The current progress is the best indicator of the future performanceof a project. Using the current trend data one can be able to predictcost and also track the progress of the project at an early stage.Several ways are used in trend analysis apart from the earned valuetechnique.
One of the ways of tracking and measuring the performance of aproject is by use of units that have been completed. The techniqueapplies best when tracking the tasks that are repeatedly done. Inthis method, it is assumed that a task that is frequently done tendsto take an equal amount of time and resources. For this reason,tracking the units completed works best here. Also, the contractorcan predict the amount of time and resources needed to finish theproject.
Another way of measuring project performance is by use of a metriccalled planned value. This technique tries to compare the amount ofwork to be done and the total amount of money to be spent. This meansthat an individual can be able to determine the amount of money spentat a given stage of the project. To get this amount, one can take thepercentage of the work that has been completed at any point andmultiply it by the total budget that was estimated on completion ofthe project.
Additionally, actual cost can be used to measure the performance of aproject. This metric is usually used after the completion of aproject[ CITATION Jef15 l 1033 ]. It cannot be concluded thatcompletion of a task implies success. A task can be completed, but itfails to be successful. This method requires one to look at the costof the work versus the work done. One may find that he or she mayhave spent too much money to accomplish a little task. This meansthat the project progress may be affected.
Cost performance and cost variance can as well be used to track andmeasure the progress of a project. After completion of the project,an individual may be required to look at the overall costperformance. This overall cost performance enables one to know whathas been spent as against what was supposed to have been spent. Ifthe actual cost is subtracted from total expenditure and a positiveresult is obtained, then the budget is good to go. If one gets anegative result, then it means that the project was overestimated.
One may find that the project was successful and it met the client’sexpectation. But when the cost performance is evaluated it can berealized that the work was over budgeted, one should not give upbecause those are some of the expectations of a project. The taskshould be analyzing the trend and finding out the key areas that needto be focused on next time.
From the discussion above, one can see that there are some bettertrend analysis techniques that can be used apart from the earnedvalue management. For example, it has been seen that the plannedvalue metric tracks the progress of a project continuously. Unlikeother techniques, using planned value technique an individual can beable to determine the progress of a project at any stage. This meansthat if there are some issues that may affect the success of theproject shall be identified at an earlier stage and rectified.
In conclusion, these are some of the ways that can track and measureproject performance. By looking at this techniques consistently, theproject expectation, as well as those of the client, can be metquickly. Besides the project progress will always be on track.
Jeff, C. (2015, August 17). 3 Ways to Help You Measure Your Project Performance. Innovative Management Solutions, pp. 4-7.