Most shipyards around the world handle shipbuilding projects using approaches that differ from those used on other construction projects. Unlike construction projects, shipbuilding tends to be production oriented, as opposed to project oriented. Hence, schedules are developed based on a projectized structure; however, the costs are controlled at the facility level (yard level). The basis for this methodology is that yard workshops are resources shared across different projects. In many cases, this methodology drives the project planning phase to be a part of the production planning process. Although production planning offers several benefits to shipyards, many of the advantages typical of project scheduling are missed. This paper challenges current production planning and controls practices in the shipbuilding industry vis-a-vis those of typical construction projects. This paper also proposes a fit-for-purpose solution for shipyards through an integrated cost and schedule model including EVMS application, work package planning, and BIM.