Article #725 Setting the Project Control System (PCS) Cost Management Module: Connected Cost

All of the cost data generated from the various PMWeb cost management processes will be automatically captured in a single repository known as the PMWeb Cost Ledger. This data will be the basis for the connected cost reporting using the Cost Worksheet module which will create consolidated financial reports to display the project’s real-time financial status.

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The cost worksheet will use the values of the different cost management processes and have the option to create Alias columns with calculated fields. The cost worksheet can limit displayed cost data of approved records, pending approval records, or both. The cost worksheet can group and summarize the displayed cost data by the cost breakdown structure (CBS) levels.

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A key advantage of using the PMWeb cost worksheet module is that, unlike other PMIS solutions where a project can only have a single cost worksheet, PMWeb allows the creation of an unlimited number of cost worksheets. The Define Cost Worksheet module develops new cost worksheet layouts by selecting the required data field columns to be displayed and creating and displaying alias data field columns by adding formulas between the cost data fields.

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In addition, with the growing use of Building Information Modelling (BIM), the recipients of the financial performance reports can now have better visualization of the scope of work being reported on. This can be easily achieved when the project cost data is associated with the objects included in the BIM model. These BIM objects will be the basis for quantifying the SoW that will be the basis for creating the cost estimate record in PMWeb. In turn, the approved cost estimate will be used to generate the project’s performance budget and online bid packages for which contracts will be awarded, changes managed and payment for approved invoices made.

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