Tracking Business Case With Cost Benefit Analysis and Project Controlling
In this post, we will be showing you how to track business case with cost-benefit analysis and project controlling.
In order to get the most from your enterprise system, it’s important that you know what is going on at all times. This includes knowing what projects are being worked on, their progress and what the end result of these projects should be. The following tips will help ensure that your management team has a strong understanding of how the company is performing in relation to its goals and objectives.
Create a List of Current or Past Projects
The first step is to create a list of current or past projects by assigning them categories such as “ongoing” or “completed” so they can easily be found later when needed for reporting purposes.
Then, create a list of all the tasks that make up each project. This includes the work required and the timeframe in which it needs to be done. The reason for this is that by assigning timeframes to your tasks, you will be able to determine how much work actually gets done in a given day or week, allowing you to see what your team are capable of.
Collect Detailed Time Data For Each Task
The next step is to gather detailed time data for each task by using an employee timesheet application. An automated solution will do this for you, sending the data automatically to your enterprise system or accounting software without any input from you or your employees. This allows management teams to quickly access the information they need and make better decisions.
Where project controlling timesheets are not an option, you must manually gather the time data yourself. This is often very difficult to do because management teams are usually too busy overseeing other matters and don’t have enough time to sit down and record the time spent on each task by hand.
What Tasks are Taking up the most time
The third step is to determine what tasks are taking up the most time. This will help you notice any bottlenecks in your operational processes and work out how to resolve them. However, it’s important not to assume that if a task is taking too long, there is something wrong with it: check first whether the expected duration was incorrectly estimated and adjust accordingly for next time.
Once you have determined what tasks are taking up the most time, you will need to put together a detailed plan of action that management teams can use in order to improve the efficiency and quality of their processes. This is achieved by assessing each task and working out how it can be improved so that more work can get done in less time. The report you create will allow management to test and implement these changes, ensuring that they do not impact on the quality of each project.
Measure Your Success
The final step is to measure your success in relation to your plan by comparing how much time tasks actually take against their estimated durations. As well as understanding where there are opportunities for improvement, this information will also help in determining project budgets for future projects.
That’s it, now you have a greater understanding of how your organization is performing in relation to its goals and objectives through the use of cost benefit analysis and project controlling.