工程造价专业外文文献翻译中英文对照.docx
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1、外文文献:Project Cost Control: The Way it WorksBy R. Max WidemanIn a recent consulting assignment we realized that there was some lack of understanding of the whole system of project cost control, how it is setup and applied. So we decided to write up a description of how it works. Project cost control
2、is not that difficult to follow in theory.First you establish a set of reference baselines. Then, as work progresses, you monitor the work, analyze the findings, forecast the end results and compare those with the reference baselines. If the end results are not satisfactory then you make adjustments
3、 as necessary to the work in progress, and repeat the cycle at suitable intervals. If the end results get really out of line with the baseline plan, you may have to change the plan. More likely, there will be (or have been) scope changes that change the reference baselines which means that every tim
4、e that happens you have to change the baseline plan anyway.But project cost control is a lot more difficult to do in practice, as is evidenced by the number of projects that fail to contain costs. It also involves a significant amount of work, as we shall see, and we might as well start at the begin
5、ning. So let us follow the thread of project cost control through the entire project life span.And, while we are at it, we will take the opportunity to point out the proper places for several significant documents. These include the Business Case, the Request for (a capital) Appropriation (for execu
6、tion), Work Packages and the Work Breakdown Structure, the Project Charter (or Brief), the Project Budget or Cost Plan, Earned Value and the Cost Baseline. All of these contribute to the organizations ability to effectively control project costs.FootnoteI am indebted to my friend Quentin Fleming, th
7、e guru of Earned Value, for checking and correcting my work on this topic.The Business Case and Application for (execution) FundingIt is important to note that project cost control is most effective when the executive management responsible has a good understanding of how projects should unfold thro
8、ugh the project life span. This means that they exercise their responsibilities at the key decision points between the major phases. They must also recognize the importance of project risk management for identifying and planning to head off at least the most obvious potential risk events.In the proj
9、ects Concept Phase Every project starts with someone identifying an opportunity or need. That is usually someone of importance or influence, if the project is to proceed, and that person often becomes the projects sponsor. To determine the suitability of the potential project, most organizations cal
10、l for the preparation of a Business Case and its Order of Magnitude cost to justify the value of the project so that itcan be compared with all the other competing projects. This effort is conducted in the Concept Phase of the project and is done as a part of the organizations management of the enti
11、re project portfolio. The cost of the work of preparing the Business Case is usually covered by corporate management overhead, but it may be carried forward as an accounting cost to the eventual project. No doubt because this will provide a tax benefit to the organization. The problem is, how do you
12、 then account for all the projects that are not so carried forward? If the Business case has sufficient merit, approval will be given to proceed to a Development and Definition phase.In the projects Development or Definition Phase The objective of the Development Phase is to establish a good underst
13、anding of the work involved to produce the required product, estimate the cost and seek capital funding for the actual execution of the project. In a formalized setting, especially where big projects are involved, this application for funding is often referred to as a Request for (a capital) Appropr
14、iation (RFA) or Capital Appropriation Request (CAR). This requires the collection of more detailed requirements and data to establish what work needsto be done to produce the required product or deliverable. From this information, a plan is prepared in sufficient detail to give adequate confidence i
15、n a dollar figure to be included in the request. In a less formalized setting, everyone just tries to muddle through.Work Packages and the WBSThe Project Management Plan, Project Brief or Project Charter If the deliverable consists of a number of different elements, these are identified and assemble
16、d into Work Packages (WPs) and presented in the form of a Work Breakdown Structure (WBS). Each WP involves a set of activities, the work that is planned and scheduled as a part of the Project Management Plan. Note, however, that the planning will still be at a relatively high level,and more detailed
17、 planning will be necessary during execution if the project is given the go ahead. This Project Management Plan, by the way, should become the bible for the execution phase of the project and is sometimes referred to as the Project Brief or the Project Charter. The cost of doing the various activiti
18、es is then estimated and these estimated costs are aggregated to determine the estimated cost of the WP. This approach is known as detailed estimating or bottom up estimating. There are other approaches to estimating that well come to in a minute. Either way, the result is an estimated cost of the t
19、otal work of the project.Note: that project risk management planning is an important part of this exercise. This should examine the projects assumptions and environmental conditions to identify any weaknesses in the plan thus far, and identify those potential risk events that warrant attention for m
20、itigation. This might take the form of specific contingency planning, and/or the setting aside of prudent funding reserves.Request for capitalConverting the estimate However, an estimate of the work alone is not sufficient for a capital request. To arrive at a capital request some conversion is nece
21、ssary, for example, by adding prudent allowances such asoverheads, a contingency allowance to cover normal project risks and management reserves to cover unknowns and possible scope changes. In addition, it may be necessary to convert the estimating data into a financial accounting formatthat satisf
22、ies the corporate or sponsors format for purposes of comparison with other projects and consequent funding approval. In practice all the data for the type of bottom up approach just described may not be available.In this case alternative estimating approaches are adopted that provide various degrees
23、 of reliability in a top down fashion. For example:Order of Magnitude estimate a ball park estimate, usually reserved for the concept phase only Analogous estimate an estimate based on previous similar projectsParametric estimate an estimate based on statistical relationships in historical data Whic
24、hever approach is adopted, hopefully the sum thus arrived at will be approved in full and proves to be satisfactory! This is the trigger to start the Execution Phase of the projectNote: Some managements will approve some lesser sum in the mistaken belief that this will help everyone to sharpen their
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