What's the best way to track projects based on $?

Construction

Anonymous

I'm trying to come up with a better way to track contracted projects based on dollars and am not sure whether a Gantt Chart can be converted to suit this purpose. Completion dates are constantly changing because they start and stop based on what customer has paid. I'm joining this team mid project and trying to help refine how it is being tracked. Right now when one portion gets completed everything is on hold until the customer has paid for next step in the project. The progress is currently tracked based on how much of the customer's quoted price has been paid. i.e. Customer was quoted it would cost $100,000 to do the job, customer has paid $50,000 so job is considered 50% done. Does anyone have a suggestion?
Thank you in advance.

Posted: May 28, 2019 11:00 AM

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Anonymous

My apologies for the delay in responding sooner.

I’m coming into this mid-stream and have been asked to help make improvements. I’m attempting to do this with the minimal amount of change in their tracking. I wanted to check with you – the more experienced – to find out whether there was something I am missing. Based on your feedback it doesn’t appear so.

Kiron, your suggestion aligns with what I was thinking. The issue is that I don’t have any milestones to work with.

Ganesh, you are partially correct. We are the middleman. We hire contractors to complete the work and currently track the percentage of job completion based on how much the contractor has been paid (actual cost) compared to how much the contract was for (planned value). This is inaccurate and misleading (you cannot have a job 124% done if they haven’t finished it yet?) I’m struggling because without milestones to work with I am not sure how I can help them. There are very few contractors that have an established completion date and even fewer that provide feedback on when they are done.

I am suggesting that they implement milestones and do more to follow up on contracted jobs so their tracking is accurate.

Thank you for your feedback!

Posted: May 30, 2019 12:40 PM

Joseph Gherlone Co-chair, Naval-NRO Coordination Group| US Navy, Naval Information Warfare Systems Command Pentagon, Arlington, VA, United States

May 29, 2019 7:24 PM

Replying to Stéphane Parent

...

I did do work for the US Navy Corp, helping with IT infrastructure. My current project is about delivering services to serving and veteran Canadian Armed Forces.

I believe I understand your statement. Perhaps you would care to elaborate so other understand your point of view.

sorry. that was intended as a joke. your statement was that clearly no one would be foolish enough to pay for work that had not been completed. I was being sarcastic as to the ability of the US military (and CF - they are nearly as bad, in the work I've done with them) at being able to track what has been done and when to issue payment.

Posted: May 30, 2019 2:41 PM

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What's the best way to track projects based on $?

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