A project control system must contain a means of monitoring and controlling performance, cost, and schedule. It is essential to have an integrated method for measuring and communicating the triple constraints in such a way that the dependencies and trade-offs are clear. Information must be appropriately framed by management level and function with proposed solutions to issues or obstacles.
- Change and change impact analysis
- Financial metrics
- Network diagrams
- Performance, cost, and schedule with variance
- Progress summaries
- Resource reports and needs (projected)
- Subcontractor or vendor performance reports
- Results of meetings including project design reviews
- Risk register updates and alerts
- Defined stakeholder communication process
Best Practice: The use of simplified project time-line progress visuals, and simplified dashboards are very effective to sustain project visability across a broad audience and maintain momentum.
A project team must know how much is expected to be spent on a task to date, based on the planned schedule and budget. The team must know how much has actually been spent on the task to date. And how much of the work involved in a task has actually completed to date.
These three measures are the earned value metrics (EVM):
- Budgeted Cost of the Work Scheduled (BCWS-$ expected to spend
- Actual Cost of the Work Performed (ACWP)-$ actually spent
- Budgeted Cost of the Work Performed (BCWP)-how much work is accomplished, or how much value has been created.