Function: Project cost and planning control

The objective of this main business function is to analyze and report project performance, generally in comparison with the original plan.

During project execution, the actual progress and the budget expenditure are continuously watched so as to monitor the project status. Project performance measurement enables a comparison of the budget with the actual costs, which provides an accurate insight into budget performance.

In this process control, you can generate data and generate a number of reports, such as performance measurement, financial interim results and financial analysis.

The objective of this process is to measure project performance to detect deviations from plan and take corrective action.

The earned value method can be used to measure project performance in time by comparing the amount of work planned against the amount of work accomplished. This method determines whether cost and schedule performance are as planned.

Milestones reached during the project cycle become earned value, based on the budgeted value of the completed work. As a result, earned value is compared against actual expenditures.

The project data is used in formulas to determine the status of the project and to predict the final project performance results.

In this process, you can monitor the progress of the project and, if the project is finished, you can set the project status to Closed.

The objective of this process is to monitor and analyze project performance to ensure insight in budget performance. During the course of the project, performance is measured based on progress, based on planning, and costing, based on differences between budgeted/estimated and actual costs.