Controlling Project Performance and Project Closure Essay

Controlling Project Performance and Project Closure - Essay Example This is advantageous in that the facility can procure latest technology without having to undergo renovation of the facility. The facility also doesn’t have to provide financing for the equipment without generating income(Daniel 2014). This is helpful especially to those that want to use top notch technology while controlling costs. Fast tracking also has its own down sides. Late release of documents, increases chances and frequency of mistakes and conflict in information provision in specification and plans. The contractor needs periodic adjustments due to reliance on incomplete documents to provide schedules and pricing. This means that both change orders and contingency funds must be utilized in a bid to offer compensation to the contractor. By using fast tracking, all parties; the contractor, owner and architect engage in a flexible and open relationship. The owner must not expect cost cutting and saving in both construction and design(Daniel 2014). Fast tracked projects arrive over budgeted and are late than other procurement strategies. It hence becomes prudent for the owner to access both the risk, relationships with both architects and contractors and sophistication levels of the project. This project with a S.P.I of 0.8 means that its below the mount level thus will experience a normal range of losses and profits. The project therefore is viable to prosper depending on the actions of project management team to oversee that all factors such as shares, dividends and investments all contribute to the growth of the project(Daniel 2014). The project having a C.P.I of 1.2 means that it is way above supernormal profits. therefore this project will make unrealistic sense hence could lead to much anticipation for growth then end up in collapsing. The monitoring of performance on projects is based on indices. While Cost Performance Index usually represents the amount of work completed on a project for each spent unit. Schedule Performance