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- Projects have work breakdown structures (WBS)
- WBS is made up of work packages (lowest level in the WBS)
- Against every work package a control account is opened
- Control account comprises of the amount allocated for the completion of the work in the work packages.
- These work packages are assigned to organizational units (Project’s Organizational Breakdown Structure)
- During execution time of the project, the actual amount spent against the work packages are captured.
- Since the work packages are linked to the organizational units, organizational unit wise budget consumption also can be monitored effectively.
- This enables the monitoring and controlling of the Planned Value, Earned Value and the Actual cost at a work package level
- Who defines the control accounts?
- What is the purpose of control accounts?
- What are the key inputs required to develop the control accounts?