InsideOmegaCost Change Management
The Cost Change Management module is used for tracking and documentation of any changes to the control estimates. And it includes identification and segregation of pending and approved cost transfers, as well as managing the project contingency.
Cost Change Management is fully integrated with the Project Control Basis and Contract Management modules in PIMS.
The Cost Change Management module is used to identify any cost changes. All changes can be identified with description and categorization of the changes. The Change estimate can be broken down by WBS, and the reason for the change can be entered.
The module allows reviewers to comment with their recommendations. And all changes can have relations to contract elements (e.g. variation orders). Attachments can be uploaded to each change.
The Cost Change Management module helps you manage the project contingency. One or more work packages can be marked as contingency, and the contingency draw down curve can be defined either manually or based on standard profiles.
The actual contingency consumption is computed based on cost transfers, and it supports transferring any unused funds back to contingency.
Key Features
- Tracking and documentation of changes to Control Estimates
- Manage contingency
- Identification and segregation of pending and approved cost transfers
- Integrated with Project Control Basis and Contract Management module