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Keep ahead of the curve with advanced earned value management techniques.
Nowadays, managing the various requirements of a construction project can be tricky, especially since construction projects have become more complex. These challenges are highlighted by the fact that many projects don’t reach completion within budget or before the planned timeline.
In fact, according to a study by McKinsey & Company, 98% of all projects face delays or cost overruns, with the average increase in cost being 80% of the original value.
These statistics highlight the importance of adopting earned value project management software and techniques. By utilizing advanced EVM techniques, project teams can transform their project outcomes and stay ahead in the dynamic project management arena.
Utilize EVM data to accurately forecast project performance, such as the estimated cost at completion (EAC) and the estimated time to completion (ETC). This helps stakeholders make informed decisions about the project's future by providing a clear picture of the expected outcomes based on current performance trends.
Integrate EVM data with risk management processes to identify, analyze, and mitigate risks proactively. Use EVM metrics to prioritize risks and allocate resources accordingly, ensuring that potential issues are addressed before they impact project outcomes. This allows for a more strategic risk management strategy.
Create intuitive dashboards and visualizations to present EVM data clearly and concisely. This helps stakeholders understand project performance and make data-driven decisions. Effective dashboards and visualizations can highlight variances, forecast future performance, and support communication with stakeholders.
Compare project performance against historical data, industry standards, or best practices to identify areas for improvement and drive continuous optimization. Benchmarking allows organizations to learn from past experiences and external benchmarks. This helps project teams continuously refine their EVM processes.
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 implementing 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."
Implementing advanced EVM not only enhances project outcomes but also boosts an organization's project management maturity. Consistent use of EVM practices fosters a culture of data-driven decision-making, continuous improvement, and project excellence. This results in heightened competitiveness, improved resource management, and increased customer satisfaction over time.
Successful adoption of advanced EVM methods requires executive backing, thorough training for teams, and ongoing monitoring. Providing comprehensive EVM training, establishing clear policies, and fostering a culture of continuous improvement are vital. Regular reviews and feedback loops help refine practices and ensure effective EVM utilization across projects.
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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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