Sydney, NSW : For project controls several definitions are there which gets used extensively all across the industries and even the companies make use of this lying within the industries. And below are mentioned some of the definitions of the key term which are as follows:
It is a process of data management, gathering as well as analytical processes which gets used for prediction, understanding as well as influence constructively the cost and time outcomes of some project or a program. And such is attained with an informational communication in a format that gets assisted with decision making along with effective management.
The above definition covers all the project stages or the lifecycle of a program starting from its initial stage where estimation is required for sizing some proposed project and is accomplished with the forensic analysis and reflective learning for understanding the failure causes and hence makes a development to the claims.
Consequently the discipline of project controls can be found covering:
A project strategy which undertakes the studies of methods and planning to assist the PM in optimization of the future results
Scheduling which makes an inclusion of the updation, development as well as maintenance
Value engineering, cost control and cot engineering, estimation of cost
Management of risk that makes an inclusion of registering risk maintenance and assessment or analysis of risk
Earned schedule and value management which even includes OBS, WBS or other structures of breakdown
Control of documents
Forensic assessment with the requirement of diagnosis to the cost and schedule
Measurement of performance of the supplier and its oversight but not including the contract administration
All the constituents of the methodologies of project management which will be integrating such disciplines both within the function of the project management and the control domain
But the key term simply makes an inclusion of the processes, people as well as tools which gets used for management, planning as well as cost of mitigation.
What is the importance of project controls?
Appropriate project management plan remains the key success for a successful control over projects. A guide makes a reference of 21 procedures that relates to the project planning. The projects execution depends solely on a robust planning and such gets achieved only with the effective control of the scheduled methodology. One of the most important parts of the control of project is the development of some suitable system. Furthermore widely it gets recognized that monitoring along with planning plays an important and vital role for the reason behind the failure of some projects. Although the project field is under rigorous revolution nowadays, but still then the traditional approach exhibits lack of usability of the key word which has been mentioned in the title itself and several articles have been published in support of that for marking the significance of control in the accomplishment of the objectives of a project.
Thus come a short note on the titled term which has its many effects and importance.
Content Source : https://highgatemanagement.wordpress.com/2015/07/06/definition-and-importance-of-project-controls/
Company Overview :
Highgate Management provides a range of advisory and management services including Development Management, Property, Procurement and Project Management.