Windows server 2016 windows server 2012 windows 2008 r2. Work packages allow for simultaneous work to be done on different components of a project in parallel by multiple teams. It can be understood with the help of a simple example. A project work breakdown structure wbs is a deliverable or product oriented grouping of. Department of finance and banking, faculty business and accounting imperial school of business and science. Group all wbs elements in each control account into one or more work packages. A control account is a general ledger account containing only summary amounts.
Work packages are a subdivision of a control account and consist of a discrete, apportioned, or level of effort task that has been planned and budgeted in detail. Wbs is a deliverableoriented hierarchical decomposition of the work to be executed by the project team to accomplish the project objectives and create the required deliverables. Each control account is defined with a unique code or an accounting number which can be used to link to the performing account system. This article provides an introduction to the basic concepts of earned value management evm, from initial project planning through execution including data analysis techniques and baseline revisions. Tax planning is an important area as far as the fiscal management of a company is concerned. Development and communication of complete, accurate information on capabilities is an. There were two questions in two differents books, with diffennt options a. In addition to the control account, a control account plan is defined as follows. Control account plan a control account plan, also referred to by the anagram cap, is a tool that is used to create a. A work package is a portion of the work breakdown structure that allows project management to define the steps necessary for completion of the work package.
A control account, also referred to by the abbreviation ca, is a tool that is utilized as a management control point that involves the integration of a number of specific and key elements of a number of project specific elements, and after the successful integration, a measurement of the performance to date will take place. The basics, are all there, with accounts payable and accounts receivable functions readily accessible and an onboard cash management system that helps to manage invoicing and payroll. Apr 10, 2020 by breaking a project down into work packages, the development of work breakdown structures becomes easierand project managers will have a finer level of control over assignments. For example, simple projects with few deliverables may use one control account for all. This document describes the procedures governing the development and use of control accounts and work packages. Control accounts, work packages, and planning packages 12. A management control point where the integration of scope, budget, actual cost, and schedule takes place, and where the measurement of performance will occur. It is the control point where technical scope, schedule, and cost parameters are integrated.
A common example of a control account is the general ledger account entitled accounts receivable. Can you help me with an wbs photo example or other material. Control accounts are generally either types of costs internal labor, external labor, software, infrastructure, or costs associated with major work efforts project phases or work streams. Cost of sales opening stock 9,000 purchases 101,000. Pmp terminologies relating to cost knowledge area simplilearn. Project control system manual 2 100 introduction a. A control point of one or more work packages used to plan, schedule, and control the project. May 11, 2020 a virtual printer which lets you enhance the security of pdf documents, as well as manage several. Control accounts are placed at various strategic points of the projects work breakdown structure. Oct 04, 2019 control accounts are placed at selected management points in the wbs.
In wsdot, control accounts are placed at selected levels within work packages. Back to status page contains 15 questions 1 which of the following is a timephased plan for accomplishing the contractual. Work packages and the management of those work packages over time will be the basis for annual budget development, making annual allocation strategy funding decisions and developing an allocation plan for emergency work. The highlighted questions are the questions you have missed. Or start with a template to save yourself time and steps. The control account keeps the general ledger free of details, but still has the correct balance for preparing the companys financial statements. Work packages allow for simultaneous work on many different components of a project at the same time by multiple teams. The work breakdown structure provides a common framework for the natural development of the overall planning and control of a contract and is the basis for dividing work into definable increments from which the statement of work can be developed and technical, schedule, cost, and labor hour reporting can be established a work breakdown structure permits summing of subordinate costs for tasks. When all teams have finished their individual work packages, the whole project comes together with seamless integration.
Worksheets are chapter 5 control accounts objectives, subsidiary ledgers, work 1 personal balance, accounting principles question paper answers and, sample reconciliation work, excel templates invoice sales accounting user guide, control accounts work packages planning packages, accrual work. As all accounts are kept in different ledgers then it is more likely that a mistake will occur when a trial balance is drawn up. Work packages come together to constitute control accounts. Oct 05, 2018 4 this element is established at the intersection of the contract work breakdown structure wbs and the contractors organizational structure. The work packages of two different users might be disjoint or they might overlap. Using a third control account field, such as the charge number, has the advantage of creating of multiple control accounts at any wbsobs intersection. The sheer variety of features will work for small startups all the way up to larger organizations. Just select file new, and then select or search for the template you want. When work cannot be fully scoped outserves as a placeholder think. To keep the project control effective, one team member or one group of the project team is responsible for each work package. A control account is another name for cost categories that are reported on in the project budget. C02 financial accounting fundamentals control accounts.
Planning package a work breakdown structure component below the control account with known work content but without detailed schedule activities see also control account. They can be thought of as convenient interchanges along the way of the process, points at which all of the work that has been completed in each of these specific areas can be integrated and any differences can be addressed if not reconciled. The second one of the wbs levels is control accounts. Creating work breakdown structure and control accounts. Use workpackages to control locking in bi integrated planning in planning projects we typically have the situation that each user is responsible for a certain workpackage. Control accounts are major parts, systems, phases or deliverables of a project. When it is used as a control account, it will contain only summary. Control account levelwork package levelactivity level b. I know they are related to wbs one of them control account is meant to help identify the work packages and to help accounting dept pay the work accomplished. These terms are interchangeable, however, we will use the term control accounts.
The work package is a deliverable which is obtained after decomposing the wbs. Accounting principles questions, answers and examiners comments level 3 diploma in credit management june 20 instructions to candidates answer any five questions. Integratableintegrates with other project work elements and with higher level cost estimates and schedules to include the entire project. Department of accounting and finance, faculty business and accounting, botho university botswana.
Tyrell proves the accuracy of its sales and purchase ledgers by preparing monthly control accounts. A control account ca is a management control point at which budgets resource plans and actual costs are accumulated and compared to earned value. Strong work packages have the following characteristics. The wbs is finalized by establishing control accounts for the work packages and a unique identifier from a code of accounts. Before using a printed copy, verify that it is the most current version by checking the document revision on office of.
Control accounts materials, labor and overhead, workinprocess, and finished goods are inventory accounts, which are assets. Control accounts, work packages, planning packages 1 free download as pdf file. Work packages are further divided into activity levels. All ledger accounts must be prepared in continuous balance format final accounts must be prepared in vertical format where appropriate, vat is to be calculated at 20% questions start on the next page generally candidates performed reasonably well and this assessment series witnessed an 88% pass rate. Before using a printed copy, verify that it is the most current version by checking the document revision on off. Earned value management guidelines july 1, 2008 page 3 of 9 washington state department of transportation earned value ev the value of work performed expressed in terms of the budget assigned to that work for a schedule activity or work breakdown structure component.
Apart from the earliest stages of a project, there should be no undistributed budget. Control accounts are also referred to as cost accounts. Control account within project work packages and is developed as part of wbs. At what level the scope, cost, and schedule are integrated and compared to the earned value for performance measurement. A curriculum that enhances an accounting programme. A virtual printer which lets you enhance the security of pdf documents, as well as manage several. The role of control accounts in cost accounting dummies. This section the acp sets out the access control procedures referred to in hsbc. This element is established at the intersection of the. Earned value management evm is performed at the control account level.
Control accounts ca are placed at selected points specific components at selected levels of the wbs. The intent is to inspire an appreciation for the earned value concept and emphasize how performance measurement techniques can be a valuable management tool. Bcwp budgeted cost of work performed also referred to as earned value ev. Control accounts are added to the cost worksheet using the add button on the top menu. Hello everyone,i have a question that tricks me for the moment,i know you can help me understand better. Final year is usually one of the most busiest time in the universitypolytechnic for accounting. To manage the overall project work efficiently with full control thats why these are also known as management control points. Control accounts, work packages, planning packages 1 scribd. Find recent files whether you only work with files stored on your pcs local hard drive or you. Apr 27, 2020 work packages come together to constitute control accounts. As a result accountants use control accounts to check whether.
Nasasp20103404, nasa work breakdown structure wbs handbook. Control accounts are generally either types of costs internal labor, external labor, software, infrastructure, or costs associated with major work efforts project phases or. Once the project scope is divided in the form of work breakdown structure, work packages, and activity. Word create something begin with a blank document to get right to work. Overhead control is the term for the control account for indirect costs. The control account is also the point where work progress is measured. The control account is also the point where work progress is measured, where actual costs are collected, where variance analysis occurs, and where corrective action is initiated. The details for each control account will be found in a related but separate subsidiary ledger. Reference guide for projectcontrol account managers citeseerx. Accounting principles question paper, answers and examiners comments. If control accounts are too numerous, the cost of operating the system increases dramatically and the data produced may overwhelm the users and be less effective for project management. Within the earned value management system evms the control account is the basic building block of the project management process. Many pmp students have trouble understanding the difference between a planning package and a work package.
Financial accounting packages free download as powerpoint presentation. At 1 may 2012 the following balances existed in the companys accounting records, and the control accounts agreed. Control accounts are activities or small groups of similar work with a defined scope, schedule, and budget. Control account manger cam earned value management system. The single most important step that a project manager and control account manager can take to develop and implement a meaningful evm plan is to define. Each team follows the steps defined in the work package and completes them by the specified deadline. There may be several control accounts associated with each work package. Displaying all worksheets related to control accounts. Guidelines for selecting the proper level of detail for control accounts include technical, schedule, cost, risk, and information objectives. Planning packages are created to describe work within a control account that will occur in the future. Independentminimum interface with or dependence on other ongoing elements i.
A work package can be thought of as a mini project, that when combined with other work package units, form the completed project. Work package a work package is a portion of the work breakdown structure that allows project management to define the steps necessary. The selection of the proper level of detail for the control account is a key factor in the success of the system application. A control account is an assigned wbs level used to monitor the cost and.
Remediation accessed shows whether you accessed those links. In the ram, identify control accounts for accountability in managing the assigned work. To maintain stability in the project management, each work package must contain the allowed time, the deliverables and the costs and provide these in a clear and simple fashion. By breaking a project down into work packages, the development of work breakdown structures becomes easierand project managers will have a finer level of control over assignments. For instance, for a software project, database system can be the control account level in the wbs levels. When you make a sale to a customer, you use up the asset. To aggregate the cost estimates of work packages for easeness of total aggregation effort. Budgets, actuals, and forecasts are managed at a lower level, called control elements. For instance, for the database system control account, work packages under this control account can be a software application, servers, data structure etc. As with other concepts in project management, such as the objective and the work breakdown structure, the focus with a work packages shouldnt be the activities that create it, but the outcome, the product, or the deliverable. Module 4 budgeting 9 control accounts a control account is an assigned wbs level used to monitor the cost and schedule performance of a significant element of the work.
Work breakdown structure relativistic heavy ion collider. Jefferson science associates, llc jsa is a southeastern universities research associationcomputer sciences corporation limited liability company created specifically to manage and operate jefferson laboratory for the department of energy. What are the 4 wbs levels and the relationship between them. N represents links not visited and y represents visited links. The main aim of this section is to set out the security duties of customers you and your nominated users. Control account guidelines washington state department. The control account is an easytofollow concept in managing businesses. Control account and work package planning procedure 1 control account and work package planning procedure 1. Control accounts are the points in the projects work breakdown structure wbs where scope, schedule and costs for each work element are planned and tracked. In addition as the t accounts are kept in different ledgers mistakes are very often hard to locate. Seen from this point of view, an accountant can be referred to as a management accountant. Completion of work packages can be dependencies for other work packages.
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