Project owners rely on project reports in order to make decisions. A number of projects will also carry specific contract terms for cost reporting, on which the project funding is dependent. However, reporting is often inadequate for this purpose. For example, there may be too much or too little information, which confuses the Board or executives. Data may be misrepresented, incomplete, unrecognized, not validated, or simply inaccurate. Owner oversight of projects requires accurate, timely, and relevant status reporting, yet all too often it is not provided. Project Cost Recording and Reporting explains the fundamental difference between and the challenges of reconciling project cost management with traditional business accounting. The author then explains how to develop a reporting style that is appropriate to the different stakeholder types and their needs (decision-making, governance, planning etc) as well as the different stages of the lifecycle and the type of project. She also includes chapters on software for bridging the finance and project control; its limitations and the risks associated with it; as well as data validation, communication and developing a report. Cost recording and reporting is at the heart of ensuring trust amongst stakeholders; enabling the right decisions from senior management; securing funding, demonstrating governance and, quite simply, making sure that your projects are delivering the required return on investment. This book is essential reading for practitioners and students of project management, cost control and accountancy.
Alexia Nalewaik is a chartered quantity surveyor with 20 years of broad construction industry experience in management consultancy and cost controls. Her work focuses on audit, standard of care, cost engineering, and risk management as key components in capital program accountability, transparency, and governance. And she has been involved in projects that include mega-infrastructure, manufacturing (food & beverage, pharmaceutical, petrochemical), healthcare, higher education, and gaming. Alexia is owner of QS Requin Corporation http://www.qsrequin.com/index.htm. Her voluntary and professional roles outside her own business encompass a position on the Governing Board of RICS Americas; Interorganization Chair at AACE; Administrative Vice- Chair at the International Cost Engineering Council. She regular presents papers on the international project management and cost engineering conference circuits, including keynote appearances and is currently completing a PhD in Strategy, Programme and Project Management at SKEMA Business School.