A work package can be thought of as a mini project, that when combined with other work package units, form the completed project. The control account is an easytofollow concept in managing businesses. A control account is another name for cost categories that are reported on in the project budget. Work packages are further divided into activity levels. 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. For example, simple projects with few deliverables may use one control account for all. Just select file new, and then select or search for the template you want. There may be several control accounts associated with each work package. Once the project scope is divided in the form of work breakdown structure, work packages, and activity. Tyrell proves the accuracy of its sales and purchase ledgers by preparing monthly control accounts.
Remediation accessed shows whether you accessed those links. Earned value management evm is performed at the control account level. Accounting principles question paper, answers and examiners. Strong work packages have the following characteristics. At what level the scope, cost, and schedule are integrated and compared to the earned value for performance measurement. Creating work breakdown structure and control accounts. May 11, 2020 a virtual printer which lets you enhance the security of pdf documents, as well as manage several. Financial accounting packages free download as powerpoint presentation. Control accounts are activities or small groups of similar work with a defined scope, schedule, and budget. Planning package a work breakdown structure component below the control account with known work content but without detailed schedule activities see also control account.
To aggregate the cost estimates of work packages for easeness of total aggregation effort. These terms are interchangeable, however, we will use the term control accounts. A curriculum that enhances an accounting programme. The second one of the wbs levels is control accounts. 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. The highlighted questions are the questions you have missed.
Work breakdown structure relativistic heavy ion collider. Completion of work packages can be dependencies for other work packages. Hello everyone,i have a question that tricks me for the moment,i know you can help me understand better. Control account within project work packages and is developed as part of wbs. Control accounts are added to the cost worksheet using the add button on the top menu. Department of finance and banking, faculty business and accounting imperial school of business and science. It is the control point where technical scope, schedule, and cost parameters are integrated.
Control account guidelines washington state department. Oct 04, 2019 control accounts are placed at selected management points in the wbs. The selection of the proper level of detail for the control account is a key factor in the success of the system application. Work packages come together to constitute control accounts. Before using a printed copy, verify that it is the most current version by checking the document revision on off. 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 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. Each team follows the steps defined in the work package and completes them by the specified deadline. A control account is a general ledger account containing only summary amounts. Control accounts materials, labor and overhead, workinprocess, and finished goods are inventory accounts, which are assets. The importance of work packages in project scope management.
Many pmp students have trouble understanding the difference between a planning package and a work package. Control account manger cam earned value management system. Find recent files whether you only work with files stored on your pcs local hard drive or you. The control account is also the point where work progress is measured. When work cannot be fully scoped outserves as a placeholder think. Control accounts, work packages, planning packages 1 scribd. A project work breakdown structure wbs is a deliverable or product oriented grouping of. When you make a sale to a customer, you use up the asset. A management control point where the integration of scope, budget, actual cost, and schedule takes place, and where the measurement of performance will occur. Apart from the earliest stages of a project, there should be no undistributed budget. Seen from this point of view, an accountant can be referred to as a management accountant.
A virtual printer which lets you enhance the security of pdf documents, as well as manage several. A control account is an assigned wbs level used to monitor the cost and. 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. 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. 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. Pmp terminologies relating to cost knowledge area simplilearn. This section the acp sets out the access control procedures referred to in hsbc. Control accounts are major parts, systems, phases or deliverables of a project. Work packages allow for simultaneous work on many different components of a project at the same time by multiple teams. Control accounts ca are placed at selected points specific components at selected levels of the wbs. Control account levelwork package levelactivity level b. 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. 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.
Word create something begin with a blank document to get right to work. N represents links not visited and y represents visited links. 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. 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. What are the 4 wbs levels and the relationship between them. Or start with a template to save yourself time and steps. Cost of sales opening stock 9,000 purchases 101,000. Within the earned value management system evms the control account is the basic building block of the project management process. When it is used as a control account, it will contain only summary. The sum of all the project cost accounts represents the total cost of the project. In addition to the control account, a control account plan is defined as follows.
Apr 27, 2020 work packages come together to constitute control accounts. The intent is to inspire an appreciation for the earned value concept and emphasize how performance measurement techniques can be a valuable management tool. There were two questions in two differents books, with diffennt options a. 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 element is established at the intersection of the.
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 ca is a management control point at which budgets resource plans and actual costs are accumulated and compared to earned value. A control point of one or more work packages used to plan, schedule, and control the project. Nasasp20103404, nasa work breakdown structure wbs handbook. The elements which are commonly integrated using the control account. 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. Department of accounting and finance, faculty business and accounting, botho university botswana. Group all wbs elements in each control account into one or more work packages. Overhead control is the term for the control account for indirect costs.
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. Accounting principles questions, answers and examiners comments level 3 diploma in credit management june 20 instructions to candidates answer any five questions. The sheer variety of features will work for small startups all the way up to larger organizations. It can be understood with the help of a simple example.
The control account is a division of the work package, and is an agreement between a project manager and a group, discipline, organization or company organizational unit to perform all of the work for that organizational unit. Back to status page contains 15 questions 1 which of the following is a timephased plan for accomplishing the contractual. C02 financial accounting fundamentals control accounts. Control accounts, work packages, and planning packages 12.
In wsdot, control accounts are placed at selected levels within work packages. The main aim of this section is to set out the security duties of customers you and your nominated users. Control account plan a control account plan, also referred to by the anagram cap, is a tool that is used to create a. 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. Control accounts and work packages deltek software manager. 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. 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. In addition as the t accounts are kept in different ledgers mistakes are very often hard to locate. 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 role of control accounts in cost accounting dummies. This document describes the procedures governing the development and use of control accounts and work packages. 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. The details for each control account will be found in a related but separate subsidiary ledger.
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. For instance, for the database system control account, work packages under this control account can be a software application, servers, data structure etc. Before using a printed copy, verify that it is the most current version by checking the document revision on office of. Planning packages are created to describe work within a control account that will occur in the future. Control accounts are also referred to as cost accounts. Independentminimum interface with or dependence on other ongoing elements i. 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. Development and communication of complete, accurate information on capabilities is an. Control account and work package planning procedure 1 control account and work package planning procedure 1. Bcwp budgeted cost of work performed also referred to as earned value ev.
Displaying all worksheets related to control accounts. Reference guide for projectcontrol account managers citeseerx. Control accounts are placed at various strategic points of the projects work breakdown structure. Control accounts, work packages, planning packages. 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. As a result accountants use control accounts to check whether. 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. Project control system manual 2 100 introduction a. Windows server 2016 windows server 2012 windows 2008 r2. Integratableintegrates with other project work elements and with higher level cost estimates and schedules to include the entire project. 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. The wbs is finalized by establishing control accounts for the work packages and a unique identifier from a code of accounts. 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.
In the ram, identify control accounts for accountability in managing the assigned work. To manage the overall project work efficiently with full control thats why these are also known as management control points. When all teams have finished their individual work packages, the whole project comes together with seamless integration. 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. Tax planning is an important area as far as the fiscal management of a company is concerned. For instance, for a software project, database system can be the control account level in the wbs levels. 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. 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 work package is a deliverable which is obtained after decomposing the wbs. The control account keeps the general ledger free of details, but still has the correct balance for preparing the companys financial statements. A common example of a control account is the general ledger account entitled accounts receivable.
Control accounts are generally either types of costs internal labor, external labor, software, infrastructure, or costs associated with major work efforts project phases or. Accounting principles question paper, answers and examiners comments. The work packages of two different users might be disjoint or they might overlap. 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. Work packages allow for simultaneous work to be done on different components of a project in parallel by multiple teams.