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Optimize project outcomes by implementing effective earned value management strategies in your construction projects.
In recent years, the level of project and program complexity has been subjected to a steady rise, according to 67% of the project managers in a survey carried out by the Project Management Institute (PMI) in 2020. Backed by another study conducted by Wellingtone in 2020, it was revealed that 72% of PMOs were expected to have a growth in their scope and responsibilities by the year 2020 from the earlier 61% in 2019.
While navigating the construction industry is expected to be more challenging now and for years to come, project teams can still optimize their construction project outcomes by leveraging the unseen benefits of earned value management methodologies. Beyond the obvious earned value management benefits of cost control and performance measurement, this methodology offers a deeper level of insight and control to construction projects.
Through the combination of cost, schedule, and technical performance data, earned value management offers a comprehensive insight into project progression and performance, which allows project managers to identify problems in the early stages of the project and to come up with the appropriate resolution. By taking advantage of the unseen benefits that can be leveraged from utilizing earned value management, it can assist project teams in optimizing their project outcomes, enhance accountability in their work, and assist in proper decision-making.
A major benefit of earned value management (EVM) is the possibility of measuring the costs and time necessary to complete a given project. By comparing project performance against the baseline plan, EVM enables the accurate prediction of the total project costs and time by its estimated completion time. It also helps project managers mitigate risks and allocate resources effectively.
With EVM, it is easy to estimate the costs to complete a specific project and the time needed for it. By regularly measuring and analyzing project performance, EVM enables project teams to proactively address issues and deviations from the project plan. Identifying risks early can also minimize the negative impacts of cost overruns, delays, and scope changes on project outcomes.
EVM can ease communication since it offers the stakeholders a clear picture of the cost, schedule, and performance of the scope involved. EVM metrics, such as Cost Performance Index (CPI) and Schedule Performance Index (SPI), enable stakeholders to understand the project's health at a glance. This fosters trust between project teams and stakeholders through accurate real-time updates.
EVM helps in recognizing trends and predicting future performance based on those trends. By analyzing historical data and performance trends, project managers can anticipate potential challenges and proactively address them. This trend recognition enhances the project team's ability to make informed decisions and adapt to changing circumstances, improving the overall project outcomes.
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 key components of EVM include planned value (PV), earned value (EV), and actual cost (AC). These components are used to calculate metrics such as cost performance index (CPI) and schedule performance index (SPI).
The benefits of leveraging EVM in construction projects include enhanced cost and schedule control, improved risk management, real-time visibility of centralized information, and better performance tracking and measurement, ultimately leading to optimized project outcomes.
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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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