Learnings: The important aspect from this week learning will be the importance of the project control and the measurments of the project control. Project Controls is a process that encompasses the resources, procedures, and tools for the planning, monitoring, and controlling of all phases of the capital project lifecycle. This includes estimating, cost and schedule management, risk management, change management, earned value progressing, and forecasting.(Shtub, A., & Rosenwein, M. 2017) Importance of Project Control: The lack of awareness by the owners and the contactors, of the importance and strength of the project control tecniques results into overruns and turns projects into near disasters. One failed project can potentially wipe out an entire years’s profit. This fact helps in placing the value of project controls into the right perspective. It is important to realize that project managers will not be able to initiate any retrospective corrective actions. Once a job has been completed, one cannot affect its outcome. As such, in order for the project control system to be effective it must be applied in time bases on the correct understanding of the system. Projects are filled with pitfalls and if project professionals do not deal with them effectively, the project will fail in some sense and they may face unmanageable budget overruns and damaging schedule slippages. A robust control system is the only way to assist the team in analyzing possible delays or cost overruns. During the course of the project as the project priorities and the goals change, so should be the measurement techniques of project performance (Dubey, Suchi 2013) With the understanding of its importance, there are no organisations which does not operate without project controls. Project controls types: There are three basic types of control mechanisms and the most important control measures are performance, cost and time. (QS Study) This is the most common kind of control mechanism. A project has inputs and outputs. The outputs can be in the form of milestones that have to be met. Cybernetic controls focus on the outputs. If these milestones or outputs do not measure up to the set standards, then the situation is investigated to see if there is a sufficient cause to change patterns of activity. Go/no-go control takes the form of testing to make sure that certain preconditions are met before a task is undertaken. This type of control can be used for a specific part of the project too. Post-performance controls are applied after the completion of the project or the task, The focus here is not on altering what has already happened but in making sure that good and bad practices are recorded for being of help in future projects. The most apt control technique will be effective for building the house will be cybernatic control. For completion of a new house, certain activities has to be completed like electric wiring, plastering, and painting. If the date of completion of wiring gets delayed, the schedule of activities has to be changed and the pace has to be stepped up to meet the scheduled finish date References Shtub, A., & Rosenwein, M. (2017). Project Management: Processes, Methodologies, and Economics (3rd ed.). Pearson, Chapter 12: PROJECT CONTROL Dubey, Suchi. (2013). Project Control Techniques: Its importance in Project Management activities to minimize Cost and Schedule Over-runs. Journal of Management and Technology. Different types of project control. Qs Study https://qsstudy.com/business-studies/different-typ… Requirements: 100 words Cybernetic Control: Go/No-Go Control: Post Performance Control:
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