The successful performance of a project depends on appropriate planning. There are more over 40 Project Management Processes (to be precise, there are 44), out of which 24 processes relate to planning in some way or other.
The execution of a project is based on a robust project plan and can only be achieved through an effective schedule control methodology. The development of a suitable Project Control System is an important part of the Project Management effort. Besides, it is widely recognized that Planning and Monitoring plays a major role as the cause of project failures.
Despite continuous evolution in the project management field, it appears evident that the traditional approach still shows lack of utilization of Project Control Tools and there have been a number of articles published to support the importance of Project Control in the achievement of project objectives. It has been proved time and again that Project performance can be improved if dedicated Project Control Systems are in place.
An IBC 2000 Project Control Best Practice Study carried out by IPA identified that good Project Control practices reduce execution schedule slip by 15%. Project Controls cost range from 0.5% to 3% of total project, (including cost accounting), therefore, to break even, Project Control needs to improve cost effectiveness by around 2%. A sample study carried out by the IBC Cost Engineering Committee (CEC) in 1999, showed cost improvements for the projects in the study was more than 10%. It is noted also that NPV (Net Project Value) also benefits from schedule improvements. Success factors are based on good Project Control practices, which result in good cost and schedule outcomes.