Sabisu has added a suite of new project analytics to Widget Working View. These analytics allow you quantitatively measure project progress and health using Earned Schedule.
Earned Schedule (ES) is an extension of Earned Value Management (EVM), but rather than making measurements relative to cost, ES makes measurements the time domain. In doing this ES allows the project schedule to be analysed directly rather than trying to infer schedule performance from cost domain EVM calculations.
ES solves the problem with traditional EVM schedule indicators; they get less reliable the further the project progresses.
By determining at which an amount of value should have been earned, time-based indicators can be formed to provide schedule variance and performance efficiency management information.
All of the metrics commonly found in EVM have an ESM equivalent which makes it very easy to use in practice. You can also use ESM without having cumulative cost data – you just need project progress baselines and actuals.
ES provides an alternative view that provides in depth time-based information that can help with project scheduling and recovery challenges. ES was included in the PMI Practice Standard for EVM released in November 2011 (Appendix D)
SV(t): Schedule Variance
Show the variance between your actual progress and your baseline. This is given in terms of reporting periods, so for a project that reports every month a value of -2 means that you are 2 months behind your planned progress.
SPI(t): Schedule Performance Index
This is the ratio of your actual progress in terms of earned schedule and the elapsed project time. It has the same properties as Earned Value SPI, so a value less than 1 indicates that the work rate is slower than planned, greater than 1 means that the work rate has exceeded the planned rate.
TCSPI(t): To Complete Schedule Performance Index
This tells you the SPI(t) you would have to achieve for your project to complete on time. If the project is behind schedule then the TCSPI(t) will be greater than 1, indicating that the work rate will have to be greater than planned to recover the project progress. Along with this an indication is given to warn you if the project will be difficult to recover.
IEAC(t): Independent Estimate At Complete
This provides a prediction of project completion date based on the current progress. The value is given in terms of reporting periods, so a project that reports monthly with an IEAC(t) of +2 suggests that the project will complete 2 months late.
Keep an eye out for future releases with even more project analytics capabilities, and see our previous post on project recovery.
We’re always interested in hearing from you with any comments or suggestions, feel free to get in touch.