If you are hiring subcontractors to work on your projects, you likely want to keep track of how they are performing for you. Being able to objectively measure subcontractor performance is critical for project managers, so that they can make key decisions to keep their projects running smoothly. However, subcontractor performance management is difficult if you don’t have the right tools in place to measure productivity.
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
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?
Tracking Daily Costs from the Jobsite is challenging enough when you're tracking your own people. What about when you have to track your Vendor LEM costs as well?
Getting all the daily cost data together from multiple sources can be a time-consuming and error-prone undertaking if you don't have a software solution to automate the process. 4castplus eLEM solutions for Vendor Tracking simplifies and streamlines the gathering and processing of daily jobsite costs. Check out the brief presentation below to get a glimpse of the new Vendor LEM Tracking and Portal.
Many EV professionals would argue that Planned Value is one of the most important metrics in earned value analysis. It provides the critical benchmark from which numerous other metrics are being compared.To give you an idea of what PV is, consider the example where you have a $1 million project that is scheduled to take 10 months to complete. An important aspect of project controls is to be able to plan out how that $1m will be spent over the 10 months. It obviously won’t be spent in one single lump. Neither will it be spent in an even, perfectly distributed rate over the 10 months.
The project spend will follow an uneven pattern – loosely following the schedule of activities and purchases that occur over the project’s duration. Planning the budget over the project’s timeline is called Time-Phased Budgeting. Planned Value is the value of scheduled project spend at a point in time of a project's duration.
Planned value is also referred to as Budgeted Cost of Work Scheduled (BCWS).
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.
One of the greatest challenges construction contractors face, is billing their client for work that happened at the Jobsite.
With all the layers of data capture, approval, routing, costing, etc. that need to be taken care of for the billable data to make it to accounts receivable for invoicing; it's common for things to be missed, delayed or for errors to occur.