Primary Author: Mrs. Michelle Lawrence PMP
Audience Focus: Intermediate
Application Type: Application
Venue: 2014 AACE International Annual Meeting, New Orleans, LA, USA
Abstract: As businesses recover from the recent recession and capital spending resumes, business leaders are looking to identify areas of improvement. This will often lead them to find they are lacking proper controls of their projects, more specifically the control of the project costs. This is a large culprit of increased project costs. In turn, more business’ are requiring additional project controls on their projects including those managed by contractors, subcontractors, vendors etc. initially resulting in increased costs as many organizations don’t have the structure, knowledge, systems or the personnel needed to meet these new demands.
This paper is designed to help the experienced project controller or cost engineer to be successful within a business with an accounting based structure. It will also help the cost analyst who is required to take on the additional responsibilities of tracking costs on a capital project. First by identifying the differences between project controls and accounting with focus on how they can work together to be successful. Secondly by providing to basic concepts and examples that can be used to meet the needs of capital project cost control.
Audience Focus: Intermediate
Application Type: Application
Venue: 2014 AACE International Annual Meeting, New Orleans, LA, USA
Abstract: As businesses recover from the recent recession and capital spending resumes, business leaders are looking to identify areas of improvement. This will often lead them to find they are lacking proper controls of their projects, more specifically the control of the project costs. This is a large culprit of increased project costs. In turn, more business’ are requiring additional project controls on their projects including those managed by contractors, subcontractors, vendors etc. initially resulting in increased costs as many organizations don’t have the structure, knowledge, systems or the personnel needed to meet these new demands.
This paper is designed to help the experienced project controller or cost engineer to be successful within a business with an accounting based structure. It will also help the cost analyst who is required to take on the additional responsibilities of tracking costs on a capital project. First by identifying the differences between project controls and accounting with focus on how they can work together to be successful. Secondly by providing to basic concepts and examples that can be used to meet the needs of capital project cost control.