A platform for research: civil engineering, architecture and urbanism
A platform for research: civil engineering, architecture and urbanism
Integrating the Schedule and the Budget
The combination of schedule and budget allows the project manager the range of control needed to manage the work. Combining costs with schedule allows the project manager a new window into the status of the project. The direct relationship between progress and the amount of money earned remains constant. The project manager can use the integrated information to predict future performance in terms of schedule as well as for cash flow management. As the basis for payment the project manager creates the schedule of values (SOV) that reflects the full value of the work including overhead and profit. SOV is used along with the schedule to establish the value of the work for which the contractor is paid. It is critical that the individual items in the SOV represent real, not inflated values to obtain a genuine status of the cost model for the project.
Integrating the Schedule and the Budget
The combination of schedule and budget allows the project manager the range of control needed to manage the work. Combining costs with schedule allows the project manager a new window into the status of the project. The direct relationship between progress and the amount of money earned remains constant. The project manager can use the integrated information to predict future performance in terms of schedule as well as for cash flow management. As the basis for payment the project manager creates the schedule of values (SOV) that reflects the full value of the work including overhead and profit. SOV is used along with the schedule to establish the value of the work for which the contractor is paid. It is critical that the individual items in the SOV represent real, not inflated values to obtain a genuine status of the cost model for the project.
Integrating the Schedule and the Budget
Del Pico, Wayne J. (author)
Project Control ; 93-102
2013-10-04
10 pages
Article/Chapter (Book)
Electronic Resource
English
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