Introduction
Project controls are a crucial part of project management. They help project teams know and steer the time and cost that go into a project. Project controls can help you:
- Stay on scope
- Avoid budget overruns
- Meet deadlines.
In this article, we will look at the definition and importance of project controls. We will examine some techniques and implementation approaches. We will see how controls can be beneficial and what their impact is on the success of a project. We will also discuss the tools, software and career opportunities in this field. By the end of this article, you will know how project controls can improve your project management practices.
Understanding project controls
Comprehensive definition
Project controls are methods and processes that help you collect data, process it and analyse results. They help you predict, understand and positively influence time and cost aspects of a project. They provide valuable information to make decisions throughout the project lifecycle.
Role within project management
Project controls are the navigational system in project management. They help project managers:
- Know project status at any time
- Forecast outcomes
- Spot deviations from the plan
- Recommend actions to correct the course.
Key components of project controls
These are the main components of project controls:
- Planning and scheduling
- Cost estimation and control
- Risk assessment and management
- Change control
- Performance monitoring and reporting.
Differences between project controls and project management
While project management is the top level of the project, project controls focus on:
- Time and cost aspects
- Data processing and reporting
- Performance measurement
- Predictive modelling.
Project controls provide project managers with valuable insights and recommendations. This allows project managers to make informed decisions and steer projects towards successful completion.
Essential project control techniques
Schedule management
Timeline development
Effective timeline development means creating a project schedule. This involves identifying tasks, estimating durations and developing dependencies. Use a Gantt chart to visualise the project timeline and the critical path.
Milestone tracking
Track milestones to see how your project progresses towards its objectives. Review and update milestones regularly to see how your project is progressing. Milestones give you an easy-to-read indicator of the health of your project.
Cost control
Budget planning
The budget planning process involves estimating and allocating resources for each project phase. Create a detailed budget for the whole project. Include the expected cost of labour, materials and contingencies.
Cost variance analysis
Analyse cost variance regularly to compare actual spend to the planned budget. This will allow you to identify and correct any discrepancies in time.
Risk management
Risk identification
Do a thorough risk identification session to find threats to the success of the project. Involve people from all project disciplines to ensure that you cover all risks.
Mitigation strategies
Create mitigation strategies for identified risks. Prioritise risks according to their potential impact and likelihood. Develop action plans to manage them.
Change control
Scope management
Establish scope management processes to avoid unauthorised changes. Define project boundaries and deliverables in the planning phase.
Change request processes
Establish change request processes to evaluate and approve needed changes. Ensure that all changes are reviewed, documented and executed.
Performance management
Key Performance Indicators (KPIs)
Define relevant KPIs to measure the progress and success of your project. Track these KPIs regularly to see how your project is doing. Use them to spot any areas that need improvement.
Earned Value Management (EVM)
Apply Earned Value Management (EVM) techniques to measure project performance objectively. This method integrates scope, schedule and cost metrics to provide an overview of project status.
Implementing project controls
Project planning phase
Establishing baselines
Start with establishing project baselines for scope, schedule and budget. These are the starting points of the project. They will be used to measure progress throughout the project lifecycle. Ensure that all stakeholders agree on the project baselines before moving forward.
Defining roles and responsibilities
Define roles and responsibilities for the project control activities. Create a responsibility matrix to specify what each team member does. This will prevent confusion and ensure that you cover all control activities.
Project execution phase
Monitoring and reporting
Implement monitoring processes to track the performance of the project. Define standard reporting templates that include key metrics and deviations. Regular reporting will help you stay transparent and enable quick decision making.
Corrective action implementation
When you identify deviations, implement corrective actions quickly. Establish a process for reviewing and approving corrective measures. Ensure that all corrective measures support the project goals and stakeholder expectations.
Project closure phase
Post-mortem analysis
Conduct a post-mortem analysis to review the project control process. Evaluate how accurate your estimates were, how effective risk mitigation strategies were and how the project performed overall.
Lessons learned documentation
Document lessons learned from the project control process. Find what worked and what needs improvement. Share this information across the organisation to improve project control efforts.
Applying project controls throughout all project phases will help you achieve better project results and improve organisational learning.
Benefits of effective project controls
Improved project visibility
Effective project controls can significantly improve the visibility of a project. They give you an insight into the current status of the project, its performance metrics, and potential risks. With this insight, you can keep track of everything.
Enhanced decision-making
With the right information and at the right time, project controls can make decision-making more effective. You can quickly identify trends, spot problems, and make the right decisions. You can manage risks more efficiently and maximise the benefits of the project.
Increased project success rates
Effective project controls can increase the success rates of projects. With the right control measures in place, the project team can quickly identify deviations and resolve them before the project objectives are jeopardised. Thus, the organisation can achieve higher satisfaction of its stakeholders and a better reputation.
Cost and time savings
Project controls can help to optimise resource allocation, thus reducing the costs and time of the project. It allows to spot and solve issues early on, thus preventing overruns and delays. Moreover, it enables you to optimise the utilisation of resources throughout the project.
Better stakeholder communication
Project controls can be the foundation of the communication with stakeholders. You can report to them on a regular basis with reliable information about the current status of the project, problems, and achievements. Thus, the project controls can increase trust and alignment among the stakeholders.
Project control tools and software
Popular project management tools
You can use project management platforms to run your projects. Most of them provide project controls as a part of their functionality. You can use Microsoft Project, Asana, and Jira to schedule the project, allocate resources, and track the progress. Moreover, these tools can provide you with customisable dashboards to monitor critical metrics.
Specialised project control software
For larger and more complicated projects, you can use specialised project control software. You can get cost control features, earned value management, and risk analysis with Primavera, Deltek Cobra, and EcoSys. They are great for projects in different industries.
Integrating tools into existing workflows
You should integrate tools into your workflows thoughtfully. You can consider these five steps to make this happen:
- Assess your current workflows and find the gaps
- Choose tools that fit your needs
- Provide your team with training
- Create protocols to input data and analyse it
- Check the process regularly and optimise it.
By choosing the right tools and integrating them into your workflows, you can improve your project controls significantly and overall project performance.
Career opportunities in project controls
Roles and responsibilities
Project control professionals can help you manage projects effectively. Some popular positions include Project Control Analyst, Cost Engineer, and Planning Scheduler. They monitor the project’s performance, analyse the data, and make recommendations.
Required skills and qualifications
Here are the skills and qualifications you need to have to work in project controls:
- Problem-solving and analytical skills
- Proficiency in project management software
- Strong communication skills
- Certifications (PMP, CCP).
Career progression paths
With experience, you can advance your career to become a Project Control Manager or Director of Project Controls. You can also work as a senior project manager and oversee multiple projects or a program.
Conclusion
Project controls are an important aspect of the modern-day project management. They provide you with insights into your project’s status, performance metrics, and issues. With project controls, you can make better decisions, identify problems, and improve the project’s outcome. You can use effective control techniques and appropriate tools to maximise your project’s success rate. Project controls can help you stay competitive in the complex business world.
FAQs
What is the main purpose of project controls?
The purpose of project controls is to predict, understand, and influence time and cost outcomes.
How do project controls differ from project management?
Project controls are more specific. They are focused on data analysis and performance measurement. Project management encompasses all aspects of the project’s life cycle.
What are the key skills needed for a career in project controls?
You need to have strong analytical thinking, be proficient in project management software, and be a great communicator.
Can project controls be applied to small-scale projects?
Yes, project controls can be scaled and applied to any size of the project.
How often should project controls be reviewed and updated?
You should review them regularly, but it depends on the project. Usually, it is done once a week or once a month.
What are the common challenges in implementing project controls?
The main challenges include resistance to change, data accuracy issues, and a lack of standard processes.
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