earned value analysis

Make Earned Value Analysis Easy with Software Designed with Construction in Mind

Defining the success of a construction project can mean many different things, but most professionals can agree that two significant indications of a job well done are meeting the project’s schedule and budget. After all, even if a project turns out beautifully and completed to perfection, clients may be left with a negative impression if it takes excessive time or money.

So, how can you consistently ensure that you’re on the right track for your schedule and budget? The answer lies in earned value analysis. 

The Importance of Earned Value Analysis

Earned value analysis (EVA) is a project management process to ensure that your construction budget and schedule are in alignment with current progress. After all, no construction job runs completely smoothly, so it’s not enough to have a detailed plan before you begin — you must also be able to monitor progress and cash flow in real-time.

For one thing, you cannot assume that the project will proceed at a consistent speed with potential factors such as weather delays, change orders, and supply shortages. The same uncertainty applies to costs. Even if your budget has plenty of breathing room, unexpected expenses can add up quickly and put your budget — and client satisfaction — in danger. 

An earned value analysis addresses these concerns by comparing current progress expenditures against forecasts, letting project managers know where they are versus where they should be. By keeping an eye on the project’s EVA, you can get early insights on your performance, avoid issues before they begin, and keep a clear view of how your progress and schedule are working together.

True, creating an earned value analysis can be tedious and time-consuming, especially as it must be updated over time. Fortunately, there are modern software solutions that can simplify this process, letting you reap the benefits of EVA with ease.

Automate Your Earned Value Analysis with BlackVector

With project management tools designed specifically for construction, you don’t have to waste time manually creating each earned value analysis. Automated EVA is faster, easier, and helps mitigate the risk of human error.

If you’re interested in streamlining your EVA process so that you can divert your efforts towards more pressing tasks, consider implementing Profit Manager from BlackVector. Profit manager integrates with your existing ERP to produce cost and cash flow reports driven by earned value, so you get better insights into the performance of your schedule and budget at each stage of your construction project.

By using Profit Manager to leverage the up-to-date insights of an earned value analysis, you can adjust plans as necessary and address potential issues before they grow into major problems. Plus, BlackVector empowers you to quickly share your reports with all relevant team members and stakeholders using cloud technology, keeping everyone informed and on the same page.

BlackVector’s Comprehensive Project Management Solutions

Looking for a software tool that answers all your construction pain points? BlackVector’s integratable modules go beyond earned value analysis to support your project from start to finish.

BlackVector is the ultimate project management solution, made by construction experts to meet the unique needs of industry professionals. Our proprietary software streamlines your project management and administrative tasks so your team can focus on delivering high-quality work that’s always up to standard, within budget, and on time.

Plus, it’s easy to get started. Just contact us today to learn more!

Marketing by Joseph Studios

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