Audience Focus: Advanced
Application Type: Application
Venue: 2015 AACE International Annual Meeting, Las Vegas, NV, USA
Abstract: This paper discusses the need to establish a vital link between project costs and scheduling that is often overlooked by companies executing capital portfolios in a variety of industry sectors. Proper alignment of these two areas of project controls facilitates the decision-making process while simultaneously increasing planning accuracy. It also mitigates cost overruns and schedule slippage, which are the main areas of concern for Project Controls Managers as well as Project Managers in companies executing capital portfolios.
The areas addressed in this paper include the traditional cost control methodologies and schedule development. As will be discussed, academic thinking, later adopted by various US government entities, including National Aeronautics and Space Administration (NASA) and Department of Defense (DOD), suggested that integration between scheduling and budgeting is crucial to the success of any project. Applying the integrative approach presented in this paper to the project lifecycle provides an opportunity to make decisions that improve project performance. Therefore, this paper traces the evolution of cost and schedule integration and presents an effective method of enhancing controls throughout the project lifecycle.
Application Type: Application
Venue: 2015 AACE International Annual Meeting, Las Vegas, NV, USA
Abstract: This paper discusses the need to establish a vital link between project costs and scheduling that is often overlooked by companies executing capital portfolios in a variety of industry sectors. Proper alignment of these two areas of project controls facilitates the decision-making process while simultaneously increasing planning accuracy. It also mitigates cost overruns and schedule slippage, which are the main areas of concern for Project Controls Managers as well as Project Managers in companies executing capital portfolios.
The areas addressed in this paper include the traditional cost control methodologies and schedule development. As will be discussed, academic thinking, later adopted by various US government entities, including National Aeronautics and Space Administration (NASA) and Department of Defense (DOD), suggested that integration between scheduling and budgeting is crucial to the success of any project. Applying the integrative approach presented in this paper to the project lifecycle provides an opportunity to make decisions that improve project performance. Therefore, this paper traces the evolution of cost and schedule integration and presents an effective method of enhancing controls throughout the project lifecycle.