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Boost your schedule control and project success with earned value management. Read on to learn more.
Earned value analysis in project management is a valuable tool that provides a comprehensive view of project performance by integrating scope, schedule, and cost metrics. This is especially valuable for construction projects that tend to span a sizable length of time—where 60% of project professionals believe that poor resource management is a significant problem in project management. EVA offers invaluable insights into project progress and potential issues.
By incorporating earned value analysis into your project management practices, you can significantly enhance schedule control, leading to more accurate forecasts, better resource allocation, and improved project outcomes. This powerful technique allows project managers to make data-driven decisions and take proactive measures to keep projects on track.
Only 43% of businesses reported that they always, or mostly, finish their construction projects within the allotted budget. Earned value analysis in project management can address this issue by easing schedule control, allowing project managers to monitor the status of project activities and implement changes to achieve targets.
Here’s how this is facilitated:
EVA provides a clear picture of schedule performance by comparing planned construction activities with the actual completed work. Early identification allows project managers to plan for deviations from the set schedule before they become critical issues. This means that construction teams can implement corrective actions early so that project timelines and budgets aren’t impacted.
EVA offers an objective and quantifiable measure of the progress of the project. Project managers can use the SPI to determine if the construction project is ahead or behind schedule based on the value of completed work. This further assists data-driven decision-making and optimises resource allocation, ensuring that the project stays on track to achieve the scheduled timelines.
EVA enhances the construction manager’s ability to forecast future performance based on current project status. They can analyse SV scores and SPI to direct teams towards set completion dates for various stages of the construction and identify areas where additional resources are needed. This further helps prevent schedule overruns impacting current and upcoming building phases.
Since EVA provides a standardised method of reporting the status of the construction project, communications with different stakeholders–like clients, subcontractors, and regulatory bodies–become much more streamlined. This allows construction managers to easily justify decisions, secure necessary resources, and maintain stakeholder confidence crucial for timely project completion.
EVA seamlessly integrates scope, schedule, and cost metrics into a unified view of project performance. This allows managers to understand the interdependencies between the different factors of a construction project and make informed decisions—allowing teams to manage material deliveries, workforce availability, and site conditions to minimise disruptions and keep the project on schedule.
Implementing EVA provides valuable data for post-construction reviews and lessons-learned sessions. By analysing the patterns in schedule performance throughout a project, teams can identify recurring issues, successful strategies, and areas for improvement in construction methods. This knowledge can be applied to future projects, leading to continuous improvement in schedule control.
Compass Consult’s earned value management services are key for focusing on continual improvement, contract compliance, reduced risks and quicker project delivery.
Our EVM consultants and trainers provide a full gap analysis, earned value management system implementation, and compliance and assessment to ensure that your project maintains its forecast timeline and budget.
Partner with Compass Consult and gain the expertise and tools to achieve superior schedule control and deliver exceptional project outcomes. Get in touch.
“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.”
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"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!"
Earned value analysis enhances schedule control by providing early detection of variances, accurate progress measurement, and improved forecasting capabilities. This allows project managers to identify and address potential delays promptly, allocate resources more effectively, and make data-driven decisions to keep projects on track.
While earned value analysis can be beneficial for many construction projects, it is particularly valuable for complex, long-term projects with multiple phases or components. It is especially useful for projects where accurate reporting and stakeholder communication are crucial.
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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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