Frequently Asked Questions

Understanding a project schedule is a basic requirement for Clients, Engineers, Architects, and of course the Contractors management especially the Financial Managers. Creating a good project schedule is contingent upon three factors:

logic, estimation, and experience.

Do you have confidence in your project schedule?

Scheduling does not entail creating information. Instead, it incorporates, organizes, and legitimizes information already available from logical sequences, cost estimating, and prior experience.

Are you aware of the information that was used in the creation of the schedule?

Logic is an innate ability to evaluate and make reasonable assumptions regarding the validity of the sequence of events or 'activities'. There are two types of logic: hard and soft.

Do you know whether the logc schedule is how your company actually works?

Estimation simply refers to the time estimated to complete the project during the bid process.

Are the estimators up to date with your current cost rates?

Remember, incorporating the project estimate into the schedule is essential.

Are you confident that the schedule accurately reflects the estimates?

Developing a schedule that requires more time to complete the project than was estimated during the bid process is not prudent.

Are you sure that the expected completion date is realistic and deliverable and on the approved budget

There is a direct correlation between profitability, scheduling, and estimating.

Does the financial reporting indicate that work is going according to the plan and the budget and that actual costs are accurate?

Estimated Value of project

Logic Quality
Schedule Quality
Budget Adherence
Baseline exists
Actual Costs are accurate
Forecasting

a. Estimate to Complete

b. Estimate at Complete

c. Schedule Variance

d. Cost Variance

7. Schedule Performance Indicator

8. Cost Performance Indicator

9. Risk Analysis