Elements of Cost and Schedule Management

Abstract

Cost and schedule management is an effort that requires extensive use and control of data. A project coding system such as a Work Breakdown Structure is a key element in developing and controlling cost and schedule. Objectives and techniques used to manage cost and schedule are considered at the three basic stages of project development: Planning, design and construction. The greatest opportunity for cost and schedule control is at the early stages of a project. As a project moves through planning to construction, the detail known increases and thus the detail necessary in the cost and schedule system must increase. Bar charting may be acceptable as an exclusive scheduling tool during planning, but later must be replaced by a logic based technique such as the Critical Path Method. Cost estimates must be trended from original planning estimates as the project moves into design and construction. Exception reporting is the primary vehicle for upper management review of project cost and schedule data.