The world of Project Controls has been growing in importance over decades, more so now than ever.
Project Controls, is the process of data capture, management and analysis, used to understand, predict and positively influence project outcomes, focused on the core project management areas of schedule, cost, risk and change management. With meaningful data and professional analysis, you enable effective decision making. Through establishing robust processes at the outset of a project or programme, you can go a long way to avoid major delays and claims at the end of the project life cycle.
The project controls industry is far reaching in terms of the skills required to operate in the field and every client requirement can vary. We see high demand for typical scheduling, construction planning or cost engineering focussed expertise. Now with the increasing digitalisation of the market there is increased requirement for reporting analysts and Power BI specialists, who develop bespoke dashboards and reports, through to systems analysts and developers who can develop new tools and processes.
The importance of Project Controls
Typically, project controls rests under the umbrella of project management. Project controls are integral to successful project management. This interlink offers timely insights that allow project stakeholders to make the right decisions at the right time.
The key focus of project controls is to ensure costs and schedules remain as close to the original baselines as possible whilst monitoring, tracking, reporting variances, detecting problems early and allowing decision-makers the time and background to take decisive action.
What are the Benefits of Project Controls?
The many moving pieces in megaprojects can make it challenging to keep on track with the original goals. Close monitoring, analysis and control, on the other hand, can keep this under check. When controls are correctly implemented, they assist projects of all sizes, not just large projects, in obtaining their time, cost, and quality objectives.
Some of the key benefits of project controls are listed below:
Provides better project insight
Provides better insight into the financial health of the project at all stages and provides meaningful benchmarking data for future projects.
Project costs can be kept low through the ability to make timely decisions using KPIs and provides capacity to mitigate project scope creep.
You can increase margins when working in a fixed-price environment.
Increase outcome certainty
Increased project predictability for cost and deadlines which can enhance your reputation for accurately managing and controlling projects.
Core competencies of Project Controls
Project Controls refers to the people, processes, and systems used to plan, monitor, and manage all aspects of a capital project’s lifespan. All of which are aimed at driving projects towards safe and successful project delivery, saving them time and money – principally time and cost aspects.