Skip to content

Assign production value to activities

Morph TMember for 20 years 2 months
Created
1
1
0
Hello

I work in a medium size company, our main business is roadway construction, and subcontracting civil works in oil & gas project.

My question is how to assign production value (in term of money) to activities,
My job is
- To make a report about expected monthly production and costs of the project.
- Updating actual costs and production each month and comparing them to planned value

We use P3 3.1, I know it is not really a project cost control in tern of accounting,
the tip we use is to assign the price value of the activity as a monetary budget with a specific account,
but the downside is as we calculate the percent competing of the project, we prefer to use cost as the weight factor( in our case is more accurate then duration and resources) but total cost is the sum of resource cost and the value price which is of course not accurate.

I hope my question is clear as my fluency in English is rather poor.
Thanks

1 reply

Oldest first
  1. 0
    Morph T ·
    Hello

    It’s rather strange to post a question then give the answer
    I did not get the whole picture of schedule and cost control, it has nothing to do with P3, it’s about understanding the process of project control.
    Thanks for that guy who give for free such a valuable book about PM
    Here is the link http://www.ce.cmu.edu/pmbook/12_Cost_Control,_Monitoring,_and_Accounting.html

    If you are a newbie like me, it will help you a lot.

Log in or join to reply

ProjectControls.com is free to join. Members can post questions, reply, vote and follow discussions.

Existing members: your original username and password still work. Forgot password?