Project control is the second nature of managers because it takes care of all project requirements. Time, cost, schedule, and quality are some of the necessary ingredients. So, what are the ways you can manage so many dimensions? Can it prove that you are on top of what is important for stakeholders? In this article at ProjectEngineer.net, Bernie Roseke discusses how you can perform project control efficiently.
Performing Project Control
Industry best practices help project managers to deliver projects that fulfill all the stakeholder requirements. Well, if not all, most of it. Some approaches have never failed. Let’s find out below what they are:
Earned Value Analysis (EVA)
For project control, you need to be careful about not overshooting time and budget. Earned value analysis is the method that keeps these elements under control. You can calculate the variances in schedule and cost for smaller projects, and that would be enough. For complex projects, you need to compute for planned value (PV), earned value (EV), actual cost (AC), and budget at completion (BAC). Using formulae, find results for schedule variance (SV), cost variance (CV), schedule performance index (SPI), and cost performance index (CPI). You also must get results for estimate at completion (EAC), estimate to complete (ETC), and to complete performance index (TCPI).
You have a weak project control if your project scope is modified every now and then with additional tasks or rework. Though you want to accommodate smaller jobs when you have a long time frame, these little tasks can break your project development pace. You must regularly check if the tasks you are currently doing align with the scope statement. Ensure that your team members are not working on additional things that are not included in the scope.
Communication and Stakeholder Management
Are you on top of what is important to your stakeholders? This is a question that stresses project managers the most. So, plan your communication channels effectively. Find out the communication preference of each stakeholder. Update them about challenges but mostly plan to convey your message as early as possible.
Risk Analysis and Management
Though you might not need a detailed risk management register for smaller projects, you must identify, prioritize, and manage each risk diligently. Some risks are known, like resources migrating to emergency projects. However, you should be alert about the threats that nobody can assume beforehand. Have a risk register and evaluate them carefully for project control.
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