRATED WBS, complete with Control Account codes.

WHO WOULD BENEFIT FROM THIS PUBLICATION?
Experienced and those with less experience will all benefit from the work methods as demonstrated in this publication.
For example, Engineering Managers, Engineering & Design Leads, Quantity Surveyors, Project Engineers, Contract Managers, Project Accountants, Project Control Managers, Planners and Cost Controllers would benefit from the work methods in this publication.

SOFTWARE REQUIREMENTS
The said methodology does not mandate any specific planning or cost-control software.
It is recommended to set up the project control structure for Earned Value Management. However, when the said methodology is applied correctly it improves the performance of current planning and cost-control software.

Cutting Edge Project Controls: Based on Earned Value Management Principles

This publication demonstrates innovative cutting-edge, accredited, integration techniques and methodologies for more accurate project progress and reporting.

Earned Value Management requires the project scope, schedule, and budgets to be integrated at Control Account levels.

In this publication, there are practical examples of how to integrate the scope, schedule, and budgets as well as how to accurately assess Earned Value progress, Measure Performance and establish the True Status of the work.