KONCEPT - "THE DESIGN STUDIO"
Project controls are processes for gathering and analyzing project data to keep costs and schedules on track. The functions of project controls include initiating, planning, monitoring and controlling, communicating, and closing out project costs and schedule. 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..
Project Control services at KONCEPT -THE DESIGN STUDIO include:
Planning is one important step in which controllers and project managers work together. Whether it is creating project plans, schedules, work-breakdown structures, or cost estimates, planning gives everyone a baseline to work with throughout the project.
Integrating the budgeting process into project activities is essential to calculate costs accurately and to understand when and why variances occur. By time-phasing budgets and refining the numbers, a transparent model is available for senior managers and team members to serve both as a benchmark throughout the project and also to understand important cash flows.
Project controls provide a meticulous approach for managing risks. By preemptively identifying risks, monitoring risk continuously, and developing contingency plans to address and mitigate issues, it becomes possible to reduce impact on budget and schedule. It also helps prevent some risks from happening in the future.
When a project deviates from its original estimates, it’s often not due to a single factor, but due to the cumulative effect of several factors that tend to go unnoticed. This is why change management is critical. By tracking changes and understanding their impact, while following a clear process for evaluation, approval, and accountability, projects can remain on their charted trajectory. Our organization pays due care to this aspect.
By increasing the accuracy of estimates-at-complete, project controllers and managers can gain a lot more insight into the current drivers of cost and schedule overruns. Good progress measurement is a critical input to the forecasting process. It serves as the comparison against actual and committed costs that enable project controllers to extrapolate a forecast using a combination of standard forecasting methods and formulas. Regular, timely updates aid the project controller by enabling faster response and corrective action to when a project begins to get off track.
Defining and using key performance indicators (KPIs) to monitor project health and forecast trends is crucial to take corrective actions. Organizations that use performance information to manage projects, like the calculations used in Earned Value Management, achieve a 68% success rate, compared to a 7% success rate for projects that don’t leverage this data.
This process involves establishing processes and systems that can help team members communicate and collaborate with each other. The goal is to track status updates, capture meeting minutes and lessons learned, and manage workflows seamlessly so teams can focus on actual execution rather than routine tasks.