Schedule and Cost Control Techniques - Essay Example

(Mochal, 2007)The benefit for this technique is the fact that it takes into account three different scenarios in order to complete the whole picture thus ensuring that project doesn't bring surprises. The basic fact behind the success of PERT is the fact that it intends to capture wider areas of estimates so that managers can have all the possible indications of how the project may behave given these conditions happen and based on their judgment and experience they choose the best estimate. Further, what is most beneficial in the use of PERT is the fact that it takes into the uncertainty related with the project.

By taking into account the three difference scenarios, it tends to capture the uncertainty therefore there are very minimal chances of something going awry until and unless project encounters something which is entirely external and out of the control of the project managers. Thus PERT not only not assist and scheduling and estimating of the project but helps in making tradeoffs between project and segments. Similarly, EVM or earned value management is another tool available to project managers which can greatly help to view projects in more objective way.

Essentially, EVM tends to measure technical performance, schedule performance and cost performance using one single estimation methodology. However, what is most important with this methodology is the fact that it can provide early warning signals if applied properly thus it provides a very accurate method of ensuring that if followed properly, it can help avoid the big surprises during the project life cycle.Further to this, what is more critical and valuable about this approach is the fact that it helps achieve the measurement of cost performance therefore ensuring that projects besides remaining within the technical parameters also remain within the budgets so that risk tradeoffs could be made between the whole project and the segments.

This is important in the sense that It provides a better grip over the affairs of the project besides ensuring that the costs remain within the control and all the associated risks with the project are balanced with proper risk and return tradeoff. However one more important thing that EVM fail to capture is the quality of the project otherwise it tend to focus clearly on ensuring that the schedules as well as ensuring that the risk tradeoffs between the various segments of the project and project itself are well managed.

Risk Metric is another tool which can greatly help to normalize the project as it can greatly help achieve to minimize the risks associated with the projects. (Ferguson, 2004) it provides the required visibility into the uncertainities related with the project thus it is most valuable in assessing and making risk return trade off in the projects besides ensuring that the costs and other estimates and schedules are properly prepared and are within the limits. "The proposed metric can be applied early and throughout the project.

It has been useful for identifying or canceling projects in trouble. It has also been useful for identifying projects that do not yet have a satisfactory risk plan." (Ferguson, 2004). Further Risk Metric can also allow project managers to check the compliance of the project with the standards and procedures set in the beginning of the project.ConclusionThere are various tools and techniques available to ensure that during the