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Discover how integrating EVM in project management can elevate construction project planning and outcomes.
Before embarking on a construction project, project managers and their teams undertake meticulous planning to ensure timely and budget-compliant delivery of project deliverables.
In this stage, identifying potential risks that could hinder the smooth execution of a construction project at any stage is crucial. Equally important is tracking project performance and progress throughout the construction project lifecycle. These indicators help teams determine whether they are on track or falling behind in executing project requirements.
By incorporating Earned Value Management (EVM) into their project management process, project teams can assess the timeliness and quality of their construction project against their original project plan. This comparison allows them to evaluate their current performance at any stage of the project against their original project review, which serves as a baseline.
If a project team is falling behind or not performing up to the required standards, they can implement a contingency plan to get back on track and deliver high-quality project outcomes.
Now, let’s delve into the role of EVM in project management within the construction industry.
EVM aids in detecting early warning signs of issues and variances from the planned schedule and budget, either during the execution or post-project phase. Early identification of issues allows project managers to take corrective actions before problems escalate, minimising the impact on the allocated project budget and deadlines.
EVM provides an objective and standardised way to assess construction project progress and performance. By comparing the original project plan, project teams have a baseline to compare with their actual project performance. This comparison allows project managers to determine if their project is on track, ahead, or behind schedule.
EVM integrates cost and schedule information, providing a holistic view of project performance. This integration allows for a more effective analysis of the relationship between time and cost, helping project managers make informed decisions. EVM is also effective in keeping within budget and deadlines by implementing contingency plans.
EVM provides an objective basis for decision-making, reducing reliance on subjective assessments. This enhances the transparency of project performance and facilitates more informed decision-making at various levels of the project hierarchy. Decision-making can lead to more effective utilisation of labour, materials, and equipment.
Project teams often aim to deliver optimised 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 specialises in teaching project teams how to leverage Earned Value Management (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."
EVM implementation in construction projects involves several steps:
Step 1: Define the scope of the project
Step 2: Develop a detailed work breakdown structure (WBS)
Step 3: Establish a baseline plan
Step 4: Monitor progress
Step 5: Analyse results
Corrective measures typically taken with EVM include revising estimates, reallocating resources, or adjusting the project schedule or budget.
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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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