TITLE

Performance Metrics Based on Forecast Variance - A Case Study

AUTHOR(S)
Anjaneyulu, Logan
PUB. DATE
June 2010
SOURCE
AACE International Transactions;2010, pCSC.09.1
SOURCE TYPE
Academic Journal
DOC. TYPE
Case Study
ABSTRACT
In order meet the compliance expectations set forth by the post-Enron standards, organizations geared up to implement some serious performance metric systems to monitor and control the way money is planned, spent, tracked and reported. One of the significant components of such an internal control metric system is forecast variance. Forecast what you want to spend, and account for what you have spent. The purpose of this article is to briefly outline the importance of forecast variance as an internal control performance metric, and explain to the cost engineering community the steps involved in achieving best forecast variance results with a case study. In relevance to author's primary involvement with the oil and gas industry, the capital programs presented in this article are primarily from this industry. Oil and gas industry's soaring capital expenditures in recent years make this article more significant.
ACCESSION #
52475943

 

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