Cost & Schedule Variances
As estimates and cost forecasts change, the variances are sometimes difficult to spot and the cause for the changes are lost. Because of this, we have developed Myriad™ to allow users to quickly create variances between any two sets of cost data. The variances allow you to see at-a-glance the fine detail of how the estimate or capital cost forecast has progressed.
In tracking the results as the project progresses, we will alert management to any critical variances and threats that occur.
In addition, we will then document the reasons for any delays or budget overruns and help determine who is ultimately responsible for the cost and schedule variances.
P&M has extensive experience analyzing schedules for variances of all aspects of the schedule from durations, relationships, constraints, etc.
Using the critical path method to scheduling we are capable of determining entitlement for Time Extension as:
- Compensable in time & money (extended overhead
- Excusable in time / non-compensable
- Non-excusable (contractor issue)
Although, the schedule analysis provides the fundamental basis in resolution of claims, further project impacts such as inefficiency or acceleration are often issues that need to be solved in addition to the time impacts on the critical path.
A Time Impact Analysis (TIA) defines the impact of a change or delay to the current accepted progress schedule. Typically the TIA will include a written narrative of the impact as well as a schedule outlining how the change or delay affects activities in the current accepted progress schedule.