Time-Phasing the Remaining Budget: What Does it Mean?
7 Things You Need to Know About 4castplus Resource Forecasting
One of the most important functions of project controls and cost engineering, is the ability to accurately forecast remaining costs-to-complete on a construction project. With the new Resource Forecasting tools in 4castplus, project controls professionals can now achieve ultimate accuracy and take full control of how projects are forecasted.
Top 5 Challenges to Effective Cost Controls - and their Solutions
More and more companies are demanding greater visibility into construction project performance. Simply put, companies want to know that funds are being well spent and that their projects are going to run to plan. As a result, increased demands are being made on project controllers to deliver timely and accurate cost and revenue forecasts to help shape business decisions. But hey, you know all about this, don’t you?
Using CPI Forecast to Predict the Performance of Your Project
Before I get started on the details, I’ll give you a quick definition: A CPI Forecast allows project controls professionals to predict the performance of their project using a subjective CPI value rather than the calculated CPI that’s determined based on past performance.
How to Design the Best Cost Coding System for your Project
Project controls professionals can spend endless hours discussing, debating and tweaking the required codes for their project and for good reason; there are so many layers to consider in designing the ‘right’ cost coding system.
Find the Right Cost Coding System for You
What’s the Difference: Estimate-to-Complete and Forecast-to-Complete
Predicting the future is what we’re all about. But when do you use ETC versus FTC – and what’s the difference?
Mistakes Happen – Adjustments and the Clean-up Guys
With the hundreds of people entering data into the system every day, what are the chances that a day will ever go by when all the data is entered perfectly – without a single mistake?
That Crucial Bond between Project Controls and Project Procurement
On any major project there will be strong ties between Project Controls and Procurement to ensure there is sufficient budget to cover the requisitioned and committed costs issued onto purchase orders. The importance of this relationship can't be understated!
Keeping a project on plan requires careful monitoring to make certain that the project's expenses are kept within budget. 4castplus provides the intrinsic links between procurement and project controls to enable a close bond between these two groups. This connection is described briefly in the explainer presentation below. If you have any thoughts on this, please feel free to leave a comment below and let us know what you think.
Should you Adopt Standards for Project Controls and Procurement?
I was visiting a client yesterday helping them get started with some new projects they were planning. They’re a fairly new client and are still working through some of their internal processes with respect to how they’re going to take full advantage of this enterprise software they've just adopted. They were engaged in a very productive, but heated dialogue about how to manage this transition. The challenges they face are similar challenges that most companies would in this situation, so I thought it’d be worth writing about.