Maintaining a focus on costs is a priority for every organisation, however the ability to track and monitor expenditure of costs against progress is often misunderstood. At TVC we have professionals with years of experience at working alongside procurement and accounts teams to provide End Life Forecasts that develop from the original budget of a project, with regular updates and reporting to the project leads.
The understanding of Value Of Work Done and/or Earned Value is a critical project performance measure and understanding the costs associated with reaching that point are a key early indicator whether a project is heading for a cost or schedule overrun.
Whatever the contract style, the Value of Work Done and/or Earned Value information derived from our team will identify variance to Budget Costs/Schedule.
Whilst the provision of a scope of work on a lump sum may give a warm feeling of security to a client, when the funds of the contractor start to deplete and work remains outstanding, that is when claims and variations get submitted in an attempt to mitigate a contractors potential loss and often come about later in the schedule than those losses were realised.
Being ahead of this situation and having the records and information for VOWD/EV to either submit or defend claims or variations under the contract is the surest way to secure the desired outcome. The documents produced by the Project Controls team could end up being invaluable should a project reach difficulties and end up slipping into an dispute.
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