Website Upgrade Incoming - we're working on a new look (and speed!) standby while we deliver the project

Tips on using this forum..

(1) Explain your problem, don't simply post "This isn't working". What were you doing when you faced the problem? What have you tried to resolve - did you look for a solution using "Search" ? Has it happened just once or several times?

(2) It's also good to get feedback when a solution is found, return to the original post to explain how it was resolved so that more people can also use the results.

Cost in P3

5 replies [Last post]
Sun, 2006-10-08 06:25
moutaz aldeib
User offline. Last seen 3 years 35 weeks ago. Offline
Joined: 31 Dec 2003
Posts: 291
Groups: None
dear all

I am wondering if P3 can manage the cost "earned value" effectively. In other meaning do the companies use P3 to manage the cost or they prefer to use another softwares? as I have never seen any company using P3 or MS Project to manage the cost.

Regards

Moutaz
Top

Replies

Mon, 2008-01-21 00:42
#1
Ronald Dela Cruz
User offline. Last seen 8 years 17 weeks ago. Offline
Joined: 11 Nov 2007
Posts: 3
Groups: Petro-Chem / Oil & Gas
Hi Gents,

We can use P3 to do the Cost Control that is through application of Global Change.


Regards,
Ronald
Top
Thu, 2006-10-19 02:15
#2
Davide Catuzzato
User offline. Last seen 18 years 21 weeks ago. Offline
Joined: 3 May 2004
Posts: 10
Groups: None
Hi Gents,

No one of the major enginnering company are using P3 to do the cost control.
The system is time based, and the cost should be associated to a time line task (not easy to manage)i.e. O.H and profit mark up etc.
I agree with Alex using xls give more flexibility.

Ciao

Davide
Top
Wed, 2006-10-18 21:42
#3
Alex Wong
User offline. Last seen 12 years 13 weeks ago. Offline
Joined: 12 Feb 2003
Posts: 874
Groups: TILOS
Hi Gents

I think we all agreed that that P3 is very good @ handling time.

In terms of cost, it can help to manage the plan expenditure and actual expenditure well as well as the earned valued. (ie you can plot the plan curve against the actual and EV $ curve easly).

However, EV, Plan, and Actual is only part fo the cost management.

Things like cash flow, ratio, projection, ... P3 is very limited (Especially it cannot produce negative forecast in its S-Curve and value)

As a conclusion, you cannot handle cost entirely by P3... But P3 do give you that third dimension where other software may have difficulties which is the TIME and Progress elements.

My suggestion is use P3 to handle the EV,Plan and Actuals(Progress and $) plus a Cost Management software (most common is MS EXCEL, or the corporate financial system SAP,MIMS,MYOB...)

Cheers

Alex
Top
Wed, 2006-10-18 21:22
#4
Eugene K
User offline. Last seen 13 years 50 weeks ago. Offline
Joined: 18 Oct 2006
Posts: 47
Groups: GPC Malaysia
just for sharing...
we do our Earned-value analysis in Excel but using data from P3 and other sources.
From P3 we export (via resource tabular and/or loading reports) 1st, the BCWS (planned cost) in to a Excel sheet. Then every month we export the same report but for the BCWP (earned value, as calculated based on the % progress updated in P3), and plot these values against the BCWS values previously exported.
Finally, from "claims/payments" dept, we get the ACWP (actual cost as our progress claimed) and plot the 3 sets of values in Excel.
So i guess we cannot prepare the Earned Value Analysis curve in P3 since P3 only charts Current(bcwp) vs Target(bcws), but Earned Value charts 3 sets of curves (bcws, bcwp and acwp).
Top
Tue, 2006-10-10 11:19
#5
John Lawson
User offline. Last seen 12 years 6 weeks ago. Offline
Joined: 6 Oct 2004
Posts: 113
Groups: Petro-Chem / Oil & Gas
Hi Moutaz,

P3 can handle the cost "earned vaule", this being one of the fuctions of the system. However if you need a "complicated" cost system then you will need some sort of a data base/spread sheet to support the data in P3.

Regards

John

Top