Cost Control in Project Planning


Establish up-to-date reliable project performance projections and increase project profitability with complete transparency.

As part of Adeaca Project Business Automation, Project Cost Control introduces a sophisticated costing sheet supporting all aspects of the EAC process and month-end budget review.

Control Costs Throughout the Project Lifecycle


Companies don’t have a good way to track costs once the project starts. Many don’t know if a project is profitable or on budget until it finishes. As part of Adeaca Project Business Automation, Project Cost Control introduces a sophisticated costing sheet supporting all aspects of the Estimate at Completion process and month-end budget review.

  • Driven by budget periods and historic datasets
  • Computes updated expectations to project margins and productivity ratios against project deliverables
  • Provides a full audit trail as well as all required metrics for Earned Value Analysis and trend analysis

Early Detection is Key to Effective Project Cost Control

Predict and record variances before they materialize and in time to take corrective action.

As part of Adeaca PBA, cost controls are embedded in the system so relevant stakeholders are automatically notified of exceptions.

Track and Monitor

Track and Monitor

Project costs are tracked and monitored consistently. As expenses accumulate, cost s are monitored and flagged for abnormal values.

Compute

Compute

The budget review process computes updated expectations to project margins and productivity ratios against project deliverables.

Notify

Notify

Cost controls are embedded in the system and relevant stakeholders are automatically notified of exceptions.

How Project Cost Control Works

cost control

Capture overruns and identify variances

The periodic budget review process is at the center of establishing up-to-date reliable project performance projections. Early detection is key to effective project cost control. Project Cost Control breaks down the budget into smaller buckets to isolate, automatically capture overruns, and pick up on variances. By periodically evaluating Cost to Complete (CTC) and Estimate at Completion (EAC), controllers can predict and record variances before they materialize and in time to take corrective action.

The budget review process also computes updated expectations to project margins and productivity ratios against project deliverables. Project costing is period specific, and a full history of past periods is stored for future reference and trend analysis

Figure out accrued revenue

Once the project controller is done with the CTC and EAC, there’s an updated variance and EAC completion. EAC completion is the actual costs out of EAC. Projects configured with completed percentage revenue recognition can base accrued revenue on EAC completion as defined in the costing sheet.

EAC is typically used for revenue recognition. At the end of the month, there’s a lot of cost on the project. Essentially by looking at the overall contract for the project and the EAC completion, controllers can figure out how much revenue they can accrue.

Revenue recognition
Project costs trend

Easily see how project costs trend over time

Project Cost Control provides an audit trail of how costs trend over time. The costing sheet can display the project S-Curve, earned value analysis, budget and performance trends over time. Viewing a complete history of past budget periods allows for more effective and productive business processes in the future.

How Project Cost Control brings value to your organization

project cost control

Better Cost Control

By providing the systematic oversight and management of a project’s expenses, Project Cost Control provides a sophisticated costing sheet that supports all aspects of the EAC process and month-end budget review.

project risk readiness

Enhanced Risk Readiness

As part of Adeaca PBA, Project Cost Control provides early detection. By periodically evaluating CTC and EAC, you can predict and record variances before they materialize and in time to take corrective action.

project delivery

Improved Delivery

Since project costing is period specific, and a full history of past periods is stored for future reference and trend analysis, you’re able to see how to enable more effective and productive business processes in the future.

Download the Feature Brief: Project Cost Control

Project Cost Control Feature Brief

Download the Project Cost Control Feature Brief to learn more and discover what it can do for your company.

What you will learn:

  • What is Project Cost Control and its purpose
  • How does it work
  • Problems Project Cost Control solves
  • Use cases for Project Cost Control
  • How Project Cost Control will benefit your company

If you struggle to have systematic oversight and management of your project’s expenses, you need this brief.

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