ProjectSight - Construction Project Management Software
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Much of project performance management is focused on what has already happened. In fact,
historical data used to be the only way contractors could gain insight into project performance.
Anyone who has been in the engineering and construction industry for a while can quickly recall
the painful process of waiting for an accounting period to close in order to see how much money
was spent on a project. In most cases, managers were looking at data from one to two months
prior.
The inability to obtain project status in a timely manner allows issues in the field to become urgent
problems that could have a cost impact or delay a project. The demand for real-time project
information gave rise to cost-management and project accounting. The best cost-management
software does something no accounting system can do: it tracks and controls risks that could
impact project cost as soon as these risks become known. For example, an RFI can be flagged as
having a potential cost impact and correlated to a potential change order or contingency fund.
When this information is shared in real time, project stakeholders can see what is happening now
and look ahead to make better decisions.
If you choose to leverage only one habit from the seven outlined in this paper, consider utilizing
a project management solution that empowers users to easily identify and capture change the
moment it happens. Then you can manage these changes in cost and time all the way through the
approval process, employing real-time reporting metrics to mitigate project risk.
FORECAST COMPLETION
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