Pims Cost Management
Take control of project costs
- Examine project and portfolio performance
- Automate project report generation and distribution
- Increase focus on performance and forecasting
- Manage costs to meet industry standards (incl. ANSI/EIA-748 and PMI Earned Value Management Practice Standard)
- Expand and strengthen reporting capabilities
- Report cost performance against WBS and other reporting structures
- Track potential and actual changes to control estimates and contracts
- Analyse project management team costs
Earned value management
Earned value techniques ensure accurate forecasting and minimize potential performance issues.
Time-phased spending and physical progress is planned for each work package.Actual costs and progress are reported, per cut off, against each work package.
Actual costs are accessible in the accounting system, and progress (planned and actual) is available in the scheduling system (e.g. Prima Vera or MS Project). Cost and progress information can also be registered directly in Pims.
Pims’ graphical reports display key values, including planned value, actual cost, cost variance, CPI, and SPI. The system also has screens that allow the analysis of cost performance at all levels of the WBS.
Scope and change management
Pims allows for the documentation of scope and responsibilities for each element of the Work Breakdown Structure (WBS), which organizes and defines the total scope of the project.
The various parts of the WBS can have different levels of decomposition.
Pims’ Change Management module enables the tracking of all changes to the scope. The workflow features make it possible to ensure efficient and auditable review and approval processes.
Design or scope changes are segregated from other types of changes in order to clearly identify cost variances caused by changes to scope or design.
Cost and progress performance is measured and reported against a baseline. In Pims, past baselines are automatically archived when activating a new baseline.
Pims offers several reports and analyzing tools, targeting both Management and Cost Engineers, including:
- Cost curves
- Progress curves
- Cost status
- Flexible pivot reports
Pims guides the end users through the baseline update process to ensure that users can easily access relevant reports and update the right information at the right time.
The Pims Contract Management module registers, maintains and follows up project commitments such as contracts, sub-contracts, purchase orders, frame agreements and call offs.
Both actual commitments and potential contract changes are tracked (e.g. variations to order requests).
Each contract is broken into cost elements and cost items. The cost elements are used to distinguish between the original contract, variation orders and other updates. Each cost element is further broken down into cost items. Each cost item is assigned to a work package, providing Cost Controllers with valuable information when forecasting the total project cost.
Pims Cost Management provides tools to assist Cost Engineers to prepare accurate forecasts, and can be used in a wide range of scenarios (e.g. reimbursable contracts, fixed-price contracts, internal project team cost etc.).
Key information from earned value analyses, contracts, changes and personnel costs are easily accessible and seamlessly integrated at the lowest level of the WBS.
- Contract management: track the original contract plus all approved and potential changes to the contract
- Earned value analysis: track key indicators such as cost performance, cost variance, schedule performance
- Personnel module: monitor the actual cost for the Project Management Team and forecast based on position duration and rates
- Quantity management: follow-up detailed unit, rate-based contracts
The Invoice Verification module ensures that invoices are correct before they are approved in the corporate A/P system, in terms of both value and coding. The module’s preapproval capabilities allows the project team to identify incorrect payments and flag discrepancies early in the process.
Using the Invoice Verification module, cost personnel can view all costs charged to the project, including those costs that have not been circulated through the Finance Department. The module also provides reconciliation reports and the capability to easily reconcile processed invoices with imported invoices/charges.
The ability to build standardized checklists allows your project team to compare invoiced amounts with committed values on corresponding contracts. This function ensures invoices undergo a rigorous check ahead of payment, allowing the team to proactively address potential issues with vendors.