Cost variance: How to identify and manage cost variance in your projects

1. Introduction to Cost Variance

Cost variance is a crucial concept in project management that helps organizations assess the financial performance of their projects. It measures the difference between the planned budget and the actual costs incurred during project execution. By analyzing cost variance, project managers can identify areas of over or under-spending, make informed decisions, and take corrective actions to ensure project success.

Insights from different perspectives shed light on the significance of cost variance. From a financial standpoint, cost variance provides insights into the financial health of a project. Positive cost variance indicates that the project is under budget, while negative cost variance suggests that the project is over budget. This information helps stakeholders evaluate the project's financial performance and make necessary adjustments.

From a project management perspective, cost variance helps in monitoring and controlling project costs. By comparing planned costs with actual costs, project managers can identify deviations and take appropriate measures to keep the project on track. It enables them to allocate resources effectively, manage risks, and ensure that the project stays within budget.

1. understanding Cost variance Formula:

- Cost Variance (CV) = Earned Value (EV) - Actual Cost (AC)

- EV represents the value of work completed, while AC represents the actual costs incurred.

- A positive CV indicates that the project is under budget, while a negative CV suggests over budget.

2. Interpreting Cost Variance:

- Positive CV: The project is performing better than planned, and costs are lower than expected.

- Negative CV: The project is performing worse than planned, and costs are higher than expected.

- Zero CV: The project is on track, and actual costs align with the planned budget.

3. analyzing Cost Variance trends:

- Monitoring cost variance over time helps identify patterns and trends.

- Consistently positive CV indicates efficient cost management.

- Consistently negative CV requires immediate attention to avoid budget overruns.

4. Taking Corrective Actions:

- Positive CV: Allocate surplus funds to other project areas or invest in quality improvements.

- Negative CV: identify cost-saving opportunities, renegotiate contracts, or adjust project scope.

Examples can further illustrate the concept of cost variance:

Example 1: A construction project has a planned budget of $1 million. After completing 50% of the work, the actual costs incurred are $550,000. The earned value is $500,000. Calculating the cost variance:

- CV = EV - AC = $500,000 - $550,000 = -$50,000

- The negative cost variance indicates that the project is over budget at this stage.

Example 2: A software development project has a planned budget of $200,000. After completing 75% of the work, the actual costs incurred are $150,000. The earned value is $180,000. Calculating the cost variance:

- CV = EV - AC = $180,000 - $150,000 = $30,000

- The positive cost variance indicates that the project is under budget at this stage.

Remember, cost variance analysis is a valuable tool for project management, enabling organizations to make informed decisions, control costs, and ensure project success.

2. Understanding Cost Variance Metrics

Cost variance is one of the most important metrics for project managers to monitor and control. It measures the difference between the actual cost of a project and the planned or budgeted cost. Cost variance can indicate how well a project is performing, whether it is on track, over budget, or under budget. cost variance can also help identify the root causes of deviations, such as scope changes, resource issues, or inefficiencies. In this section, we will explore how to understand and use cost variance metrics to improve project management and outcomes.

To understand cost variance metrics, we need to first understand some key terms and formulas:

1. Planned Value (PV): This is the amount of work that should have been completed by a certain date, according to the project plan. It is also known as the budgeted cost of work scheduled (BCWS). PV can be calculated by multiplying the percentage of work completed by the total budget. For example, if a project has a total budget of $100,000 and 50% of the work is planned to be done by the end of the month, the PV for the month is $50,000.

2. Actual Cost (AC): This is the amount of money that has been spent on the project by a certain date. It is also known as the actual cost of work performed (ACWP). AC can be obtained from the accounting records or invoices of the project. For example, if a project has spent $40,000 by the end of the month, the AC for the month is $40,000.

3. Earned Value (EV): This is the amount of work that has been actually completed by a certain date, measured in terms of the budget. It is also known as the budgeted cost of work performed (BCWP). EV can be calculated by multiplying the percentage of work completed by the total budget. For example, if a project has a total budget of $100,000 and 60% of the work is done by the end of the month, the EV for the month is $60,000.

4. Cost Variance (CV): This is the difference between the EV and the AC. It indicates whether the project is over budget or under budget. CV can be calculated by subtracting the AC from the EV. For example, if a project has an EV of $60,000 and an AC of $40,000 by the end of the month, the CV for the month is $20,000. A positive CV means that the project is under budget, while a negative CV means that the project is over budget.

5. cost Performance index (CPI): This is the ratio of the EV to the AC. It measures the efficiency of the project in terms of cost. CPI can be calculated by dividing the EV by the AC. For example, if a project has an EV of $60,000 and an AC of $40,000 by the end of the month, the CPI for the month is 1.5. A CPI greater than 1 means that the project is under budget, while a CPI less than 1 means that the project is over budget.

Using these terms and formulas, we can analyze the cost variance metrics of a project and identify the areas of improvement. For example, suppose we have a project with the following data:

| Month | PV | AC | EV | CV | CPI |

From the table, we can see that the project started well in the first month, with a positive CV and a high CPI. This means that the project was under budget and efficient. However, in the second month, the CV decreased and the CPI also dropped. This means that the project was still under budget, but less efficient. In the third month, the CV became zero and the CPI became one. This means that the project was on budget and on track. However, in the fourth and fifth months, the CV became negative and the CPI became less than one. This means that the project was over budget and inefficient.

To understand why the project performance deteriorated, we need to look at the root causes of the cost variance. Some possible causes are:

- Scope changes: The project scope may have changed during the execution, adding more work or complexity to the project. This would increase the AC and decrease the EV, resulting in a negative CV and a low CPI.

- Resource issues: The project may have faced resource shortages, delays, or quality problems. This would also increase the AC and decrease the EV, resulting in a negative CV and a low CPI.

- Inefficiencies: The project may have wasted time, money, or materials due to poor planning, execution, or monitoring. This would also increase the AC and decrease the EV, resulting in a negative CV and a low CPI.

To improve the project performance, we need to take corrective actions to address the root causes of the cost variance. Some possible actions are:

- Scope management: We need to ensure that the project scope is clearly defined, agreed upon, and controlled. We need to avoid unnecessary changes or additions to the scope, and manage the change requests properly. We need to communicate the scope clearly to all the stakeholders and team members, and align the expectations and deliverables.

- Resource management: We need to ensure that the project has adequate and qualified resources to complete the work. We need to plan, allocate, and optimize the resources effectively. We need to monitor and control the resource usage and quality, and resolve any issues promptly.

- Efficiency management: We need to ensure that the project is executed efficiently and effectively. We need to follow the best practices and standards for project management. We need to use appropriate tools and techniques to plan, execute, and monitor the project. We need to identify and eliminate any waste or inefficiency in the project processes.

By understanding and using cost variance metrics, we can improve our project management and outcomes. Cost variance metrics can help us measure the performance of our project, identify the root causes of deviations, and take corrective actions to bring the project back on track. Cost variance metrics can also help us communicate the project status and progress to the stakeholders and team members, and ensure the project success.

3. Factors Influencing Cost Variance

cost variance in projects can be influenced by various factors. Understanding these factors is crucial for effective cost management. Let's explore some key insights from different perspectives:

1. Project Scope: The scope of a project plays a significant role in cost variance. Changes or additions to the project scope can lead to increased costs, especially if they require additional resources or time.

2. Resource Availability: The availability of resources, such as skilled labor, equipment, and materials, can impact cost variance. Limited availability or unexpected delays in obtaining resources may result in increased costs.

3. Project Complexity: Complex projects often involve intricate processes, specialized technologies, or unique requirements. The complexity of a project can contribute to cost variance, as it may require additional resources, expertise, or time to complete.

4. Risk Management: Inadequate risk management can lead to cost overruns. Unforeseen risks, such as market fluctuations, regulatory changes, or natural disasters, can impact project costs. implementing effective risk mitigation strategies is essential to minimize cost variance.

5. Stakeholder Expectations: meeting stakeholder expectations is crucial for project success. Failure to align project outcomes with stakeholder expectations can result in additional costs, such as rework, delays, or scope changes.

6. Project Planning and Estimation: Accurate project planning and estimation are vital to control cost variance. Inaccurate estimations, unrealistic timelines, or inadequate resource allocation can lead to cost overruns.

7. Vendor Management: Effective management of vendors and suppliers is essential to control costs. Poor vendor performance, delays in deliveries, or unexpected price fluctuations can impact project budgets.

8. Change Management: Proper change management processes are necessary to handle scope changes effectively. Inadequate change management can lead to cost variations due to uncontrolled scope creep or frequent modifications.

9. Quality Control: Maintaining quality standards throughout the project lifecycle is crucial. Poor quality control can result in rework, delays, or additional costs to rectify defects or non-compliance.

10. Communication and Collaboration: Effective communication and collaboration among project stakeholders are essential to manage cost variance. Miscommunication, lack of coordination, or conflicting priorities can lead to cost overruns.

Remember, these are just a few factors that can influence cost variance in projects. By considering these insights and implementing appropriate strategies, project managers can proactively identify and manage cost variations, ensuring successful project outcomes.

4. Techniques for Identifying Cost Variance

cost variance is the difference between the actual cost of a project and the planned or budgeted cost. It is an important indicator of the project performance and health. identifying and managing cost variance can help project managers to control the project budget, avoid overspending, and deliver the project within the expected cost. In this section, we will discuss some techniques for identifying cost variance in your projects. We will also provide some insights from different point of views, such as the project sponsor, the project team, and the project stakeholders.

Some of the techniques for identifying cost variance are:

1. Earned Value Analysis (EVA): This is a widely used technique that compares the actual cost of the work performed (AC) with the planned value of the work performed (PV) and the earned value of the work performed (EV). The cost variance (CV) is calculated as CV = EV - AC. A positive CV indicates that the project is under budget, while a negative CV indicates that the project is over budget. EVA also provides other metrics, such as the cost performance index (CPI), which measures the cost efficiency of the project. CPI = EV / AC. A CPI greater than 1 indicates that the project is under budget, while a CPI less than 1 indicates that the project is over budget. For example, if a project has a PV of $100,000, an AC of $120,000, and an EV of $80,000, then the CV is -$40,000 and the CPI is 0.67, which means that the project is over budget and inefficient.

2. Variance Analysis: This is a technique that compares the actual cost of each project activity or component with the planned or estimated cost. It helps to identify the sources and causes of cost variance, such as scope changes, resource issues, quality problems, or external factors. Variance analysis can be done at different levels of detail, such as the work breakdown structure (WBS) level, the task level, or the resource level. It can also be done at different time intervals, such as weekly, monthly, or quarterly. For example, if a project has a WBS that consists of four activities: A, B, C, and D, and each activity has a planned cost of $25,000, then the total planned cost of the project is $100,000. If the actual cost of each activity is $30,000, $20,000, $35,000, and $25,000, respectively, then the total actual cost of the project is $110,000. The variance analysis can show that the project is over budget by $10,000, and that the cost variance is mainly due to activity C, which is over budget by $10,000.

3. Trend Analysis: This is a technique that uses historical data and statistical methods to forecast the future cost of the project based on the current cost performance. It helps to identify the potential cost variance and risks that may occur in the future, and to take corrective actions to mitigate them. Trend analysis can be done using different methods, such as linear regression, exponential smoothing, or moving average. For example, if a project has a planned cost of $100,000 and a duration of 10 months, and the actual cost of the first five months is $60,000, then the trend analysis can predict that the project will be over budget by $20,000 at the end of the project, assuming a linear trend. The project manager can then take corrective actions, such as reducing the scope, increasing the resources, or improving the quality, to bring the project back on track.

5. Analyzing Cost Variance Trends

Analyzing cost variance trends is a crucial aspect of project management. It involves examining the differences between planned and actual costs to identify potential issues and take appropriate actions. By understanding cost variance trends, project managers can effectively manage project budgets and ensure successful project delivery.

When analyzing cost variance trends, it is important to consider different perspectives. Here are some insights to consider:

1. historical Data analysis: Examining past projects can provide valuable insights into cost variance trends. By comparing actual costs with initial estimates, project managers can identify patterns and trends that may impact future projects.

2. Budget Allocation: Analyzing how costs are allocated across different project components can help identify areas where cost variance is more likely to occur. For example, if a significant portion of the budget is allocated to a specific task or resource, any variance in that area can have a significant impact on overall project costs.

3. Root Cause Analysis: When cost variance is identified, it is essential to determine the underlying causes. This involves investigating factors such as inaccurate cost estimates, scope changes, resource allocation issues, or unexpected external factors. By identifying the root causes, project managers can take corrective actions to mitigate future cost variances.

4. Trend Analysis: Tracking cost variance trends over time can provide valuable insights into the overall financial performance of projects. By analyzing whether cost variances are consistently positive or negative, project managers can identify areas of improvement and make informed decisions for future projects.

Now, let's dive into a numbered list that provides in-depth information about analyzing cost variance trends:

1. Compare Planned vs. Actual Costs: Start by comparing the planned costs (budgeted amounts) with the actual costs incurred during the project. This will help identify the overall cost variance.

2. Calculate Cost Variance: Calculate the cost variance for each project component or task by subtracting the actual cost from the planned cost. A positive variance indicates that the actual cost is lower than planned, while a negative variance indicates that the actual cost is higher.

3. Analyze Variance Percentage: Calculate the percentage variance by dividing the cost variance by the planned cost and multiplying by 100. This will help assess the magnitude of the cost variance in relation to the planned budget.

4. Identify Significant Variances: Focus on significant cost variances that exceed a predetermined threshold. These variances may require further investigation and corrective actions.

5. Investigate Root Causes: Determine the underlying causes of significant cost variances. This may involve analyzing factors such as inaccurate estimates, scope changes, resource inefficiencies, or external factors beyond the project's control.

6. Take Corrective Actions: based on the root cause analysis, develop and implement corrective actions to address the identified cost variances. This may involve revising cost estimates, adjusting resource allocations, or implementing tighter cost control measures.

7. Monitor and Track Progress: Continuously monitor cost variance trends throughout the project lifecycle. Regularly assess the effectiveness of corrective actions and make adjustments as necessary to ensure cost variances are minimized.

Remember, these insights and steps provide a general framework for analyzing cost variance trends. Actual practices may vary depending on the specific project and organizational context.

6. Strategies for Managing Cost Variance

Cost variance is the difference between the actual cost of a project and the planned or budgeted cost. It is one of the key indicators of project performance and success. managing cost variance is essential for ensuring that the project stays within the allocated budget and delivers the expected value to the stakeholders. In this section, we will discuss some of the strategies for managing cost variance in your projects. We will cover the following topics:

1. How to identify the causes of cost variance

2. How to measure and analyze cost variance

3. How to communicate and report cost variance

4. How to implement corrective actions to reduce cost variance

5. How to prevent or minimize cost variance in future projects

Let's start with the first topic: how to identify the causes of cost variance.

1. How to identify the causes of cost variance

Cost variance can be caused by various factors, such as:

- Changes in scope: When the project scope is increased, decreased, or modified, it can affect the cost of the project. For example, if the client requests additional features or functionality, it can increase the cost of the project. Conversely, if some of the deliverables are removed or simplified, it can decrease the cost of the project.

- Errors in estimation: When the project cost is estimated, it is based on certain assumptions and data. If these assumptions or data are inaccurate, incomplete, or outdated, it can lead to errors in estimation. For example, if the project team underestimates the complexity or duration of the tasks, it can result in higher costs than planned.

- Inefficiencies in execution: When the project is executed, it can encounter various inefficiencies that can increase the cost of the project. For example, if the project team lacks the skills, experience, or resources to perform the tasks, it can lead to delays, rework, or quality issues. Similarly, if the project team faces communication, coordination, or collaboration problems, it can lead to misunderstandings, conflicts, or duplication of work.

- External factors: When the project is affected by external factors that are beyond the control of the project team, it can impact the cost of the project. For example, if the project faces changes in market conditions, regulations, or customer expectations, it can require adjustments or revisions in the project scope, schedule, or quality. Likewise, if the project faces risks or uncertainties, such as natural disasters, accidents, or disruptions, it can cause interruptions or losses in the project.

To identify the causes of cost variance, the project manager should conduct a thorough and systematic analysis of the project data, such as the project plan, the actual cost, the work breakdown structure, the earned value, the change requests, the issue logs, the risk registers, and the stakeholder feedback. The project manager should also consult with the project team, the client, the suppliers, and other relevant parties to get their input and perspective on the cost variance. The project manager should use tools and techniques, such as root cause analysis, variance analysis, cause and effect diagrams, and Pareto charts, to identify the main sources and drivers of cost variance. The project manager should document the findings and conclusions of the analysis and share them with the appropriate stakeholders.

7. Cost Variance Reporting and Communication

Cost variance reporting and communication is a crucial aspect of managing cost variance in your projects. It involves collecting, analyzing, and presenting the cost performance data of your project to the relevant stakeholders, such as the project sponsor, the client, the team members, and the senior management. By reporting and communicating the cost variance, you can keep everyone informed of the project status, identify the root causes of the variance, and propose corrective actions to bring the project back on track. In this section, we will discuss the following topics:

1. The benefits of cost variance reporting and communication. Reporting and communicating the cost variance can help you to:

- Monitor the project progress and performance against the baseline.

- Identify and quantify the sources and impacts of the cost variance.

- evaluate the effectiveness of the cost management plan and processes.

- Communicate the project status and issues to the stakeholders in a timely and transparent manner.

- Gain the trust and support of the stakeholders and increase their satisfaction.

- Facilitate decision making and problem solving by providing accurate and relevant information.

- Prevent or mitigate risks and conflicts related to the project cost.

- Improve the project quality and outcomes by implementing corrective actions and lessons learned.

2. The best practices of cost variance reporting and communication. To ensure that your cost variance reporting and communication is effective and efficient, you should follow these best practices:

- Define the cost variance reporting and communication plan at the beginning of the project. The plan should specify the purpose, scope, frequency, format, content, distribution, and feedback mechanism of the cost variance reports and communication.

- Use the appropriate tools and techniques to collect, analyze, and present the cost performance data. Some of the common tools and techniques are:

- Earned value management (EVM): A method that measures the project performance by comparing the actual cost, schedule, and scope with the planned values.

- Variance analysis: A technique that calculates the difference between the actual and planned values and determines the causes and impacts of the variance.

- Trend analysis: A technique that examines the patterns and changes of the cost performance data over time and predicts the future outcomes.

- Forecasting: A technique that estimates the future cost performance of the project based on the current data and trends.

- Graphical representation: A technique that displays the cost performance data in charts, graphs, tables, or dashboards to facilitate visualization and interpretation.

- Tailor the cost variance reports and communication to the needs and expectations of the different stakeholders. You should consider the following factors when customizing your reports and communication:

- The level of detail and complexity: The amount and depth of the cost performance data that you provide should match the level of interest and involvement of the stakeholders. For example, the project sponsor may only need a high-level summary of the cost variance, while the project team may need a detailed breakdown of the cost variance by work packages or activities.

- The language and tone: The way that you convey the cost performance data should suit the preferences and backgrounds of the stakeholders. For example, you may use technical terms and jargon when communicating with the project team, but you may need to use simple and clear language when communicating with the client or the senior management.

- The format and medium: The form and channel that you use to deliver the cost performance data should align with the objectives and constraints of the communication. For example, you may use a written report or an email to provide a formal and comprehensive documentation of the cost variance, but you may use a verbal presentation or a meeting to provide an interactive and immediate discussion of the cost variance.

- Provide honest and accurate information and avoid hiding or manipulating the cost performance data. You should report and communicate the cost variance as it is, without exaggerating or minimizing the facts. You should also acknowledge the uncertainties and limitations of the data and provide the sources and assumptions behind the data. By being honest and accurate, you can enhance your credibility and integrity as a project manager and avoid misleading or confusing the stakeholders.

- provide constructive and actionable recommendations and feedback along with the cost performance data. You should not only report and communicate the cost variance, but also propose corrective actions and preventive measures to address the variance and improve the project performance. You should also solicit and incorporate the feedback and suggestions from the stakeholders and update the cost management plan and processes accordingly. By providing constructive and actionable recommendations and feedback, you can demonstrate your leadership and problem-solving skills and foster collaboration and improvement among the stakeholders.

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- Ask the user if they want to see an example of a cost variance report or communication.

8. Case Studies on Cost Variance Management

One of the most important aspects of project management is cost variance management. Cost variance is the difference between the actual cost and the planned or budgeted cost of a project. It can indicate whether a project is on track, over budget, or under budget. cost variance management is the process of identifying, analyzing, and controlling the causes and effects of cost variance in a project. It involves measuring the cost performance, forecasting the cost outcome, and taking corrective actions to minimize the negative impact of cost variance on the project objectives. In this section, we will look at some case studies on cost variance management from different industries and perspectives. We will see how different project managers and stakeholders dealt with cost variance issues and what lessons they learned from their experiences. We will also discuss some best practices and tips for effective cost variance management.

Some of the case studies on cost variance management are:

1. The Sydney Opera House Project: The Sydney Opera House is one of the most iconic buildings in the world, but it was also one of the most challenging and expensive projects in history. The project started in 1957 with an estimated cost of $7 million and a completion date of 1963. However, due to design changes, technical difficulties, political interference, and labor disputes, the project suffered from massive cost overruns and delays. The final cost of the project was $102 million and the completion date was 1973, 10 years behind schedule and 14 times over budget. The project was widely criticized for its poor planning, management, and governance. The main causes of cost variance were the lack of a clear scope, unrealistic assumptions, inadequate risk management, and poor communication and coordination among the stakeholders. The project also faced external factors such as inflation, currency fluctuations, and social unrest. The project managers and stakeholders had to deal with constant changes, conflicts, and uncertainties. They had to revise the budget and schedule several times, seek additional funding, negotiate with contractors and unions, and cope with public scrutiny and pressure. The project managers and stakeholders learned that cost variance management requires a clear vision, a flexible approach, a strong leadership, a collaborative culture, and a proactive attitude.

2. The London 2012 Olympic Games Project: The London 2012 Olympic Games was one of the most successful and memorable events in history, but it was also one of the most complex and risky projects ever undertaken. The project involved the construction of new venues, infrastructure, and transport systems, as well as the delivery of the games operations, security, and legacy. The project started in 2005 with an estimated cost of £2.4 billion and a completion date of 2012. However, due to the scale, scope, and uncertainty of the project, the project faced many challenges and risks that could affect the cost and schedule. The final cost of the project was £8.9 billion and the completion date was 2012, 3.7 times over budget and on time. The project was widely praised for its excellent planning, management, and governance. The main causes of cost variance were the changes in the scope, specifications, and requirements, the increase in the contingency and security budgets, and the impact of the global financial crisis. The project managers and stakeholders had to deal with multiple stakeholders, diverse interests, and high expectations. They had to monitor and control the cost performance, forecast and manage the risks, and implement the changes and mitigations. The project managers and stakeholders learned that cost variance management requires a robust governance, a rigorous control, a transparent reporting, and a stakeholder engagement.

9. Best Practices for Preventing Cost Variance

cost variance is a critical aspect of project management that requires careful attention and proactive measures to ensure successful project outcomes. In this section, we will explore best practices from various perspectives to help you prevent cost variance and maintain project budget control.

1. Establish Clear Project Objectives: Clearly define project objectives, deliverables, and scope to minimize the risk of scope creep and unnecessary changes that can lead to cost overruns.

2. Thoroughly Plan and Estimate: Invest time and effort in creating a detailed project plan and accurate cost estimates. Consider all project components, including resources, materials, and potential risks, to develop a realistic budget.

3. Conduct Regular Risk Assessments: identify potential risks that may impact project costs and develop contingency plans to mitigate them. Regularly review and update risk assessments throughout the project lifecycle.

4. Monitor and Control Project Progress: Implement robust project monitoring and control mechanisms to track actual costs against the budget. Regularly review project performance and take corrective actions promptly to prevent cost deviations.

5. Engage Stakeholders: Involve key stakeholders, such as clients, sponsors, and team members, in the cost management process. Encourage open communication and collaboration to ensure everyone understands the project's financial objectives.

6. Implement Change Control Procedures: Establish a formal change control process to evaluate and approve any changes that may impact project costs. This helps prevent unauthorized changes and ensures proper evaluation of cost implications.

7. Regularly Review and Update Budget: Continuously monitor and update the project budget based on actual costs and changes in project scope. Regular budget reviews enable proactive cost management and early identification of potential variances.

8. Foster Supplier Relationships: Cultivate strong relationships with suppliers and vendors to negotiate favorable pricing and terms. Regularly assess supplier performance to ensure cost-effective and reliable delivery of goods and services.

9. Leverage Technology and Tools: Utilize project management software and cost tracking tools to streamline cost management processes. These tools provide real-time visibility into project costs, enabling timely decision-making.

10. Learn from Past Projects: Conduct post-project reviews to identify lessons learned and best practices for cost management. Apply these insights to future projects to continuously improve cost control measures.

By implementing these best practices, you can proactively prevent cost variance, maintain project budget control, and increase the likelihood of project success.

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