Project Cost and Schedule Control

Jun 13, 20113 likes1,544 views

The document provides an overview of project cost and schedule control techniques including earned value management and estimating project performance. It demonstrates these concepts through an example of a railway construction project, showing how to calculate earned value, planned value, and estimate completion costs based on the project's current performance. Key metrics discussed include percentage of work, budget, and schedule completed to monitor project status and identify if it is on track or experiencing delays or cost overruns.

Welcome to Project cost and schedule
control

Your trainer is Mike Kerrigan

Project Management Basics

The Project manager is responsible for delivering all
three

Managing the project

Plan

Act Do

Check

Completed 1.5 km An example

How is the project doing?
Project:
Build 5 km railway End of month 2:

Time allowed: 5 months Cost?

Budget: ?100,000 Schedule?
Completion %?

Completed 1.5 km An example

How is the project doing?
End of month 2:
Time passed: 40% of duration
1.5 km of railway completed = 30% of requirement
Spend to date: ?38,000 = 38% of budget
How are we doing? 30/38/40% complete?

Milestone chart
17/04/2011

26/02/2011

07/01/2011

SDR Complete
Subsys 1 complete
18/11/2010
Subsys 2 complete
Subsys 3 complete
IVV Complete
29/09/2010
System Delivered
Acceptance complete
Reference
10/08/2010

21/06/2010

02/05/2010
M0 M1 M2 M3 M4 M5 M6

Traditional monitoring
Cost:
�C What percentage of the budget has been spent?
�C What is our estimate to complete?
�C How much will it cost at completion?

160
140
120
100
Budget
80

?
Actual
60
40
20
0

10
0

2

4

6

8
Month

Baseline plan Back to the example
Embankment
Bridge

Km 1 Km 2 Km 3 Km 4 Km 5
Budget ?15k Budget ?33k Budget ?15k Budget ?22k Budget ?15k
Time 1 mth Time 1.5 mth Time 0.5 mth Time 1.5 mth Time 0.5 mth

Project:
Build 5 km of railway
Budgeted cost: ?100,000
Delivery timescale: 5 months

Where are we?
Schedule end of month 2
Embankment
Bridge

Km 1 Km 2 Km 3 Km 4 Km 5
Budget ?15k Budget ?33k Budget ?15k Budget ?22k Budget ?15k
Time 1 mth Time 1.5 mth Time 0.5 mth Time 1.5 mth Time 0.5 mth

Value of work planned to be completed:
In month 1 = ?15k
In month 2 = (1/1.5 x ?33k) = ?22k
Planned value = ?15k + ?22k = ?37k

Where are we?
Schedule end of month 2
Embankment
Bridge

Km 1 Km 2 Km 3 Km 4 Km 5
Budget ?15k Budget ?30k Budget ?15k Budget ?25k Budget ?15k
Time 1 mth Time 1.5 mth Time 0.5 mth Time 1.5 mth Time 0.5 mth

Earned value = ?31.5k = 31.5%
Planned value = ?37k = 37%
Conclusion: Value of work done is 5.5% less than planned
Behind by ?5.5k value of work

Where are we?
Costs end of month 2
Embankment
Bridge

Km 1 Km 2 Km 3 Km 4 Km 5
Budget ?15k Budget ?30k Budget ?15k Budget ?25k Budget ?15k
Time 1 mth Time 1.5 mth Time 0.5 mth Time 1.5 mth Time 0.5 mth

Earned value = ?31.5k = 31.5% of budget
Actual costs = ?38k = 38% of budget
Conclusion: Spent 38% of budget doing 31.5% of the work
Overspent by ?6.5k

How are we doing?

1800

1600

1400

1200
Planned

1000

Actual
800

600
Earned

400

200

0
0 1 2 3 4 5 6 7 8 9 10 11

How are we doing?

1800

1600

1400

1200
Planned

1000
Actual

800
Earned
600

400

200

0
0 1 2 3 4 5 6 7 8 9 10 11

Estimate at Complete (EAC)

If we continued to perform as we have to date:

EAC = Budget x Actual cost
Earned

Change

Change!

Impact

Change in requirements will impact Time and Cost

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Project Cost and Schedule Control

1. Welcome to Project cost and schedule control Your trainer is Mike Kerrigan

2. Project Management Basics The Project manager is responsible for delivering all three

3. Managing the project Plan Act Do Check

4. Completed 1.5 km An example How is the project doing? Project: Build 5 km railway End of month 2: Time allowed: 5 months Cost? Budget: ?100,000 Schedule? Completion %?

5. Completed 1.5 km An example How is the project doing? End of month 2: Time passed: 40% of duration 1.5 km of railway completed = 30% of requirement Spend to date: ?38,000 = 38% of budget How are we doing? 30/38/40% complete?

6. Gantt schedule

7. Gantt with baseline and Critical Path

8. Milestone chart 17/04/2011 26/02/2011 07/01/2011 SDR Complete Subsys 1 complete 18/11/2010 Subsys 2 complete Subsys 3 complete IVV Complete 29/09/2010 System Delivered Acceptance complete Reference 10/08/2010 21/06/2010 02/05/2010 M0 M1 M2 M3 M4 M5 M6

9. Traditional monitoring Cost: �C What percentage of the budget has been spent? �C What is our estimate to complete? �C How much will it cost at completion? 160 140 120 100 Budget 80 ? Actual 60 40 20 0 10 0 2 4 6 8 Month

10. Baseline plan Back to the example Embankment Bridge Km 1 Km 2 Km 3 Km 4 Km 5 Budget ?15k Budget ?33k Budget ?15k Budget ?22k Budget ?15k Time 1 mth Time 1.5 mth Time 0.5 mth Time 1.5 mth Time 0.5 mth Project: Build 5 km of railway Budgeted cost: ?100,000 Delivery timescale: 5 months

11. Where are we? Schedule end of month 2 Embankment Bridge Km 1 Km 2 Km 3 Km 4 Km 5 Budget ?15k Budget ?33k Budget ?15k Budget ?22k Budget ?15k Time 1 mth Time 1.5 mth Time 0.5 mth Time 1.5 mth Time 0.5 mth Value of work planned to be completed: In month 1 = ?15k In month 2 = (1/1.5 x ?33k) = ?22k Planned value = ?15k + ?22k = ?37k

12. Where are we? Schedule end of month 2 Embankment Bridge Km 1 Km 2 Km 3 Km 4 Km 5 Budget ?15k Budget ?33k Budget ?15k Budget ?22k Budget ?15k Time 1 mth Time 1.5 mth Time 0.5 mth Time 1.5 mth Time 0.5 mth Value of work completed: Km1 = ?15k Km2 = 50% of ?33k = ?16.5k Earned value = ?15K + ?16.5k = ?31.5k (31.5% of total value)

13. Where are we? Schedule end of month 2 Embankment Bridge Km 1 Km 2 Km 3 Km 4 Km 5 Budget ?15k Budget ?30k Budget ?15k Budget ?25k Budget ?15k Time 1 mth Time 1.5 mth Time 0.5 mth Time 1.5 mth Time 0.5 mth Earned value = ?31.5k = 31.5% Planned value = ?37k = 37% Conclusion: Value of work done is 5.5% less than planned Behind by ?5.5k value of work

14. Where are we? Costs end of month 2 Embankment Bridge Km 1 Km 2 Km 3 Km 4 Km 5 Budget ?15k Budget ?30k Budget ?15k Budget ?25k Budget ?15k Time 1 mth Time 1.5 mth Time 0.5 mth Time 1.5 mth Time 0.5 mth Earned value = ?31.5k = 31.5% of budget Actual costs = ?38k = 38% of budget Conclusion: Spent 38% of budget doing 31.5% of the work Overspent by ?6.5k

15. How are we doing? 1800 1600 1400 1200 Planned 1000 Actual 800 600 Earned 400 200 0 0 1 2 3 4 5 6 7 8 9 10 11

16. How are we doing? 1800 1600 1400 1200 Planned 1000 Actual 800 Earned 600 400 200 0 0 1 2 3 4 5 6 7 8 9 10 11

17. Estimate at Complete (EAC) If we continued to perform as we have to date: EAC = Budget x Actual cost Earned

18. Change Change! Impact Change in requirements will impact Time and Cost

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