“I got trained for Primavera P6 PPM through Compass Consult. Honestly, the things that got me in were their competitive pricing and payment plans in offer. The thing that I highly admire about the training is that it is a very practical, hands-on training wherein you can learn while working on your own project. The trainers are highly experienced and fundamentally strong. I would strongly recommend the training to someone who needs hands-on experience in P6.”
Leverage Earned Value Management to enhance project success
Discover how project coordinators and managers can leverage EVM to improve project performance.
How can you improve project management with EVM?
EVM is a popular project management methodology to assess the feasibility of a project’s performance in terms of cost, schedule, and scope.
It provides a systematic and objective way to measure and track project progress, allowing project managers and stakeholders to evaluate the project’s status and make informed decisions.
EVM is especially beneficial for industries that focus on large-scale operations such as construction, energy and utilities sectors, where complex projects with significant cost and schedule implications are prevalent.
What are the benefits of earned value management?
Early identification of issues
While project managers or coordinators may carefully lay out a project pipeline to ensure timely delivery, it is also important to tackle challenges that may halt project development. Through implementing EVM processes, project managers can identify inconsistencies, such as the earned value (EV) significantly lagging behind planned value (PV), that give early warning signs of task delays or cost overruns.
Data-driven actionable insights
By implementing EVM processes, project stakeholders can gain valuable insights that inform their decisions to improve the entire project management pipeline, helping optimise their resource allocation, risk management and project priorities. When these insights are leveraged during planning, project stakeholders can come up with better project management strategies throughout the entire project lifecycle.
Better cost and schedule control
In reference to cost control, EVM provides an early overview of the differences between the planned cost versus the actual cost at any stage of the project. This helps project managers to identify cost overruns and take corrective actions. In addition, project managers can identify schedule slippages and make amendments to avoid instances of earned value significantly lagging behind the planned value.
Better performance tracking and measurement
When it comes to determining the potential figures of a project, EVM provides a quantifiable measurement of a project’s performance. This enables project managers and stakeholders to track and identify any discrepancies in the project management cost and schedule, which influences the on-time and efficient completion of the project. Knowing these figures can help decision-makers take corrective measures.
Ensure on-time and seamless project delivery
At Compass Consult, we support project-oriented organisations in adopting new methods and the latest technologies such as EVM to improve their project management processes and boost ROI.
We also provide expert-led training services to help organisations extract the maximum out of their project management tools.
Get in touch with our team today to learn more about our services and how we can enhance your project management capabilities.
What our customers say about us
“We got our Primavera P6 EPPM software and Installation done through Compass Consult. The solution that was given was a good fit for our company size and compliant for the types of projects that we do. One thing that I admire a lot is the customer service team who were very quick in resolving any queries we had and gave us full clarity of the process. I recommend Compass Consult to any company looking for a genuine solution to their Project Management needs.”
“We found Compass Consult through an online search and got competitive pricing from them on Primavera P6 implementation and consultancy. We found their delivery team easy to deal with and it was a smooth process overall with a great hassle-free experience. I would highly recommend working with Compass Consult for setting up your project controls systems and processes.”
"Compass has bent over backwards to meet the needs of WBHO. They have been patient as we went through the process of reviewing and approving the equipment. Equipment was then delivered promptly to the location we requested. The project does not start until the new year, but given the excellent service thus far, I am highly confident it will not have any issues with the network connectivity setup."
"The training session led by Sam was very interactive and informative. The sessions were easy to follow despite having no previous experience with P6. I enjoyed completing all the exercises used to help teach us the software's capabilities, and props for using relatable industry examples. Thanks for a great training session!"
EVM is an essential backbone in project management as it helps project managers determine the health of the project, identify possible risks and liabilities, as well as use data-driven decisions to improve the project performance. The end goal of EVM is to enable project managers to improve their control over cost, schedule, and scope.
The three key components of EVM are planned value (PV), earned value (EV), and actual cost. These components play a pivotal role in calculating metrics such as cost performance index (CPI) and schedule performance index.
EVM gives an early overview of how a project is going to pan out. This gives project managers the flexibility and opportunities to address potential issues that could affect project costs, schedule, or scope.
Want to implement Earned Value Management in your projects? Get in touch with Compass Consult today.
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