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What are the important approaches to project control?
Importance of Project Controls : The successful performance of a project depends on appropriate planning. [ The PMBOK Guide defines the use of 21 processes that relate to planning out of the 39 processes for project management, (Globerson & Zwikeal 2002). The execution of a project is based on a robust project plan and can only be achieved through an effective schedule control methodology.
The development of a suitable Project Control system is an important part of the project management effort (Shtub, Bard & Globerson 2005). Furthermore, it is widely recognised that planning and monitoring plays a major role as the cause of project failures. Despite the continuous evolution in the project management field, it appears evident that the traditional approach still shows a lack of utilisation of Project Controls and there have been a number of articles published to support the importance of control in the achievement of project objectives. It has been proved time and again that Project performance can be improved if dedicated Project Controls systems are in place. An IBC 2000 Project Control Best Practice Study carried out by IPA identified that good Project Control practices reduce execution schedule slip by 15%. Project Controls cost range from 0.5% to 3% of total project, (including cost accounting), therefore, to break even, Project Control needs to improve cost effectiveness by around 2%. A sample study carried out by the IBC Cost Engineering Committee (CEC) in 1999, showed cost improvements for the projects in the study, was more than 10%. It is noted also that NPV (Net Project Value) also benefits from schedule improvements. Success factors are based on good Project Control practices, which result in good cost and schedule outcomes. ]
Expert answered|koronamel88|Points 140|
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Asked 5/20/2013 7:01:57 AM
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