Contract performance reporting is an important activity which is needed in the closing stages of a project. It bears several objectives which include encouraging consultants as well as contractors in implementing business customs of incessant improvement so as to benefit themselves and also their clients. Also this process provides the U.S. section of finance and services with performance records from past along with present contracts so as to recognize the most excellent performing consultants and contractors. Moreover, performance reporting ensures that only the top notch performing prequalified consultants and contractors are the ones offered additional tendering business opportunities than any other contractors (Garrett, 2008). This process is nevertheless helpful in facilitating the development of a further inclusive perception of project procurement through identifying the existing opportunities for humanizing potential project stakeholder relations as well as management practices. Therefore, there are several contract performance reports which are needed so as to amicably and successively close the house selling project.
In this project, the reporting requirements and deliverables needed in closing the house selling include technical development reports. These reports basically capture the technical equipments which provide the summaries of all the technical progress and information on the said project. There are also special reports or rather analyses which include diagrams, graphs, texts, tables which were once presented in professional conferences or even meetings pertaining the selling of the house and any other reports touching on the study findings. In addition, there are study position reports which are spot specific performance information or rather data including the accretion and retaining of study accomplices, appropriateness of data acquiescence, and observance to procedure specifications (Garrett, 2008).
The national government apparently keeps records on all business activities which occur within the country therefore the centralized financial reports are vital in ensuring that the project closes properly and these reports generally are business checking tools which provide the overall monetary status of the house selling contract; and are essential for anticipating, avoiding, or monitoring cost overruns and more so facilitating the contracting officer's envoy’s to equivocate costs incurred together with the technical progress. The standard operating measures for the activities pertinent to the contract performance, superiority control plans, as well as quality assurance are all crucial information required during the closing of the house selling project. The data which includes source codes, data files and any other written documentation relevant to the contract is presented and also the final report including the specific results and world performed throughout the contact period are also viable during this closure.
Continuous process improvement generally refers to the ongoing efforts undertaken towards the improvement of business processes. This system is a recognized, constant approach towards improving processes and this leads to eventual rise in productivity, products and services. In the house selling project, there are processes which need to be constantly evaluated based on customer feedback, and thereafter adapted with the aim of meeting the project’s or rather the organization’s goals. A major practice which could be applied with the aim of supporting continuous process improvement towards the project is the customer driven worth. This approach describes how customer satisfaction is the modern top precedence in the business market and therefore it is all on the subject of the customer. Building long lasting customer relations requires a considerate of each exceptional customer together with their changing goals, environments and more so areas of significance. Applying the tact called say of the client which involves gathering the customers’ direct feedbacks and then analyzing it towards translating each customer’s requirements is the best way of creating a rapport with them and also forming a continuous business improvement scheme (Mochal, 2009).
Innovation practices have been on the rise recently as many developers and companies have come to the realization of the vitality of innovation towards process improvement and also driving product development. The integration of technology into the housing sector has really improved how projects are run and more so the access to readily available information and records on the internet has lessened the challenges which accompany contract processing and also house selling procurements. Computer modules have been created and they need to be applied towards project improvement (Oliver, n.d.).
There has been a great practice in the business world which has ensured that project develop and improve towards high productivity and many people call it the lean six sigma approach and it supports excellent decision making schemes. Utilizing the thinking process which is supported by the sigma tools facilitates people all over the housing firm to know how and when to relate the said approach into daily problem solving and also decision-making situations. Nevertheless, the employment of the lean-six sigma thought processes and structures together with instinctive thinking assists the workers in tackling the major assignments with superior efficiency. This management tool is of profound importance into the organization and project in general as it helps in improving power productivity, operational efficiency, and moreover towards achieving a continued process improvement (Contractor Cost Tracking, n.d.).
Good monetary management entails the laying down of a sound budget system within the project and also makes sure that the processes of cost tracking and budget monitoring are running effectively and this phenomenon ensures that the project uses its financial resources as laid down by the rules and thus spread accountability. There are several cost tracking and budget monitoring systems and most of them are computer software based. For instance, there is the Project and Budget Tracking System which is actually an interactive computer based SAS structure which requires no programming knowledge to operate.
On the other hand, there is the contractor cost tracking system which allows the project managers to promptly evaluate information at whichever level of aspect regarding third party levies, vehicle and equipment usage, material costs, labor costs, work order, project, and even the contractor. This system is perfect as it allows the managers of head supervisors to view the received data over the past 24 hrs or even for the whole project (Contractor Cost Tracking, n.d.).
Budget monitoring systems or rather those systems used to manage the project budget are the clarizen and the project budget manager. The best budget managing systems is the clarizen which is mainly comprehensive project managing computer software and it has a devoted budget module which helps in propagating budget monitoring or rater management. On contrary, the project budget manager is particularly built towards managing the project budget. This system is easy to apply since it is designed with an easy user interface rather that the clarizen which possess a complex interface therefore complicated to utilize.
Therefore, the best cost tracking system is that of the contractor cost tracking structure since it best improves the contractor management in that it automates and rationalizes the payment, processing, and collection of contractors as well as all work related and internal labor costs. By the fact of having all the charges in a single place, ranging from equipment rental to labor costs, the managers are able to quickly analyze and approve the contractor expenses. Another aspect of the cost tracking system is that it incorporates quite a number of other systems which need the same data as that entered into the system and this reduces the time contactors use while entering and maintaining transactions hence allowing them concentrate fully on the project (Contractor Cost Tracking, n.d.).
On the other hand, the excellent budget monitoring system to use is the project budget manager since it’s the most user friendly application and it is designed to be used by quite a number of professionals including accountants, project managers, contractors, and even consultants. Since the application is solely dedicated towards project budget supervision, it permits improved business budget monitoring, tracking, control, and planning. In fact the PC software is adequately flexible to present the person using with the capability to operate on project financial plans either founded on activities or else based on groupings such as equipment cost, labor costs, etc. another more superior feature about this system is that it allows any user to document expense data, income, and relevant cost despite the amount of entries involved (Thakur & Edwards, 2011).
Project close up is all about ending a certain project and this is the last stage of the plan lifecycle. The intact idea behind this is that the contractor has to deliver what he/she had promised and this involves several processes. At the closure of the house selling project, the close out testimony will be submitted and this basically means that there will be documentation of the project’s closure report. The house project conception stage entails all the documents on stakeholder analysis, project charter, business, case and the scope and this phase is followed by the project preparation stage which generally documents the plans which were made so as to undertake the project, including the projections of building the house, and resources like labor force and raw materials, time analysis, and quality expectations of the house. This paves way to the project closure review as well as finalization which covers the house project management outline with documents like procurement management, staffing management, communication management, resource management, schedule management, risk management entailing the internal and external conditions surrounding the house, and scope statement coupled with status reports for different project phases (HBR's guide to project management, 2013).
This phase is invested with numerous challenges and the major challenge is the loss of logs and registers since many of them date back to the start of the house project. Therefore so as to avoid such snarl-ups, I would store records and data in both electronic and hard copy forms as this would ensure that even if the soft copy records are lost due to computer failure I am able to access the same information in hard copy logs. The project has taken quite a long time therefore the budget which we had made at the starting phase will be highly affected due to fluctuation of the U.S. dollar so for that reason I would consider to use a common figure in calculating the total expenditure incurred so that it reflects the real current budget expenditure (HBR's guide to project management, 2013).
Project risk management involves the recognition of prospective risks in a project and then developing plans so as to counteract these risks. The first practice to put in place so as to counter risk is planning through the utilization of a project designation document. Instead of jumping directly to my house project, I would first carry out project definition by describing all the elements of the house project which forms the basis of the task to be executed. To sediment this practice, I would write down the project overview like what are the driving business benefits of doing house project, followed by objectives, scope, risks and assumptions like for instance unstable weather conditions, and natural catastrophes like earthquakes, approach, organization in the project, who the project manager is, and any relevant stakeholders, signature page, and most importantly the initial efforts, duration estimates, and the total cost (Mochal, 2009).