Project Controls

Knowledge Area Definition

Project Controls is a process that encompasses the resources, procedures, and tools for the planning, monitoring, and controlling of all phases of the capital project lifecycle. This includes estimating, cost and schedule management, risk management, change management, earned value progressing, and forecasting.

Value Proposition

Successful performance of a project depends on appropriate planning. The execution of a project is based on a robust project plan and can only be achieved through an effective cost and schedule control methodology.  The development of a suitable project control system is an important part of the overall project management effort and supports the achievement of project objectives. It has been proven time and again that project performance can be improved if dedicated project controls systems are in place. Good project control practices can result in more predictable cost and schedule outcomes.
 

• Project Controls and Management Systems (PCMS) are central to effective project execution. PCMS can improve the delivery schedule for faster time-to-market, help reduce capital cost, provide the basis for informed decision-making, and help manage risks.
•  Reliable estimating is critical for successful projects and the competency of cost estimators is paramount in this process.This knowledge area includes research on evaluating, improving and training estimating competencies to enhance the reliability of the estimating process.
•  Predictability of cost and schedule performance is crucial to attain financial performance goals.Research on both leading and predictive indicators is a response to the industry’s need to have early and accurate predictability of project outcomes.

Topic Summaries