Quality Management

Project Finance Planning

At the outset, it may be unclear how a project should be funded. Luster can identify subject matter experts to assist in the preparation of financial project models and then serve as the integrator, bringing the separate elements together. The financial model, coupled with Luster’s project planning analysis, risk assessment and schedule impact study, offers a clearer picture of the financial approach that should be pursued to ensure the project is built.

Luster’s integrated approach considers the total cost of a project, including design, construction, equipment, ongoing operation and maintenance, and the eventual replacement, offering clients a 360 degree view.

Work Breakdown Structure Development

The work breakdown structure (WBS) is the backbone of the project management system. A properly prepared WBS facilitates efficient electronic migration of data to cost estimates, cost control budgets, project cost forecasts, project schedules, and the management reports developed from this data. The budget is a summarization of the budgeted cost for each element of the project with appropriate allowances for management reserves. Budget subdivisions are coordinated with the line items in the project master schedule to permit direct cross-referencing.

The project budget is presented in two parts. Part one groups items in accordance with the WBS to identify the budget for each facility or component. Part two groups items in accordance with their funding source and is coordinated with the financing and funding plan. Elements of the WBS include, charge number listing, budget data and reports, actual cost information, and a monthly Program Status Report. To accurately track performance against the budget, direct and indirect costs are downloaded from the client’s accounting system. This application also provides online access to all program policies and procedures.