Professor Bent Flyvbjerg is a renowned expert in the field of project predictability and project cost overruns. He recently co-authored an article entitled “Five key questions about cost overrun.” According to the article, good practice entails: (a) Consistent definition and measurement of cost overruns; in contrast to mixing inconsistent baselines, price levels, etc. (b) Data collection that includes […]
The Disjoint Between Project Controls and the ERP
July 17th, 2017
Over the last 15-20 years I’ve had many a good debate on the merits of using mainstream ERP systems to manage project finances. Of course, the more accurate term is project cost controls, as opposed to project accounting, as cost engineers know these things to be discrete disciplines. The confusion stems from where they overlap; […]
Stop The Monthly Madness: 7 Steps to Real Project Control
July 11th, 2017
It’s month end. The new VP of Engineering recently issued an edict that ALL projects’ forecasts must be updated monthly, regardless of project size and status. A noble ideal, for sure. Like many such edicts, however, nothing else changed. Your control estimates were rushed together with less than 10% of design complete, Work Breakdown Schedule […]