The best earned value management software for construction professionals

Discover the top qualities and features to look out for in an earned value management software.

Why it’s worth investing in an earned value management software

The construction industry in the US is highly profitable and competitive, projected to have grown at an annual rate of 6.3% in 2023, generating $1.424 billion for the US economy. This rate is expected to grow exponentially with a CAGR of 5.3% annually between 2023 and 2027, to reach $1.749 billion by the end of 2027.

Despite this upward trend, construction companies face growing pains and hurdles in their pursuit of completing construction projects. Research shows that only 18% of businesses claimed to regularly access project data and communicate using mobile applications.

Another research also shows that 44% of project managers do not believe in the use of project management software, despite 77% of high-performance projects being linked to the use of project management software.

These statistics are just a few of many examples that show the power of leveraging project management software when it comes to executing a construction project. Earned value management is a powerful methodology used to track project performance and progress.

The goal of employing this methodology in construction projects is to ensure that project managers do not veer off course from their planned project baseline and so that they can stick to their original deadlines and allocated budget.

As a project manager, however, you might be wondering, “What is the best earned value management software? What features and qualities should you look for in this platform?”. Let’s explore this in greater detail below.

What to consider when seeking the best earned value management software for construction professionals

Objective performance measurement

Automated earned value metrics calculation

Manual earned value calculations are tedious and error-prone. Look for software that automates key metrics such as planned value (PV), earned value (EV), and actual cost (AC). Look for a platform that integrates with your project schedule and accounting system to streamline data collection and ensure accurate calculations. This frees up valuable time for construction professionals to focus on analysis and strategic planning.

Scenario modeling and forecasting

The best earned value management platform goes beyond providing and analyzing historical data. It empowers proactive management by enabling scenario modeling. Simulate the impact of potential risks such as material delays and labor shortages on project schedules and budgets. Use these insights to develop mitigation strategies and adjust resource allocation, minimizing disruptions, and ensuring project management success.

Scenario modeling

Customizable dashboards and reporting

Project stakeholders have varying information needs. Look for software with customizable dashboards that allow users to create personalized views of key EVM metrics such as schedule performance index (SPI) and project performance trends. Imagine an executive dashboard highlighting overall health. Flexible reporting allows for tailored communication – detailed reports for cost control teams or concise summaries for clients.

Customizable dashboards and reporting

Advanced analytics and reporting

The best EVM software provides advanced analytics to extract valuable insights. Identify trends in performance data to spot issues early and take corrective actions. Analyze root causes of variances, such as cost overruns and schedule slippages, to improve future projects. Benchmark a project against industry standards to identify areas for improvement, and ensure that a project stays on track for a successful outcome. 

Leverage EVM with Compass Consult

Project teams often aim to deliver optimized project outcomes, meet set deadlines, and stay within budget. However, they often fall short of these expectations.

Compass Consult is here to help you navigate these hurdles. Our team of experienced professionals specializes in teaching project teams how to leverage EVM. We also offer comprehensive support for the implementation of Primavera P6 project management software, provide expert consultations, and conduct training sessions.

Contact Compass Consult today to leverage our expertise in earned value management systems and enhance your project management capabilities.

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Why is earned value management important in construction projects?

Earned value management ensures projects stay on track with budget and schedule by identifying deviations early on, allowing for corrective measures.

How much does EVM software typically cost?

EVM software pricing varies depending on features, number of users, and project complexity. Consider requesting demos and quotes from vendors.

Is EVM software difficult to learn and use?

The best EVM software offers user-friendly interfaces and training resources to minimize the learning curve.

Still unsure of the best earned value management software for your company? Contact Compass Consult today

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