What is a control account work package?

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. Planning packages are created to describe work within a control account that will occur in the future.

How many control accounts are work packages associated with?

A control account has two or more work packages, though each work package is associated with a single control account.

What are control account plans?

Control account plans (CAPs) are detailed plan for each control account. The project is broken up into control accounts for the purpose of controlling the work and monitoring earned value.

What is the difference between work package and planning package?

Planning Package- A work breakdown structure component below the control account with known work content but without full schedule activities. Work Package- A work defined at the lowest level of the work breakdown structure for which cost and duration can be estimated & managed.

How does a control account work?

A control account is a summary account in the general ledger. The control account keeps the general ledger clean of details, but contains the correct balances used for preparing a company’s financial statements. The subsidiary ledger allows for tracking transactions within the control account in further detail.

What is the difference between activity and work package in a work breakdown structure?

The main difference between work package and activity is that work packages are at a higher level in Work Breakdown structure (WBS) than activities. A work package is comprised of a sequence of activities that culminates into a deliverable.

What is a work package in a WBS?

A work package is a group of related tasks within a project. Because they look like projects themselves, they are often thought of as sub-projects within a larger project. Work packages are the smallest unit of work that a project can be broken down into when creating your Work Breakdown Structure (WBS).

What are the purposes of control accounts?

The purpose of the control account is to keep the general ledger nice and clean without any details, yet contain the correct balances to be used in the financial statements. Many of the accounts seen in the financial statements, take cash for instance, is shown as the control account in the balance sheet.

What is the difference between a WBS and a work package WP )?

The work package level is the lowest level of a work breakdown structure (WBS). The WBS is developed during the “Create WBS” planning / scope process. Although the work package can be managed by one person, the actual work within the work package (the activities) may be completed by multiple individuals.

What is the difference between a control account and work package?

Each work package is part of a control account. A control account is a management control point where scope, budget, and schedule are integrated and compared to the earned value for performance measurement. A control account has two or more work packages, though each work package is associated with a single control account.

What is included in the control account plans?

Control Account Plans consists of detailed plans, including work packages and planning packages when necessary, to insure the control account scope, schedule, and budget is consistent with project objectives and is achievable.

What is a control account in SAP?

A control account is a management control point where scope, budget, and schedule are integrated and compared to the earned value for performance measurement. A control account has two or more work packages, though each work package is associated with a single control account.

What are the control accounts in the WBS?

Control Accounts are placed at selected management points in the WBS. Each Control Account is defined with a unique code or an accounting number which can be used to link to the performing account system. The ‘Work Package’ is a deliverable which is obtained after decomposing the WBS.