PROJECTS SCHEDULING AND COST CONTROLS

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1 Professional Development Day September 27th, 2014 PROJECTS SCHEDULING AND COST CONTROLS

2

3

4 Why do we need to Control Time and Cost?

5 Plans are nothing; Planning is everything. Dwight D. Eisenhower

6 Back to Basics What s the Logic Behind it?

7 PMBOK - fifth Edition PROJECT MANAGEMENT PROCESS GROUPS

8 1.2 What is a Project? A project is a temporary endeavor undertaken to create a unique product, service or result. The temporary nature of projects indicates that a project has a definite beginning and end. The end is reached when the project s objectives have been achieved or when the project is terminated because its objectives will not or cannot be met, or when the need for the project no longer exists. [PMBOK 5 th Edition]

9 Planning is the process of thinking about and organizing the activities required to achieve a desired goal. A Schedule or a timetable, as a basic time-management tool, consists of a list of times at which possible tasks, events, or actions are intended to take place, or of a sequence of events in the chronological order in which such things are intended to take place. [wikipedia.org, 26 Sep 2014]

10 Triple Constraints: Time Cost Scope

11 Balancing between the competing project constraints which include but are not limited to: Scope Quality Schedule Budget Resources Risk Scope Budget

12 PMBOK - fifth Edition 6. Project Time Management 6.7 Control Schedule 7. Project Cost Management 7.4 Control Costs

13 6 - Project Time Management 6.7 Control Schedule Control Schedule Inputs Control Schedule Tools and Techniques Performance reviews Trend analysis Critical Path Method ( ) Critical Chain Method ( ) Earned Value Management ( ) Project Management Software Resource Optimization Techniques Modeling Techniques Leads and Lags Schedule Compression Scheduling Tool

14 6.7.3 Control Schedule: Outputs Work Performance Information Schedule Forecasts Change Requests Project Management Plan Updates Schedule baseline Schedule Management Plan Cost Baseline Project Documents Updates Schedule Data Project Schedule Risk Register Organizational Process Assets Updates

15 7 - Project Cost Management 7.4 Control Costs Control Cost: Inputs Project Management Plan Cost Baseline Cost Management Plan Project Funding Requirements Work Performance Data Organizational Process Assets Control Costs Tools and Techniques Earned Value Management Planned Value (PV) Earned Value (EV) Actual Cost (AC) Schedule Variance (SV) Cost Variance (CV) Schedule Performance Index (SPI) Cost Performance Index (CPI)

16 Forecasting To-Complete Performance Index (TCPI) Performance Reviews Variance Analysis Trend Analysis Earned Value Performance Project Management Software Reserve analysis Control Costs Outputs Work Performance Information Cost Forecasts Change Requests Project Management Plan Updates Projects Documents Updates Organizational Process Assets Updates

17 EAC: Estimate at Completion BAC: Budget at Completion ETC: Estimate to Complete EV: Earned Value AC: Actual Cost CPI: Cost Performance Index SPI: Schedule Performance Index EAC = AC + ETC EAC = AC + (BAC - EV) EAC = BAC / CPI EAC = AC + ( BAC EV CPI SPI )

18

19 How to reach such a sophisticated Graph having an overall percentage in a simple way?

20 Plan A simple 1 task project as a Demo Plan Cum Plan Jan 14-Feb 14-Mar 14-Apr 14-May 14-Jun 14-Jul 14-Aug 14-Sep 14-Oct 14-Nov 14-Dec 15-Jan 15-Feb 15-Mar 0

21 3 2.5 Plan Actual Cum Plan Cum Actual Plan Vs. Actual Jan 14-Feb 14-Mar 14-Apr 14-May 14-Jun 14-Jul 14-Aug 14-Sep 14-Oct 14-Nov 14-Dec 15-Jan 15-Feb 15-Mar 0

22 14 12 Cum Plan What s the trend? What s the Forecast? Cum Actual 10 EAC = AC + ETC Jan 14-Feb 14-Mar 14-Apr 14-May 14-Jun 14-Jul 14-Aug 14-Sep 14-Oct 14-Nov 14-Dec 15-Jan 15-Feb 15-Mar

23 14 Cum Plan Cum Actual EAC = AC + (BAC - EV) Jan 14-Feb 14-Mar 14-Apr 14-May 14-Jun 14-Jul 14-Aug 14-Sep 14-Oct 14-Nov 14-Dec 15-Jan 15-Feb 15-Mar

24 Cum Plan Want to finish ahead of Schedule? Extra Coast!! Cum Actual Jan 14-Feb 14-Mar 14-Apr 14-May 14-Jun 14-Jul 14-Aug 14-Sep 14-Oct 14-Nov 14-Dec 15-Jan 15-Feb 15-Mar

25 14 12 Cum Plan Most Logical, but difficult?? EAC = AC + ((BAC EV)/(CPI SPI)) Cum Actual Jan 14-Feb 14-Mar 14-Apr 14-May 14-Jun 14-Jul 14-Aug 14-Sep 14-Oct 14-Nov 14-Dec 15-Jan 15-Feb 15-Mar

26 ELNG IDKU Project, Marine Contract, EGYPT

27 ELNG IDKU Project, Marine Contract, EGYPT

28 ELNG IDKU Project, Marine Contract, EGYPT

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