Business owners can monitor financial performance of each active project and how all projects are contributing to the overall business goals.
Project Cost Control
Properly structured cost information can be imported from your accounting system and is available to project managers and the management team. The PM can track the financial performance and identify potential issues for his projects.
Cost-to-Complete Analysis (CCA)
A cost-to-complete analysis involves reviewing all cost to date as well as committed costs and projecting the cost of the remaining tasks to complete the project. These projections are included in Work-in-Process calculations to determine the degree of completion of the project.
The WIP report is an accounting process that’s a component of a company’s balance sheet. It’s calculated for each accounting period and required on projects where the Percentage of Completion (POC) accounting method is used. WIP schedules are produced for individual projects, all active projects and projects completed in the current year.
Key Performance Indicators (KPI)
A Key Performance Indicator is a measurable value that demonstrates how effectively a company is achieving key business objectives. Organizations use KPIs at multiple levels to evaluate their success at reaching targets. High-level KPIs may focus on the overall performance of the business, while low-level KPIs may focus on processes in departments.