THE BENEFITS OF A TIME-PHASED BUDGET AS OPPOSED TO A COST-LOADED SCHEDULE TO ACHIEVE PROJECT SUCCESS
This white paper defines the challenge all projects face: how do you accurately predict and report on the success of the project and still have time to actually manage it? The answer is by creating a Performance Measurement Baseline to plan, track, and report project progress against. In addition to being sound project management, a Performance Measurement Baseline is part of the ANSI Standard for Earned Value Management Systems (ANSI EIA 748-A). This standard requires projects to “provide for the integration of the program work breakdown structure and the program organizational structure in a manner that permits cost and schedule performance measurement by either or both structures as needed” (ANSI EIA 748, 2.1 Section E).
This paper examines the two most widely used methods to fulfill the ANSI requirement: Cost-Loading a Schedule and using a Control Account Time-Phased Budget. It outlines their core components and then provides a side by side comparison.
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PRISM is an enterprise project lifecycle management solution that supports the planning, execution, and completion of capital projects for dependable forecasts, cost control, and performance measurement. PRISM aligns the project budget and schedule, provides change management with workflow, and delivers predictive analytics with enterprise reports and dashboards so that you can make better informed decisions.