Project Progress Tracking – The Benefits of aec360 – News Couple
ERP

Project Progress Tracking – The Benefits of aec360


To preserve client satisfaction and develop new business, professional services firms must deliver quality projects on time and on budget. Delivering quality projects can be a challenge, particularly when managing multiple large-scale projects at the same time. Accurate project progress tracking is one of the keys to delivering better AEC projects. The best reference will come from clients that have their projects delivered on time and within budget. By staying in tune with how your project is progressing at every step will help you win more business. For AEC firms it’s all about profitable projects and happy clients.

Project progress: What is it?

There are different measuring sticks for project progress. Here are the three foremost measures to track:

  • Project Manager’s (PM) Progress: The percentage of completed work on the project.
  • Billing Progress: The percentage of the contract that has been billed to date.
  • Revenue Progress: The percentage of the contract value that’s been realized as revenue.

At any given time, these may all be measuring the same. But for various reasons, they may differ over the life of the project. The PM’s evaluation of progress may drive the other two measures, so we’ll first focus on that.

How can you attain accurate tracking of the progress of your AEC projects?

A project manager’s perspective is that there are two crucial factors that must be tracked on any project – what has been completed, and what remains to do. AEC projects and the individual tasks involved in the larger effort can be complex so tracking completion percentage can be challenging.

AEC360 Project Operations from HSO provides a clear view of a project’s real-time status and trend information. A PM can see how the project is trending using this view of aec360’s Project Operations software. With Planned Effort, they see the amount of time projected to complete the task established by their original plan. Actuals will automatically populate to show the amount of Effort expended by the project staff. Ultimately, the system will show the PM the percent complete – the actual Effort divided by the Planned Effort.

The PM can now see the Estimate to Complete (ETC) – the remaining effort based on the original plan. What happens when things aren’t going according to plan? The PM makes an evaluation to determine what is actually going to be required to finish the task. If more time is needed, they then update the ETC. At this point, the system tells the PM the new Estimate at Completion (EAC). They now know their new reality.

Project managers’ awareness of a project’s financial progress

When it comes to an AEC firm’s actual revenue, project managers play a vital role. – Keeping a project on schedule while limiting internal costs helps to maximize that revenue is critical. Giving your project managers an even better understanding of a projects financial progress will help them drive the project keeping revenue in sight.

An ideal way to view the financial impact of tracking progress in relation to the project plan is by way of Earned Value Management. When looking at Earned Value, we want to capture a snapshot of the project’s progress at different points in time. This provides the project manager an idea of ​​when the project deviates from the plan based on various measures. The inflection point of any of these lines provides the insight the project manager needs to get the project back on track – or at the very least stop it from going further off track and place profitability in jeopardy.

As an example, when Earned Value (EV) and Planned Value (PV) start to divide, the project manager might ask themselves, “are we doing work that is out of the project’s original scope? Will a write-off of time be required?” If these questions are being asked, it’s time to investigate what’s going on and make appropriate adjustments.

With this insight the project manager drives projects that not only impress customers but also provide your firm the maximum revenue. Successful AEC project progress tracking can positively affect your delivery of better projects and improved revenue

AEC360 Project Operations from HSO provides the PM with an impactful tool to track the project’s progress and scrutinize productive and potentially unproductive time. Reducing out of scope effort will lessen unearned time that is charged to the project and amounts to a more profitable result. That’s a win for your firm. It will also mean finishing the project on-time and on-budget, and that’s a win for your client! Does learning more about aec360 sound appealing? Contact HSO ProServ today.



Source link

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button