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Discover the top qualities and features to look out for 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.
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.
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.
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.
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.
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.
“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.”
“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 SRG Global. 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 software pricing varies depending on features, number of users, and project complexity. Consider requesting demos and quotes from vendors.
The best EVM software offers user-friendly interfaces and training resources to minimize the learning curve.
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Compass Consult is a globally recognized project portfolio management service provider. Our team comprises experienced civil engineers, risk management experts, and project controllers with outstanding track records for delivering exceptional project planning, earned value management, cost control, and schedule control services.
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