Pérez-Garcia, Lorna Z

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    Value engineering integrated budget change request process
    (2014) Pérez-Garcia, Lorna Z; Seijo-Vidal, Roberto L.; College of Business Administration; Quiñones, Liliana; Muñoz, Jennifer; Córdova Claudio, Mario; Department of Business Administration; Hernádez Hernández, Carlos
    Project management is an emerging discipline for planning, organizing, managing, and controlling projects. A project is a temporary initiative with unique objectives subject to risks and constraints. Many organizations across different industries such as: engineering, construction, defense, and information technology, among others have been using Project Management to accomplish their goals. This study is a practical research involving a matrix organization that runs its operations using project management techniques. Budget utilization and allocation is one of the problems that the company faces when managing its engineering projects. The main objective of this research is to improve the budgeting management process for the overall engineering department. The goal is to design and implement an effective and standardized procedure that will allow the proper and most efficient use of funds available for a project. This will be achieved by focusing in two phases: 1) development of a prototype process in order to get feedback and define the stakeholders expectations, and 2) use of Lean - Six Sigma tools to define measure, analyze, improve, and control the budget change request process for any project. We claim to address actual business gaps, such as: inefficient budget management, metrics fragmentation, poor decision making, and non-value added activities. As result, we contribute to the success of the organization by implementing a formal and standard budget change request (BCR) process and by defining a set of deliverables and metrics for measuring and controlling the improvements of an integrated budget change control system (BCCS).