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.

What are the components of a work package?

“A work package is a mini-project, in a way,” says Rod Baxter, Co-Founder of Value Generation Partners, and author of the Project Management for Success Handbook. Just like a project, your work package will include all elements, such as a budget, material(s), human resources, and schedules and milestones.

What is control accounts in PMP?

Control Account is a management control point where scope, cost, and schedule are integrated and compared to the earned value for performance measurement. Control Accounts are placed at selected management points in the WBS. A Control Account usually has one or more work packages.

What is the planning package?

A planning package includes work that will be completed; it just hasn’t been scheduled or put on anyone’s plate yet. A planning package may be converted to a work package when the lowest-level details of the work are defined, budgeted, and scheduled.

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.

Can a work package be part of multiple control accounts?

There may be many control accounts associated with every work package, though, a control account is linked with only one work package at a time.

What is an example of a work package?

What is a Work Package?: A Workpackage Example. There are teams involved: the carpenters, roofers, architects, and painters; you can break it down into smaller tasks (paint the deck by tomorrow, finish the kitchen in a month, etc.); and it has an overall manager. Voila! Those are your workpackages.

How do I identify my work package?

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 is control account?

A control account is a summary account in the general ledger. It can also be referred to as an adjustment account or controlling account. The control account keeps the general ledger clean of details, but contains the correct balances used for preparing a company’s financial statements.

What is the difference between a work package and a work product?

work refers to work products or deliverables that are the result of activity and not the activity itself.” Translation: A Work Package represents a Product or Deliverable, a tangible or intangible thing that needs to be created.

What is the difference between a planning package and a work package?

What is difference between work package and WBS?

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 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 the difference between planning packages and work packages?

How is contra adjustment treated in control accounts?

contra is treated as a settlement in both control accounts so it must be adjusted in both the sales ledger control account and the purchase ledger control account. Notice that the list of balances is not mentioned and so we assume that they have already been recorded there.