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Best Practices To Meet The Budget Of Your Project

by | Jan 29, 2020 | Blog | 0 comments

Distraught programs often lack adequate controls. These uncertain programs do not have strong risk-management protocols – nor do they provide all-inclusive reporting on budgets – ultimately delaying the ability to manage program delivery and control cost overruns.

The opportunity to improve how programs operate is significant. Project controls help provide accurate up to date information in addition to a snapshot of where a project is at in its entirety. In their report, McKinsey Capital Projects finds that just a 1% reduction in costs would save the construction industry approximately $100 USD billion annually. Effective project controls can provide one single source of the truth for the entire project team with timely information to help assess progress and performance.

Project controls = better decisions

Tips on gathering relevant project data for a team to analyze and make project decisions

Paul Chapman of Oxford University shared his following recommendations:

  • Step 1: Analyze data and trends from project controls systems, to determine what information is needed to support decisions which have the biggest impact on project performance.
  • Step 2: Implement project-wide systems to track all project performance metrics. This system should be flexible and allow an easy exchange of information between organizations and/or disciplines.
  • Step 3: Ensure easy and continuous access to the information in a format that is usable, actionable, and forward looking.



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