January 2025
Earned value management (EVM) has long been a reliable framework for managing capital projects. Through simple metrics calculated using project data, EVM provides context around what’s impacting performance and progress. Those insights help guide the planning and decision-making that will determine the project’s success.
EVM has become more critical as modern capital projects grow increasingly sophisticated, costly and technically complex. Many projects are subject to strict corporate and regulatory expectations. Managing them requires a deeper understanding of risk factors, performance and progress to more closely control costs, schedules and resources more closely while also meeting those expectations.
Using business intelligence (BI) dashboards in tandem with EVM is answering this need. They convert raw, real-time EVM data into interactive, visualized formats—so construction managers and teams can make sense of and do more with project data: gain actionable insights, strategically address risks and proactively manage projects.
How BI Dashboards Transform EVM Analysis
Business intelligence dashboards are changing how EVM data is analyzed. They’re a dramatic departure from static reports, which only capture a snapshot of past performance rather than providing insight into what’s happening now—or likely to occur. They offer a holistic view of a project’s overall health through EVM metrics and provide capabilities to explore those metrics and uncover the “why” behind the “what.” Here are some ways BI dashboards do this:
Use data visualization to demystify complex EVM metrics. Numbers alone can be rather bland and hard to interpret. That’s why the way EVM data is organized and presented matters—because what you can see clearly and understand, you can effectively manage. And this is where data visualization makes such a difference. BI dashboards excel at this. They offer a dynamic approach to EVM data, expressing its metrics through intuitive, easy-to-digest graphics within a single, interactive interface. Think of it as visual storytelling that helps show the meaning behind the numbers. But to glean those insights, you need the right metrics. Stakeholders and project teams often rely on essential KPIs for performance (cost performance index (CPI) and schedule performance index (SPI)) and progress (cost variance (CV) and schedule variance (SV)). These, in turn, are calculated from the three core EVM variables: planned value (PV), actual cost (AC), and earned value (EV). How can you display all these metrics in a way that makes sense? Start by selecting graphic formats that effectively convey the story behind each metric. Bar charts are a logical choice to show cost and schedule variance, while line graphs provide a view of performance trends over time. Color coding enables project teams to quickly extract actionable insights and make informed decisions.
Improve decisions with real-time and predictive analytics. Real-time monitoring: Staying on top of project performance requires more than a static snapshot—it demands constant, actionable insights. That’s where real-time tracking comes into play. Because BI dashboards reflect project data in real time, teams get immediate visibility into progress and performance EVM metrics. They can check anytime whether a project is on track or if something needs attention. Notice a declining CPI? Mounting costs might point to escalating inefficiencies. A dip in the SV? That might be a sign that construction or procurement delays are compounding. Catching these early gives you a chance to step in before they become bigger issues. Here, dashboard drill-down and filtering tools enable teams to dive deeper into the data to figure out what’s really going on so you can get ahead of it. Zooming in helps reveal essential insights:
- Which areas are running smoothly, and which aren’t
- If there are emerging trends that could impact the project
- If patterns or anomalies need closer monitoring
- Whether budget overruns are tied to material cost spikes, change orders or other factors
- Whether delays could be caused by labor shortages, late material deliveries or something else
Real-time monitoring enables real-time responsiveness. It keeps teams agile, allowing them to quickly adjust plans, allocate resources effectively and tackle risks as they arise.
Predictive analytics: You need to know more than what’s happening now—you have to anticipate what’s coming next so you can manage forward. All the EVM data you have from past projects holds valuable insights that can inform your future planning. By analyzing patterns and trends in that historical data and combining them with current inputs, BI dashboards can help forecast performance and potential outcomes with greater accuracy. Teams can make informed decisions based on objective data rather than guesswork. But forecasting based on past and current real-world data is just the start. Think of all the questions that begin with “What if?” For example:
- What if you encounter risks like geopolitical conflicts that disrupt supply chains, severe natural disasters, skilled labor shortages or new regulatory changes?
- What if opportunities arise—like favorable market changes or the emergence of new construction technologies—that you want to be ready to act on?
- What if you need to understand how critical decisions could impact the project’s trajectory or test an intended contingency plan?
Knowing the best courses of action is the challenge, especially when each what-if scenario can have varying levels of impact. That’s where predictive analysis comes into play—think of it as exploring outcome-based what-ifs. It involves engaging directly with the project data using BI dashboards, testing different variables and simulating each scenario to see how potential changes pan out. When certain variables are tweaked, what do the dashboards predict as likely cost and schedule outcomes? How do the EVM metrics respond? Visualizing these metric shifts helps contextualize the data. For example, you can see how KPIs like CPI and SPI change with adjustments to resource allocation, project timelines or material pricing. These insights empower teams to develop risk-mitigating contingency plans or strategies to optimize project performance. For every “What if this risk or opportunity happens?” there’s a “What if we test potential solutions by adjusting variables and see how the metrics respond?”
Customize dashboards with stakeholder-specific EVM data. Not everyone needs to see every EVM metric—too much data can be overwhelming when decisions must be made quickly. Project owners might only need a high-level overview of project health and key milestones. On the other hand, site crews focus on individual productivity and progress. Cost engineers require detailed cost variances and performance metrics, while construction managers need to juggle those figures alongside scheduling and resource allocation insights. That means each group needs its prioritized EVM-based KPIs to stay informed and make confident decisions under pressure. Customization ensures everyone gets the right data. With business intelligence dashboards, you define what information appears, tailoring views based on roles and access levels. This means stakeholders see only what they need—without anything extraneous. Consider these key questions when setting up dashboards:
- What data is truly relevant to their role?
- How much detail is necessary to provide actionable insights?
- What format best conveys the information they need?
- Are there sensitive data points that require role-based access?
Customizing dashboards to meet the specific needs of each team member enables them to focus on what matters most.
More Project Control with BI Dashboards and EVM
Today, more is expected from EVM metrics. By harnessing the power of BI dashboards, you can accurately track and extract deeper value from centralized project data—providing the clarity and real-time insights your team relies on. This empowers them with the right data to identify and assess risks, act on opportunities and make more proactive decisions. The result? Better control over costs, schedules and project outcomes—even on the most complex capital projects.
Gaining these benefits starts with the right technology solution for your company’s unique projects. With our Contruent Enterprise lifecycle cost management solution, you can fully leverage BI dashboards to get more from EVM metrics—and achieve more with them.
Learn more or request a demo today.