![]() Let’s dive into the processes that define project controls. This is where a fully integrated project controls solution can help with efficiency in getting answers quickly, and visibility into performance that can reduce project costs. A project manager does not simply want to know that there is a cost overrun, but rather wants to know the root causes, the precise numbers, and how it can be fixed. The strengths of project controls lie in their data-focused approach and attention to detail. Interweaving project controls with the rest of project management provides timely insights that empower project stakeholders to make the right decisions at the right time. Rather, project controls activities must run through the complete project life cycle-from the initiation phase until closure-to monitor and control the various factors that impact cost and schedule. Project controls are integral to successful project management, as it alerts project stakeholders to potential trouble areas and allows them to course correct, if needed.įor project controls to succeed, they cannot be applied in spurts or in a vacuum. A project controller could be reporting to a project manager on a specific project or an entire portfolio of projects. Hierarchically, project controls nest under project management. While a project may deal with many parameters, such as quality, scope, etc., the discipline of project controls focuses on the cost and schedule factors, continuously monitoring for any risk to them. Optimizing project strategies to enable better outcomes in the future.Collaborating on initial project schedules.Developing a work-breakdown structure (WBS).Aligning projects with portfolio/organization goals and objectives.Ultimately, project controls are iterative processes for measuring project status, forecasting likely outcomes based on those measurements and then improving project performance if those projected outcomes are unacceptable.Īctivities under the umbrella of project controls may include: The functions of project controls include initiating, planning, monitoring and controlling, communicating, and closing out project costs and schedule. ![]() Project controls are processes for gathering and analyzing project data to keep costs and schedules on track. So what is the difference between a costly, long-overdue project and one that is delivered on time and within budget? In many cases, the answer is good project controls. On average, cost increases are estimated at 80% of the original value, and timelines are often delayed by 20 months or more. When it comes to large-scale capital projects, 98% of projects incur cost overruns or delays. Despite best efforts and intentions, many organizations find that large-scale projects miss their targets for a number of reasons: optimism bias, manual estimation errors, insufficient historical data, scope creep and many other factors.
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