Take control of projects performance

Cost Management will help to forecast, understand, and constructively influence time and cost outcomes of a project.

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The focus is on the future and not only on the past, which gives opportunities to take action before cost overruns occurs.

The system uses well known processes for planning, estimating, budgeting, managing, and controlling costs. System processes will allow for standardization across all projects in the company and enabling a good basis for project and portfolio reporting.

Introduction to Omega 365 - Cost Management

Facilitate proactive decision-making throughout the project

Earned value management
Scope and change management

Cost Management products and clients

Celebrating the opening of Johan Sverdrup field

The completion of Johan Sverdrup phase 1 is a complex job that requires interaction across many disciplines and departments. Omega provided the project with a digital project arena for interaction based on experiences from previous projects.

Continuously updated forecast on project outcome

  • Increased focus on performance and forecasting to lower overall business expenses 
  • Gain information to take mitigating actions to enhance efficiency
  • Help utilize the company's funds in the best possible manner
  • Examine project and portfolio performance
  • Have all project cost management in one system

Standardize Cost Management

  • Use built in processes to standardize cost management for all projects
  • Standard built in reports and pivots
  • Track potential and actual changes to control estimates
  • Enabling the use of status reports for projects and portfolios
  • Manage costs to meet industry standards (incl. ANSI/EIA-748 and PMI Earned Value Management Practice Standard)


The system includes features to handle standard cost management principles.

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.
  • The 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

  • The system 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.
  • The Change Management module enables the tracking of all changes to the scope. The workflow features makes 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
  • The system 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 Cost Management system 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, and 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.

Contact us - we're here to help!

If you're interested in Omega 365's products and solutions or simply want more information, please don't hesitate to contact us or request a demo!

Johnny Vik

Johnny Vik

Solution Expert

+4798286802 johnny@omega365.com
Håvard Matre

Håvard Matre

Solution Expert

+4798286831 havardm@omega365.com