Accuracy. Precision. Cost Uncertainty And Mid-Scale Projects

ACCURACY . PRECISION . COST UNCERTAINTY. in the Context of Budget Estimation.
  • PROJECT PLANNING AND MANAGEMENT PRACTICES FOR MID-SCALE RI PROJECTS — SCIENCE FOUNDATION Work Break Down Structure (WBS) Performance Measurement and Management Earned Value Management (EVM) Earned Value Management System (EVMS)“ A Mid-scale RI project should follow project planning and management practices that suit the scale and complexity of the project while supporting sound performance measurement and management needs. Examples of some key practices are highlighted below.
  • PROJECT EXECUTION PLAN — Project Execution Plan (PEP) is required for all mid-scale projects in order to document the foundation for how the project will be managed by the Recipient during the construction stage (also referred to as implementation). Concurrence on an initial PEP must be reached between NSF and the proposing organization. It is reasonable to expect the PEP to evolve during the execution of the award. The following list provides the minimum required components of the PEP for a mid-scale project. The contents of each PEP component should be tailored in both detail and scope to the specifics of the project.
  • SCHEDULE — schedule is a management tool used for planning and executing work. It addresses both how and when the work is to be performed by identifying the activities needed to accomplish the scope of work and by time-phasing these activities with durations and schedule logic. Time-phasing involves identifying the key relationships between activities to determine the proper sequence necessary to accomplish the work.

September 12, 2022

Presenter:
Florence Rabanal, Large Facilities Advisor, LFO, NSF