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The Importance of Project Controls
The successful performance of a project very much depends on appropriate planning. The PMBOK Guide out of the 39 processes for project management defines the use of 21 processes that relate to planning. The execution of a project is based on a well-constructed project plan and the proposed benefits to be derived from the project can only be achieved through an effective schedule control methodology. QTC believes and it is widely recognised that the lack of planning and monitoring plays a major role in the cause of project failures. Despite the continuous evolution in the project management field, it is evident that there is still a lack of utilisation of project controls and there have been a number of papers published to support the importance of control in the achievement of project objectives. An IBC 2000 Project Control Best Practice Study carried out by IPA identified that good Project Control practices reduce execution schedule slip by 15%. Project Controls cost range from 0.5% to 3% of the total project, (including cost accounting), therefore, to break even, project control needs to improve cost effectiveness by around 2%. A sample study carried out by the IBC Cost Engineering Committee (CEC) in 1999, showed cost improvements for the projects in the study and was more than 10%.
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