How do you learn from cost and schedule lessons and feedback for field development projects?

1 Project lifecycle

The first step in cost and schedule management is to understand the project lifecycle and its phases. The project lifecycle defines the sequence of processes and deliverables that are required to complete the project. Different project lifecycles may have different names and numbers of phases, but they generally follow a similar pattern: initiation, planning, execution, monitoring and control, and closure. Each phase has its own scope, objectives, tasks, resources, risks, and stakeholders. By defining the project lifecycle, you can establish the baseline for cost and schedule performance, as well as the criteria for measuring progress and success.

2 Cost estimation

The second step in cost and schedule management is to estimate the cost of the project. Cost estimation is the process of predicting the total cost of the project based on the scope, resources, risks, and assumptions. Cost estimation can be done at different levels of detail and accuracy, depending on the phase of the project and the availability of information. Some of the common methods of cost estimation are analogous estimation, parametric estimation, bottom-up estimation, and three-point estimation. Cost estimation should be updated and refined throughout the project lifecycle, as more data and feedback become available.

3 Schedule development

The third step in cost and schedule management is to develop the schedule of the project. Schedule development is the process of identifying, sequencing, and assigning durations to the activities that are required to complete the project. Schedule development can be done using various tools and techniques, such as work breakdown structure, network diagrams, critical path method, resource leveling, and schedule compression. Schedule development should also be updated and refined throughout the project lifecycle, as changes and uncertainties occur.

4 Cost and schedule control

The fourth step in cost and schedule management is to control the cost and schedule of the project. Cost and schedule control is the process of comparing the actual performance of the project with the planned performance, and taking corrective actions if necessary. Cost and schedule control can be done using various tools and metrics, such as earned value management, variance analysis, trend analysis, forecasting, and change management. Cost and schedule control should be done regularly and systematically, to identify and resolve any issues or deviations as early as possible.

5 Cost and schedule reporting

The fifth step in cost and schedule management is to report the cost and schedule of the project. Cost and schedule reporting is the process of communicating the status and performance of the project to the relevant stakeholders, such as the client, the sponsor, the team, and the management. Cost and schedule reporting can be done using various formats and methods, such as dashboards, charts, tables, narratives, and presentations. Cost and schedule reporting should be done frequently and consistently, to ensure that the stakeholders are informed and engaged.

6 Cost and schedule learning

The sixth and final step in cost and schedule management is to learn from the cost and schedule of the project. Cost and schedule learning is the process of capturing, analyzing, and sharing the lessons and feedback from the project, to improve the future performance and outcomes. Cost and schedule learning can be done using various tools and practices, such as lessons learned sessions, post-mortem reviews, surveys, interviews, and databases. Cost and schedule learning should be done at the end of each phase and at the end of the project, to identify and implement the best practices and recommendations.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?