4castplus Blog

4castplus Blog

Michael Wilson

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08 8, 2015

Linking Budget and Schedule – it’s a Challenging Task

One of the first principles of project controls is that the project budget has to be time-phased over the duration of the project. Here’s why: It’s not enough to simply know the total budget for a project – it’s critical to also know when that budget is planned to be spent. In other words, each quantity of material, labor hour or subcontractor service that’s planned for the project, is planned to occur at a particular time on the project.

Click here to learn more about time-phased budgeting

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10 10, 2015

Vendor Management: Effectively Tracking Invoices, Costs and Budgets

Even the most organized and planned projects can have ad-hoc purchases that happen at the jobsite. In an ideal world, all vendor expenses would be controlled by issued purchase orders driven by a project budget. Vendor expenses should be recorded as an incurred cost against the original purchase order so that you know all of your budgeted costs upfront and you have full clarity around your accruals.

In reality, a project can have a substantial number of non-purchase order vendor expenses that need to be recorded and accounted for on a project. The right vendor management tools can provide you with full visibility into vendor accruals so that you have accurate project cost tracking.

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25 25, 2014

What’s the Difference Between a Change Order, Change Forecast and Budget Transfer?

Changes are inevitable on projects. No project manager in their right mind moves forward with a project not expecting changes to happen - fluctuations in scope, cost, schedule and activity can happen almost daily.  In this article, I want to tackle a segment of change management that I often come across in conversations. Which is: the different types & states of Change Events that can be registered on a project; and some of the nuances of each. The three main project change events are:

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19 19, 2014

EVM Explained: Variance

“If you keep going at this speed, you’re going to be late!”

That’s my simplistic real-life analogy of earned value management. It’s a simple bit of math that we all do in our heads anytime we’re trying to get somewhere or finish something.  If you gave yourself an hour to get there and after a half-hour you’re still less than half-way, you’re going to be late.  It’s that simple. As simple as it is, it requires us to know quite a bit of information about the current situation in order to calculate late vs. on-time.  Just like EVM, you need to know 3 key elements to make the calculation:

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10 10, 2014

Current Information and the Right Tools Drive Your Business Core

As most any project manager will tell you, you can’t manage the past. You have to manage in the Now to have a chance at staying on top of your projects.  "Managing the Now" means providing project managers with current, reliable information on what’s going on. The idea of “current” project data isn’t anything new of course, but it’s astonishing how many projects are managed using data from the construction site that’s days or even weeks old.  Historical information is interesting – and it does serve a purpose in the final analysis – but it doesn’t help much on a day-to-day basis when snap decisions need to be made to keep things running smoothly.

If you can do anything to help your projects, your business and the mental health of your project management team, give them better information and good tools to report on that information. They’ll hug you and probably never stop.

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25 25, 2014

Managing procurement for construction projects

Managing the complexity of procurement for large construction projects requires an exceptionally robust technology solution.

Most commercial procurement software solutions are designed to handle general purchasing for a broad range of businesses and industry applications.  Procurement for construction projects has more complex needs such as:

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20 20, 2014

Resource Management for EPCMs - It's a Big Deal

Do you have a regular Monday morning meeting where your management team plans out who is doing what for the week?  EPCM organizations spend a significant amount of time and effort on resource management. And no wonder – resource management is a critical, continuous exercise in projecting resource loads, along with planning and managing who is doing what on any given week or month.

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05 5, 2014

What's the Difference: RFP, RFQ and Invitation To Tender

In the world of contract management and procurement, there are a variety of ways the tendering stage can work.  A key part of planning any piece of work to be done, is determining who is going to do that work; and setting out the terms of reference and evaluation criteria for awarding the contract to the winning bidder.

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31 31, 2013

Manage Contracts - Not Chaos!

One of the biggest challenges most procurement professionals face, is managing the day-to-day madness of having too many things to stay on top of, and not enough information to work with.  A very common frustration we hear about from procurement officers is their constant battle with “emergency procurement”.  A feeling as if they are always behind, in an ongoing reactive state – having to make sudden purchases with next-to-no advance planning. 

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31 31, 2013

Procurement is the Lifeblood of your Project

By Michael Wilson | October 31, 2013 | Categories: Procurement | 1 Comment

For any major construction project, it’s likely that every single dollar spent on that project will have gone through the procurement department. Think about it … the entire project essentially lives in a big stack of purchase orders – contracts that define the supply and services, terms and conditions, and other instructions for vendors.  There’s a lot riding on the successful execution and timing of those contracts.

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