Project Controls: Unrevealed Insights

Large Indian companies with revenue in the range of $11 to $17 Billion have realized the vital importance of Effective Project Controls and have implemented in their organizations.

The traditional approach of Project Controls emphasizes on ensuring timely completion of project activities. This is the basic reason most organizations engage project controls, however following are the real tangible purpose of implementing project controls.

• Support in selection of the right Contractor having clarity and understanding with respect to scope of work execution, deliverables and project requirements.
• Establishing and maintaining a framework for a robust change management system that enables in identifying, analysing, tracking and facilitating timely approval of changes in scope, cost and schedule of projects.
• Establishment of Cost Baselines to measure the cost performance throughout the project lifecycle, projection of forecast costs and estimate the cost to complete.
• Preventing claims from Contractors and Vendors by studying the contract in detail and observing potential areas where claims can arise from vendors.
• Harmonious and effective closing of Projects technically and commercially after ensuring that all obligations are met by all parties in the project.