Keeping projects on track through Earned Value.
The latest expectation sees a growing anticipation that the Autumn Statement will see additional funds being released for capital projects; with education (25% increase) and social housing (31% increase) experiencing strong growth compared to 2015. For the commercial construction sector though the story is very different, the outlook sees activity down 3.7% on the previous quarter and overall down by £4 billion on last year.
The post-Brexit turmoil is obviously impacting both of these, but the general uncertainty for anyone involved with construction, infrastructure or transportation means that control of ongoing projects and programmes is evermore paramount.
Organisations who have large infrastructure projects, programmes or portfolios are moving towards tracking Earned Value as a way of effectively monitoring actual progress. Using business analytics to generate Earned Values provides the organisation with a transparency around the budget and time allocation to date, the forecast and the remaining work to be done.
Organisations are increasingly working with Prōject to adopt Earned Value because it provides the opportunity for project sponsors to forecast whether there is any cost or schedule overruns at an early stage in a project.
The benefits of this Earned Value approach includes the maintenance of a master contractors list based on performance and delivery, generating a report if a negative accrual was reported and giving clear line of sight around Earned Value both on individual projects and the portfolio as a whole.
Earned Value is a valuable addition for anyone who is involved with projects, programmes or portfolios.
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