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Extending Control Accounts toward an Integrated Data Model
Presented by: Michael Goggin
Monday, Jun 12
What real purpose does a “control account” serve, in terms of controlling a project? It serves as the glue between various breakdown structures and facilitates the critical working connection between key project stakeholders including project managers, schedulers, cost engineers, procurement and financial controllers. Why is this so important? The finance department, and system of record, is so often overwhelmed by granular levels of detail required by the project delivery team in order to execute and control their capital projects. Through the use of an integrated data model, control accounts can be leveraged to provide project data in critical, yet digestible, categories that are important to stakeholders and their reporting obligations. In this session, we’ll discuss not only the criticality of establishing and adhering to the control account methods, but the true value that they add to the finance and project teams along with other stakeholders. These teams can work in harmony, while also being able to work at the level of detail each requires.