Earned Value Management
Identify project areas that need intervention using Earned Value Management
Contruent Enterprise is an Earned Value Management System (EVMS) that helps organizations find variances in projects based upon the comparison of work performed and work planned. Earned Value Management (EVM) is a project management technique for measuring project performance. Traditional methods for evaluating a project’s health can yield misleading results. The Earned Value process is a proven method for identifying the specific areas of a project that need early management intervention while they are still correctable.
Utilize earned value Cost, Accounting and Schedule Integration (CASI) as a means to efficiently manage and control strategic projects. By establishing a control account and a work breakdown structure (WBS), Contruent is able to measure project performance measurements in regards to the current period, past performance via historical data, and future performance measurement via critical path and earned value methods, thanks to their remarkable predictive capabilities.
Solution capabilities
Detect significant cost and schedule variances
Identify project issues early to take immediate action
Increase communication and transparency
Benefits
Early Warning System
One of the most important functions of an EVMS is to provide an early warning system. This means a project’s performance and productivity issues can be identified very early in a project’s life. Significant cost and schedule variances are detectable when the planned work has reached as little as 10% completion on any portion of the project.
Course Corrections
Part of the EVMS process is to determine the cause of performance issues in order to develop a corrective action plan. Course corrections are much easier when performance issues are identified early. This is because the problem is still relatively small and there is plenty of time left in the project to allow a recovery plan to work.
Management by Exception
A project managed at a control account or work package level allows management to easily identify the accounts with performance problems. Management can then focus its efforts on correcting those areas. Alternatively, management can recognize the areas of the project showing good performance.
Contruent for EIA-748
Conform to the AACE International Recommended Practice 82R-13. Contruent Enterprise can be implemented to reach the 32 EVM principles in the EIA-748-C Earned Value Management System (EVMS) Standard.
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Discover how Low Level Waste Repository (LLW Repository) Ltd uses Contruent capital project management software to improve reporting, reduce reliance on spreadsheets, and increase process control. This nuclear energy waste repository is now able to produce reports quickly while having total confidence in their data
