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Cost controls redefined:

Manage all types of projects with detailed cost control using separate cost control processes to track every dimension of project financials. View graphical cash flows. The Cost Sheet Dashboard provides rolled-up information from all project financials with drill-down into details. View and manage multi-year forecasts at the CSI division level or any other multi-level cost structure. Manage all contracts and change orders in detail. Ensure payment integrity. Leverage Transaction Visual Analysis to see all related cost transactions at a glance. Manage Project Schedule and Resources effectively and efficiently.

Advanced project cost management in primavera P6

 

Oracle’s Primavera P6 Enterprise Project Portfolio Management is the most powerful, robust and easy-to-use solution for globally prioritizing, planning, managing and executing projects, programs and portfolios. Primavera P6 Enterprise Project Portfolio Management is an integrated project portfolio management (PPM) solution comprising role-specific functionality to satisfy each team member’s needs, responsibilities and skills. It provides a single solution for managing projects of any size and adapts to various levels of complexity within a project. In addition, it intelligently scales to meet the needs of various roles, functions or skill levels in an organization and on a project team. This course builds on the student’s current knowledge, skills and application of project cost management using Primavera P6.

 

Learning Outcomes

Ability to implement global change – modify projects using advanced functionality.

Manage project cost effectively

Apply advanced scheduling techniques.

Implement earned value analysis.

Use top-down budgeting.

Assign codes.

Benefits

Assist project managers, cost control managers and cot controllers to use Primavera for integrate the cost with project schedule.

Apply the cost control techniques using Primavera including EVM.

Calculate percent complete. Importing and exporting project data.

Understand effective top-down/bottoms-up budgeting calculations.

Topics

Import and export data.

Update baselines.

Use Claim Digger.

Apply duration types.

Calculate percent complete.

Use earned value analysis.

Use top-down budgeting.

Apply tracking layouts.

Auto compute layouts.

Use top-down estimating.

View reflection projects.

Manage issues and risks.

Create a project with Project Architect.

Assign codes.

Use global change.

Advanced scheduling.

 

Prerequisites

Participants should be working in a project management environment and understand how projects are planned and controlled, including knowledge of the following subjects:

P102 Project Management in Primavera using P6 V8.3.

Project management processes.

Experience in the use of PCs and an understanding of the operating system.

Audience

This course is targeted at those who are seeking to develop their skills and knowledge in project budget and cost management.

Project manager (generic)

Project manager (industry specific)

Cost Control Managers

Project planners and schedulers

Project control managers

Project control engineers

Project team members

Project team leaders

Cost Control Engineers

Project coordinators

Planning and scheduling engineers

Quantity surveyors

Format

  • Face-to-face delivery of theory.
  • Facilitated discussions.
  • Facilitator demonstrates the functions of the software using different mediums, such as PowerPoint slides, live software module-by-module view on screen.
  • Individual activities.
  • Structured Workshops

Our program design and delivery is based on adult learning principles and experiential learning techniques:

  • Individual and group activities
  • Short lecture sessions
  • Using templates
  • Practical and experiential
  • Written activities
  • Presentations
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PROCESS IMPROVEMENT

CEO-Process-Improvement-Down

When we think about the term process improvement, the first thing that comes to our mind is improve the overall organizational use. The use of what, yes, precisely, the software the success of your project needs the primavera software. When we talk about the improvement in process, we are talking about the organizational use, its benefits and the rate of the success of primavera software. The abundance in functionality in primavera oracle software unlocking and correctly using these capabilities is the key feature in maintaining the successful implementation. When it comes to consultancy, our consultants have a vast experience in all functional aspects in the oracle primavera oracle suite. The expertise of our consultants is all you need to make your project a success and a big hit in your domain. Our consultants can work through the system of your business process to ensure that the functional capabilities that we provide are leveraged in a cost effective manner and to provide benefit to the user specific to accuracy, time saving, reporting and ease of use.

The expertise covers areas such as:

Demonstration:

The oracle primavera manuals are good but sometimes there is no substitute for seeing the tool in action. Our consultants have demonstrated virtually every component of oracle primavera to audiences. The audience may range from senior managers to technical team members.

Process design:

To achieve an automated workflow that guides users through standard business procedures and processes. Oracle primavera provides the mechanism to send actions to individuals in order to complete the steps, which have been identified previously. Escalation and reminder conditions can also be placed into the process in order to prevent bottlenecks. When data changes process can react to the data change allowing steps to be executed in an automated way. This fashion is opted to notify and ultimately rectify. PSGINC have designed process to aid in the compliance of many requirements (e.g. Sarbanes Oxley) to automate time approvals to facilitate conditional time approvals in order to facilitate conditional time approvals, define risk management processes, and outline project and program creation.

Financial structure maintenance:

When we talk about financial capabilities, they might appear to be complex when it comes to oracle primavera software. The complexity can be in term of settings that need to be made, the classifications that need to define, matrices, bill cycles , charge backs etc. PSGINC consultants can work with your finance department to identify and install the financial attributes required to achieve a streamlined project and the accounting process of that project. The most important point is that our experienced staff can maintain or build a link between your finance system and oracle primavera to provide transparency into all your portfolio investments.

Security structure:

The security functionality within primavera allow for multiple levels of granularity.

It is further classified into more parts:

Instance based: it defines the part where the user has a specific right to an instance of an object e.g. an individual project.

OBS based: allowing on the organizational structure.

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Construction Claim Support

At prescient solutions group we give you the expertise that is reliable and you can count on it. In construction every step can have massive consequences, which are why you have to take care of each and every minute step you take and every decision you make. Failing to act to some situation adverse or not may be worse. Make sure every single step you take is on firm grounds and the step you take you are sure about the consequences will go in your favor. If it’s not obvious one thing can be make sure that the situation is always in your hands and you are prepared for the worse.

 Construction claim support

PSGINC and its consulting services provide the extra measure of guidance needed to act with confidence. We work daily on multimillion-dollar deals and at times more than this. The markets include virtual markets in every sector globally e.g. from construction claim analysis to CPM scheduling or from drafting initial contract language to provide expert testimony.  TRAUNER’S has done it all. It has given us a very valuable and much needed perspective on how, when and why a problem arises and the UN paralleled expertise to guide our clients to the best of our knowledge and to lead them towards success.

Guidance up front:

Call it street smarts. Our breadth and depth of experience enables us to recognize red flag immediately. Our expertise systems recognize what’s wrong and act immediately according to the situation. So you can avoid or resolve disagreements before they enlarge and are changed into bigger, expensive and bitter disputes.

Dogged detective work:

When a project does derail. TRAUNER can determine what’s wrong, what step should be taken in order to rectify it. Precisely to determine why it went off the track. We methodically dig through the project, digging through each and every detail, identifying the source of an issue it’s effect on the parties, how it may result into a dispute or create a problem for the stakeholders and it’s credible resolution without being assumptions or being biased.

Impartial expertise:

You can trust in what we say, you don’t have a choice. Do you. Or let’s take it this way: you will never need another choice when you will experience our TRAUNER once. Drilldown the truth is affecting the health of your project. Whether it’s good or bad or otherwise and effectively communicates those findings. We bring the solutions accurate to your need and will help fixate the error affecting the health of your project. We bring the kills that resolve the issues and get you back to business. That’s the major reason PSGINC is a name of trust for many of the major owners, builders, sureties, stakeholders and the authorities. Not only the big guns but also the entrepreneurs that are new to the business yet have the same passion and interest to take their business to heights and give their customers the best of the best possible.

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Energy & Utility

enery

Energy and utility has been a growing industry and like every growing industry, sectors related to energy and utility has been facing challenges. Oracle primavera has given them solutions to their management needs. This blog mainly covers Primavera P6 EPPM for energy and utility . the solutions include earned value, risk management, cost management and related factors. The elaborative factors includes balancing your company’s capital investments, maintenance operations and resource allocations. This factors can highly effect the progressive and success strategies of your business. This is very important to make sure that your maintenance and capital projects are fully aligned with company’s strategic goals and are delivered on project and are within the estimated cost. The most important factor that it is in the proposed budget. With the primavera proposed solutions , oil and gas companies are able to meet their goals , overcome resource shortages and capture best  practices. The energy sector includes gas, oil and coal. The goals are CapEx , lower OpeX costs , manage and mitigate the risks effecting the success of your business. The progress can be done when the risk effecting factors are mitigated.

So that your project can offer high ROI’s . With oracle’s primavera portfolio management discover how a single management system can drive various capabilities, the capabilities include

1. absolute alignment between company strategy, execution and results. Goals that are important.

2. managing the program lifecycle from the idea generation to the execution of project lifecycle.

3. project cost controls and financial management which include the strategies of earned value systems.

4.transperancy and visibility into business decisions.

5. internal and external resource management, which includes resource identification, resource allocation and resource management.

The methodology of prescient solutions group is proven to assist you in anticipating future business needs, assistance and requirements.  The energy services and utilities are combined with hundred of laws proclaiming the various needs. The regulations, codes and regulatory agencies that effect the way you carry out the business strategies.

Technology solutions provide the most reliable and effective solutions in the industry , response time. Efficient customer service is critical to all organizations. Do you ever struggle with decision making due to lack of quick information? Let Prescient solutions group serve you as your partner and carry your business to the heights you aim to get it. Your go-to technology partner. Constantly providing and anticipating your business and technology needs.

The experience of prescient solutions group in working the utility and energy  industry goes up to 25 years. We use the domain knowledge of your industry to make sure and ensure that every software solution we develop for you  100% compliant with the domain we are offering it to. Your industry and your corporate strategy. Our main focus is on quality and ever changing industry needs delivering solutions that will help accelerate your business progress as well as meet the changing dynamic and vast needs of your energy and utility industry.4

The focus is also on exceeding expectations. Solutions that make the objectives clear and attainable , that makes your company’s growth possible.

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Earned Value Management

management

Talking about management systems, earned value management is really of major importance. We first need to understand, what exactly is earned value management. It’s importance in our business sectors. And how we need to implement it for best outcomes and results for our business and it’s success.

Earned value management , can also be known as performance management is a worldwide known technique for performance measurement and progress in objective manner. It’s the ability to combine the measurements of three important factors. Scope , schedule and cost. When talking about a single integrated system, performance management or earned value management is usually able to provide accurate forecasts of project performance problems which is an important contribution towards your earned value management system.

The essential features of earned value management system includes:

1. A proper completely designed project plan that identifies work to be accomplished.

2. an evaluation of planned work , which is called planned value (PV) or budgeted cost of work performed (BCWP)

Most

Importantly

3. pre defined ”earning rules” (also known as metrics) to measure or quantify the accomplishment of work. Called earned value (EV) or budgeted cost of work performed(BCWP)

Earned value management implementations for large or complex projects include a number of features such as forecasts and indicators of cost performance (over budget or under budget) and schedule the performance , which may be behind schedule or ahead schedule.

Earned vale management originally emerged in US as a financial analysis in the 1960’s , but has since become a vital part in project management and cost engineering . implementation can be implemented to fit projects of all sizes and complexities. Research investigating the contribution of EVM to project suggests a moderately strong positive relationship.

Primavera earned value management helps organizations better manage project costs, measure earned value  and analyze budget , actual, forecast and performed costs. Without a comprehensive earned value performance, troubled projects can get out of control without the problem being recognized. With primavera earned value management , organizations can generate the statistically accurate estimates needed to understand and communicate project performance while there is still time to deal with  and address the issues.

Main features are:

1. monitor project performance using earned value management techniques.

2. calculate project costs using the direct and indirect costs per source.

3. accurately measure both cost and schedule performance.

4. track the differences between what was budgeted and how it was executed.

5. produce reports that comply with the U.S office management and budget (OMB) 300 directive.

The benefits that can be earned through earned value systems:

1. analyze and communicate the project performance data

2. increase program visibility through different factors like effective and stream lined communication with all stakeholders

3. systematically determine some factors, which may include

-> whether the project is behind the schedule

->ahead of schedule

->under budget

->over budget

This all can be done by analyzing the earned value KPI’s

It can nearly be impossible to build annual budgets that consider forecasted budget and program plans with detailed data of cost management and cost effectiveness. The more challenging part is uniting the actual program costs and actual program scheduled tasks. Oracle’s primavera project management’s earned value system’s gives the best solution in this regard.526

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Tips and Tricks to Accurate Project Estimation

If you’ve been a project manager for a considerable amount of time, you understand of which project estimating could be a stool blast. The longer term is usually murky in fact it is up to us to attempt to predict that. Quite often, project administrators/managers end up remote using their rates as a result of volume of variables, most of that happen to be completely unforeseen along with appear in the center of the project. Various other situations, estimations are away from due to the untouched subjectivity of the undertaking administrator. Let’s have a look at several ways to strengthen our own project estimating.

Enterprise Project Management

Tips & Tricks:

  • Many times, project supervisors/managers feel pressured to generate their forecasts go with the constraints on the project’s budget. When a project manager are able to keep his quotes/estimates low, it appears to be good in order to fellow mangers as well as executives from the organization. Yet such a estimate just serves a motive while it truly is on report. It doesn’t even have a real life application. As soon as an overage arises, the load is within the project manager to explain why these kinds of low figures were projected. Project managers have to be willing to change the range if the idea conflicts with the entire budget. It is up to them in order to request in which their team work from the budget’s demands to finish the same job.
  • In case your team is not acutely conscious of common risks, it will likely be difficult for you to accurately estimate the price and time period of some sort of project. In the typical venture estimating time period, a staff will zoom with the assessment, arrived at the consensus that the project is usually risky and automatically put extra hours towards forecast. This isn’t the proper way to estimate. After you plan, you must apply the particular mitigation plans plus the registered possibility while with the time that it will take to do them. By way of example, if you believe that you could save time later on in life with some sort of technological solution which will save hundred hours, be sure to account for the 30 or so hours that it will take to develop and implement the perfect solution to begin with.
  • When you’re forecasting the project, you should include the contingency. This is something that is included at the outset of the project while using the expectation that it will be spent. So tend not to exclude it simply to make that appear that this project will not be costly. Besides the monetary concurrent, you should likewise include estimations for your resources and also the hours that it should take to complete each of the work that this contingency provides. Remember, if you do not need the particular contingency, the project are going to be done before expected plus your business will still hold the funds for upcoming use.
  • This often helps you to hire exterior professionals to deliver critical advice about certain facets of the task. Sometimes you only don’t possess the personnel in-house which is necessary to shoulder force in a timely manner. Certain kinds of work demand highly particular skill units and understanding bases so please outsource the job to people who can practice it quickly and in a comprehensive fashion, like the experts at IMS.
  • Be sure you double check for ancillary activities which are often forgotten. Things including client comments, fixing bugs and meetings tend to be missed when project mangers make an effort to consider the many tasks, extent and deliverable. Actually, ancillary activities like those already stated occur quite frequently throughout some sort of project and they can produce an extremely negative influence on your appraisal efforts. While clear estimates will likely result in higher prices, you’ll save yourself plenty associated with drama, effort and time down the trail by determined for reliability. This approach, you’ll have the capacity to alter the actual scope or perhaps expectations first of the actual project as opposed to dealing with them smack dab down the middle of a challenge.

Important Takeaways:-

  • Estimating isn’t exciting work nevertheless it must be exercised and it’s necessary to get as accurate as you can.
  • Accurate estimating is vital to the two project’s success plus your organization’s achievement so will not manipulate numbers so that they can generate minimal anticipated costs.
  • A number of different factors need to be considered while estimating. Don’t ignore certain factors simply to present any low-cost project to your peers.
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Enterprise Project Portfolio Management Importance in Business

Enterprise Project Management is precisely how corporations de-stress the complexity of these projects. The reason why this significant? A 2013 analyze completed by Bain & Company found that 63% of executives were extremely concerned with increasing intricacy, citing that it was growing their prices and stunting possible growth.

portfolio_management_evaluation

Further proof which projects tend to be rapidly turning into a problem for substantial companies seemed to be found in a new study concluded within 2013 by the Task Administration Initiate. They located which slightly below 40% of business jobs neglect to attain his or her ambitions on time. If you think exactly how massive the financial constraints of those jobs tend to be, it indicates that an outstanding amount of cash will be place at an increased risk.

What You must know In relation to Enterprise Project Management

 

So how exactly does Enterprise Project Management do the job?

EPM operates by streamlining the particular challenge management process. This provides sections running in numerous divisions as well as locations to be able to interact towards the similar targets.

EPM attracts the particular window curtain again as well as talks about the particular challenge overall. That concentrates on considering as well as allocating sources optimally. Below are a few from the methods a great EPM functions:

  • Tools standard procedures along with approaches to double for the venture, and offers a fun way to gain access to these individuals.
  • Acquiring life-cycle along with stage-gate models to guarantee the venture will be on the right track to meet up with deadlines.
  • Building procedures along with adjustments for you to compute as soon as assets ought to be reallocated or maybe taken in coming from in another place.
  • Will keep an eye on possibly the bits of the actual bigger picture through setting proprietors, tracking progress, along with enforcing due schedules.

Enterprise Project Management Provide Positive aspects

EPM delivers businesses great benefit with a wide variety of techniques. One of the primary rewards it provides offers people complete handle more than your project.

Manage is straightforward to forfeit when seeking to handle a massive project more than a number of groups. By providing the ability to monitor every undertaking, perhaps essentially the most small, practically nothing moves over the cracks. EPMs offer flexibility with resource as well as spending budget part, providing you with handle well past the look stages.

Of course, return on investment [ROI] is the most important metric with computing accomplishment.

Allow me to share how EPM can positively help your bottom line?

  • Reduce management cost to do business in addition to probable errors by means of robotic charging in addition to having budget procedures.
  • Supplying any brain through to difficulties in addition to discrepancies inside real-time, supplying you with a chance to cope with all of them just before that they snowball.
  • Lowering entire prices due to structure processed in addition to enhanced efficiencies.
  • Minimizing outages.
  • Being sure your regular achievement connected with tasks. This specific minimizes option cost, and the sunk costs of an unsuccessful project.

Important Takeaways:

Businesses are generally facing an emergency in relation to finishing their own tasks promptly in addition to striking their own objectives.

EPMs have the ability to fix most of these troubles by providing a straightforward, incorporated way to project administration.

EPMs will certainly greatly enhance the presence in addition to handle of this project.

Having a positive RETURN is usually reached along with EPMs within many approaches.

Clearly, an EPM system is usually a must-have for just about any huge firm looking to operate effective, scalable tasks. Oracle’s Primavera P6 Organization Challenge Stock portfolio Managing presents one particular answer for your administration connected with tasks connected with almost any size. With more highly effective, strong, in addition to easy-to-use answer for worldwide prioritizing, organizing, managing, in addition to carrying out tasks, plans, in addition to portfolios.

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Important Things To Know About Primavera P6 Calendars

The calendars have become central to the entire scheduling. If you do not have at least one calendar created, you cannot create a schedule in Primavera P6. Here is a quick overview of the calendar features which you need to learn in order to effectively use it to your advantage.

primavera p6 calendar

Calendar for Activities

In the new calendar for Primavera P6, calendars are associated with activities. This allows you to add more flexibility to your scheduling and use multiple calendars for one project. For example, if two works are going on simultaneously at different places, one’s schedule will not affect the other’s work. You can use several calendars on more complex projects involving a lot of occupations to avoid confusion or clutter. However, you can still use one calendar for the entire project if this is what seems to be a more feasible option.

Activity Calendars and Resource Calendars

There are two ways in which you can create calendars in Primavera P6, activity and resource based. The most prevalently used calendars are activity based. For example, you need to perform maintenance of a machine every second Wednesday. In order to put that activity on map, a resource calendar can be created for that machine with the maintenance cycle scheduled into it. All other work related to that machine can now be scheduled around it, wherever the dependencies exist. In order for other related activities to become dependencies, you need to create “Resource Dependent” activity type.

Time Levels

There are three ways in which you can set time levels including; hours of the day, days of the week, and days of month / year. When setting up the rules, work can be scheduled at any of these three time levels. Here are few examples to help you know how you can set time levels.

  • Select days of the month or year that are workable or non-workable, it may include local holidays.
  • Select days of the week which are workable, like setting two days off as discussed above.
  • You can also select office timings, the beginning and ending hours for work.

Calendars and P6 Scheduler

There are different time zones and working days in various parts of the world. For example, in UAE the typically working week starts on Sunday and ends on Thursday, with Friday and Saturday off. These types of exceptional situations may arise when a project has unusual time zones to deal with. Create a calendar with Friday and Saturday off, Primavera P6 will never allow scheduling of any activity on these two days. All the work and non-work rules can be set in a calendar.

Changing Activities

Changing of activities in Primavera P6 can be tricky. Mostly, a new calendar needs to be assigned to an activity. Be careful when you assign a new calendar because the newly allocated time might add up to increase total duration required to complete the work. The adding up of time usually happens when the time levels are set in hours per day.

Primavera P6 calendars are a lot more comprehensive, although you need to learn them in order to work for you and not against you.

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Top Reasons for Business Initiative Failures

Business initiatives can play every role provided they are properly implemented. The implementation process involves some treacherous elements to surmount. Particular change initiatives often fail than any other business ideas. However, with some proactive management and closely looking at the most common reasons you can avoid this kind of situation.

business-initiatives

Establishing Cause & Effect Relationship

Organizational changes usually have widespread affects on everyone working in a company. Usually the person or team responsible for bringing the change assumes that everyone else involved will automatically understand the why. The way to moving forward is to create a vision which is easily understandable by everyone else involved. The initiative can be as simple as introducing a new layer of management or using Primavera P6 for every new project assigned.

People usually respond to change in a positive or negative manner. If the management makes them understand the positive differences, they will certainly respond in a more acceptable manner. Another way is to bring up some numbers like increase in a productivity figure or revenue or something which will improve due to the new business initiative.

Continuous Mentoring

One of the biggest problems with change is that the person or team responsible for bringing up new initiative becomes busy with someone else. The company must assign some permanent leader or mentor who continuously oversees the change along with the transition. This person will keep pushing the business initiative forward and remain a positive influencer even when everyone else has started losing interest. The change leader is the one who will brave through all corporate storms to ensure the transition not only takes place but is a permanent one.

Cultural Diversity & Business Initiatives

Organizational cultures have always been key drivers behind success or failure of business initiatives. The change flows from top to the bottom with a willing and accepting attitude. Companies with open or networked culture usually resist change. The best way forward in that case is to rely on structured methodologies to ensure the newly introduced business initiatives have been fully accepted and implemented across the board. However, the process of implementation should be flexible enough to accommodate the culture fit of the organization. However, if things do not work out, then the organization needs to change its culture becoming a more welcoming one towards new initiatives.

Defining Success

Organizations need to understand the difference between process implementation and real success accomplished. Installing a new project management system in the company is not success but it will be counted as success when it will deliver, help cut costs and ensure achieving of anticipated results. The act of switching from one system to another is not a success. Often top management makes this mistake of shutting down a change process once they have shifted to something new without realizing the actual benefits. Stick to the switching and ensure you achieve success before shutting down the entire process.

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Top Reasons for Business Initiative Failures

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