During the lifecycle of a typical project, events occur that create deviations from the original project plan. These deviations can result in scope, cost and/or schedule changes that must be defined, analyzed, documented, and managed. Anticipating, evaluating, and forecasting cost and schedule impacts greatly improve the successful management of large and complex capital improvement programs. To create this benefit, the P&M project controls team systematically records changes to the project plan. This provides the data necessary to develop and maintain accurate forecasts of both cost and schedule at both the project and if required at the program level.
Potential changes to the anticipated project budget and/or schedule are commonly known as “Trends.” A trend that is certain to occur and has been processed for approval becomes a “change.
The Project Control Team utilizes the Trend Tracking process to document and communicate these variances to project management and stakeholders. This process provides an early warning mechanism for project and construction management. It fosters an awareness of project changes as early as possible during the project implementation, ideally, when there is still time to correct unfavorable situations.