“If you can’t measure it, you can’t manage it.” – Peter Drucker
Capital projects support the goals of an organization, but they also pose significant risk. To ensure project success, goals must be established as early as possible for scope, schedule, budget, and quality. Defining roles and responsibilities of the project team as well as a communication plan will also contribute to the success of the project. A comprehensive project definition, codified in a project charter will keep the project team aligned with the organizations goals.
There are well-established project management methods to manage project scope and quality, while a comprehensive approach to project controls provides management and control of the budget, cost, schedule and project status information. Risk is managed and mitigated using the information and analysis provided by the project controls team.
So, what are the characteristics of a solid project controls strategy?Read more