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Learn how to track and measure project performance with Primavera P6 using Earned Value Management (EVM) techniques.
Before embarking on a construction project, a project manager typically collaborates closely with team members to meticulously plan the entire project pipeline. This planning phase is crucial for ensuring the smooth execution and streamlining of all project deliverables.
Whether managing a single project or a portfolio of construction projects concurrently, project managers must ensure they adhere to the established project requirements. This includes staying within the allocated budgets and deadlines, and mitigating any issues that could disrupt the smooth completion of a construction project. This can be a daunting task for project managers, placing them and their team members under pressure.
With EVM, project teams can track and measure their project’s progress and performance against the original plans. This ensures that project teams know their standing at any stage of a project and can implement appropriate contingency plans to keep the project on track.
Let’s delve into how construction project teams can implement Earned Value Management using Primavera P6 software.
The planned value (PV) refers to the budget allocated before the project commenced, based on a review of the original project planning phase. The PV serves as a baseline for project managers when tracking costs incurred in a project. Therefore, project managers should determine the PV for each activity, which represents the actual costs incurred up to the current point in time.
The actual cost (AC) refers to the final calculation of all costs from the project’s inception to its completion. AC typically differs from PV in that there are variances in figures after accounting for all costs during the construction project’s execution. Using Primavera P6, PMs should determine the AC for each activity, from the start to the completion of the project.
The earned value (EV) refers to the value of the work actually performed in a construction project. It is typically measured against the original planned budget to assess the project’s performance. This is done by multiplying the percentage of work completed by the budget at completion. Project managers can use Oracle Primavera P6 to determine the EV of each project activity.
If a construction project’s progress at any stage deviates significantly from the baseline amount set during the original project planning phase, consider implementing a contingency plan. Adjust the construction project schedule and budget based on the analysis of various EVM metrics. This could involve updating estimates for the remaining work or adjusting resource allocations.
While many construction project teams strive to provide their clients with optimised project deliverables, meet set deadlines, and stay within budget, many fall short of expectations. Managing a construction project can be challenging due to external factors or unforeseen circumstances that could impact the project’s progress.
These challenges are not uncommon. To navigate these challenges, Compass Consult has a team of experienced professionals dedicated to teaching project teams how to leverage Earned Value Management using the Primavera P6 software.
With our support for project management software implementation, expert consultations and training, we can help project teams achieve better project outcomes, regardless of the complexity of your construction project.
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 is applicable throughout a project lifecycle. While it’s valuable to establish a baseline at project initiation, ongoing EVM analysis can provide continuous insights into project performance.
Yes, you can use the reporting features to generate customised reports based on your project’s specific needs.
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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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