A normalised comparison of the final budget predications versus the actual performance will be adopted as computed via Equations 3 and 4, symbols are as defined in Figure B.2.
Project Time Outcome(PTB) | TimeFA-TimeB | Equation(3) |
TimeF2-TimeB |
Where,
TimeFA is the Final Actual completion time
TimeF2 is the completion time forecast at the Budget Approval TimeB is the time of the Budget Approval
Expressed as a percentage change, a PTB result of:
• Zero percent indicates that a project was delivered as originally expected,
• Values greater than zero percent mean that there has been some time delay from that originally envisaged,
• A value less than zero percent indicates time-savings have been made.
Project Time Outcome(PCB) | Actual Final Cost | Equation(4) |
Final Budget Estimated |
Expressed as a percentage change, a PCB result of:
• Zero would indicate that a project was delivered as expected when the project details had been properly scrutinised by professional project and departmental staff,
• Values greater than zero mean that there has been some time delay, from that originally envisaged,
• A value less than zero indicates that time savings have been made.
It would be expected that the accuracy in predictions based on Equations 3 and 4 would be more accurate (i.e. closer to zero) than for those computed based on original data (Equations 1 and 2).
The indicators of budget project outcomes, PTB and PCB, provide an indication of the expertise and general control governments have in terms of major procurement, and provide an indication of the quality and effectiveness of particular policies and processes.