By Robert M. Lucas
Regular reporting on the status of a capital project is an essential part of capital project management and governance. It serves to communicate the health of the project to key stakeholders and aids in identifying problems early enough for remedial actions to be taken.
The information provided in the capital project helps identify problems and provides the business with necessary information to aid in governance of the capital project portfolio.
Robust project controls must be established during the conceptual development phase of the project and maintained throughout the project.
Strong project controls require all personnel associated with the project to understand and report critical project metrics. It is not solely the responsibility of the Project Controls function or the Project Manager.
Whilst capital project reporting and its cadence may take on many different forms depending on the organization and/or specific project they are several key elements that should form any Capital Project Report.
We review the four key elements to a capital project report - cost performance, schedule performance, risk management and resource management.