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Phoebus Cost Management bridges the gap between corporate accounting and project planning. It provides budget, forecast, commitment and expenditure control for projects of any scale in any sector and can be used on a single project or in a portfolio

management (multi-project) scenario, to report across projects.

was designed to be used by all members of the project team who need to manage, analyse and report on project cost performance.

This can include directors, project and program managers and cost engineers, project services managers, engineers, cost account .

    • Organization of the Cost Breakdown

    • Tool to control the Cost Plan for each summary level cost item of the Work Breakdown Structure (WBS)

    • Execution Plan, project milestones

    • Commitments and Value Of Work Done (VOWD)

    • Tracking Budget vs Commitment vs VOWD vs Payment<

    • Cost Reporting.

Organization of the Cost Breakdown

Project cost breakdown will be structured in accordance with the Contract Lump Sum Price Breakdown

The reported costs will address:

    • Original Awarded Value

    • Current Awarded Contract Value

    • Identification of any potential and/or actual subsequent changes to the Original Awarded Value.

    • Current monthly, and cumulative cost performance

At the completion of the WORK, contractors will be required to submit a final cost distribution in accordance with the Owner’s Asset Accounting requirements.

Execution Plan

Cost Control organization, systems and processes will be addressed in the overall Execution Plan and shall include:

    • A description of the cost control plans

    • A description of the way the costs being controlled including how the requirements of this procedure will be effected in each execution centre.

    • A description of how the proposed method and timing for handling approved and pending Change Orders will be used to update the Current Awarded Contract Value, and the Forecast of costs at completion.

    • A description of the content and format of the Cost, and Value of Work Done Reports to be produced.

    • A description of how to provide close out costs in support of the capitalization requirements.

    • A description of the content and format of the funding control and reporting process.

Commitments and Value Of Work Done (VOWD)

The Committed Value and VOWD are calculated by reporting the quantity of work done per "cost item".

In this way, progress measured in different ways, can be assessed using the common denominator of money, and consolidated for reporting purposes.

The Project Controller shall also be required to report the percentage physical completion of each phase of:

    • Engineering

    • Procurement

    • Construction

    • Commissioning

From this data, physical completion percentages can be calculated which, when applied to the known current contract values for elements of the work, can yield total Value of Work Done for that element of work.