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Why Project Management Reporting Is Vital To Any Engineering Or Construction Project
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One of the most frustrating aspects of any construction project is trying to maintain accurate, up-to-date, and relevant information about each aspect’s status. This is particularly difficult with multiple stakeholders who may have different reporting requirements or varying needs, depending on the project’s timeline. Think of the following multiple process silo’s running concurrently.
- The QS measuring work progress in terms of value.
- The Scheduler updating the progress in terms of time.
- Site management ensuring that QC protocols are followed.
- Procurement Officer ensuring that materials are being delivered on time and at the correct cost.
- Project Accountant trying to reconcile actual project costs and track accrued costs.
- Project Commercial Manager contractually managing compensation events.
All these processes are effectively spokes trying to tie the wheel (the project execution works) to the cog (the project execution plan). What often occurs is that parties neglect the process of developing a regular, comprehensive project overview that could help everyone avoid or mitigate delays and disputes. In layman’s terms the cog is off center because of the indifferences in the spokes and therefore the wheel wobbles.
When project stakeholders, at the onset of a new project while developing the engineering or construction plan, structure and implement a suitable comprehensive project management report, the project can be managed with greater control.
What is project management reporting?
A project management report is a concise synopsis of a project’s present situation. Though the exact details may vary according to company guidelines and project requirements, this report provides a formal written record of conditions as they occur. The report may be delivered weekly, bi-weekly, or monthly, but one of the primary objectives is to maintain and document a project’s status, and the communications between stakeholders. Though most project management reports are only a few pages long, some projects require more in-depth analysis.
What does a typical project management report include?
As project management reporting is the process by which essential data is captured on a regular basis, there is some information that should always be included, no matter the type of construction underway. These critical points include:
- The name of the project, the manager, and the client
- The start and expected end dates
- Contact information for key stakeholders
- The report’s release date
- The current schedule progress as measured against the project’s agreed baseline construction program
- A current cost vs budget comparison or Cost Value Reconciliation (CVR) report
- The current scope compared to the agreed project scope change control management in terms of qty variations and/or compensation events
- An updated risk overview
- Updates on any pending or approved change requests (variation orders)
- A summary of key high-level decisions and actions implemented since the release of the previous report
- Upcoming project milestones
- Updated net cost and income forecasts
What does Candy offer in terms of project control and management reporting?
Candy has multiple post tender project control reports, all generated on the same platform. This ensures a single source of truth as the basis for a fully integrated report structure that offers updated information based on the same project history.
Below is a list of these key reports:
- Contractual program with Progress Snapshots
- Key Commodity Histogram and S Curve Reports
- Cause of Delay Report
- Program Diagnostics
- Updated Progress Summary with Budget (Net) Updated Cost Forecast
- Updated Progress Summary with Client Budget Forecast (Selling)
3. Valuations & Subcontractor Management:
- Current Actual vs. Claimed vs. Paid Valuation Summary
- Total to Date vs Previously Claimed and Variances Summary
- Variation Order – Financial Summary
- Subcontract Summary Report
4. Costs & Allowables (Budget):
- Cost Report Summary
- Cost Report Cost Code Summary
- Cost Report Task / Cost Code Summary
- Earned Value
Gathering this information requires coordinating with several key parties and communicating regarding expectations based on the project’s construction plan and current conditions. As Candy houses all the relevant information on one platform and links the engineering or construction process from estimate to final account, the process of updating information sets that have synergies is easier and results in accurate report generation.
Some stakeholders may be reluctant to add an additional reporting element to a construction project, but project management reporting ensures more streamlined processes across the board, which improves the overall execution of the construction plan. By sharing this information in an effective, easy-to-understand manner, project stakeholders can monitor progress and compliance with the plan, allowing parties to address issues quickly, which can help avoid costly delays and changes.
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