A time schedule might be set up with the utmost care. It can be of top quality and resulting from the collaboration of whole teams of experienced professionals. Several working methods might have been studied and historical production rates analysed and amended for the new project. Actual performance will be very close to the initial baseline, won’t it? Of course, you know where I am going with this, especially because you know the title of this blogpost ?.Read more
I’m a true advocate for using (a basic implementation) of EVM on all your projects, or at least the philosophy. The use of Earned Value Management metrics gives a good insight in your current project status at a simple glance. By planning your project carefully and assigning budgets, in hours, euros, documents, resources, to your activities, a world of possibilities opens. Every project stakeholder can have their own personalized reports on their points of interest, with their own style of preference.
The level of project controls maturity has a great impact on the insight you can gain using the same, simple metrics provided by EVM. Let me take you through the different levels of reporting maturities, followed by some ideas on how to improve further than the classic methods.Read more
How can we get the most out of our EVM metrics? We’ve evaluated our current cost and schedule performance, and have seen how to forecast the Estimate At Completion (EAC). Now is the time to evaluate the realism of our project’s Budget At Completion (BAC). Following the current conditions, is the aimed for budget still sufficient?
One of the most powerful (and underutilized) measures EVM grants us is the To Complete Performance Index. This is the Cost Performance Index (CPI) at which you must execute the remainder of the work to deliver the project within a certain budget. The budget aimed for has sometimes become idealistic. Comparing the TCPI with the current CPI gives a good insight on whether the foreseen budget or the EAC remain realistic. The difference between the cumulative CPI and the TCPI value should trigger the re-evaluation of the Estimate At Completion.Read more
Who owns the float has been a predominant discussion within project controls for decades. And it still is. However, to correctly address this question, the difference between Total Float and Time Contingency (or a time buffer) needs to be fully understood. We hope this blog post will help in clarifying the differences.Read more
As a temporary conclusion to our Earned Value Management blog series, we’d like to provide you with an EVM formula cheat sheet. This file contains all essential formulas for calculating the Earned Value metrics, indicators and measures. Download the .pdf for free.Read more
In this blog post, we’re going to dig deeper into a question you will face when preparing or reviewing a schedule update. How do you address “out-of-sequence” progress in Primavera P6?
The user has 3 interesting choices in the schedule options on how the software deals with progressed activities that are out of sequence, these choices are:
- Retained logic
- Progress override
- Actual dates
This blog post will address these 3 options, which will help you better represent reality in your progress updates.Read more
As a follow-up to my last post about the difference between a time buffer and total float; here is a new post in the same series – seemingly easy concepts that seem to confuse many. This one might be an open door for financial or general management profiles, but it is not for most project controls engineers.Read more
You are halfway through your project and you want to know if you are still going to achieve your project objectives. By using an Earned Value Management System, you know how to estimate your total expected costs (Estimate at Completion), but what about your deadline? Based on your current information, can you say something about the expected finish date of your project? This blog gives you an overview of how to use Earned Schedule to predict your project finish date.
There are numerous reasons why a schedule should meet certain quality criteria. Have a look at our blogpost “Schedule Quality – Technical Requirements” for the details. One of the more widely spread tests to assess the (technical) quality of a schedule is the DCMA 14-Point Schedule Assessment.Read more