4castplus Blog

4castplus Blog

04 4, 2017

Using Rules of Credit for Percent Complete in 4castplus

How do you figure out percent complete on a project? How is it you go about objectively assigning a reasonable and accurate measurement of how far along you are on an item of work? How many times have you asked, “Hey, where did that number come from?”

Most any manager, VP or director who has to oversee the work of his or her team of project managers has a big worry about this very thing. They know the temptation that exists for a project manager to leverage a little creative license with the numbers to make the project look a little rosier than it is in reality. Customers on the receiving side of a progress draw are equally aware of the tendency to big-up the progress numbers in order to fatten the invoice.

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26 26, 2017
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03 3, 2017

Measuring Project Progress: Rules of Credit and Weighted Steps Progressing

Any organization that executes on major projects will know the importance of gathering information on how far along they are on a project. In other words, evaluating Percent Complete. Evaluating that by activity, by phase, by project, etc.  At 4castplus, we refer to this as a "Progress Measurement" and it serves as a critical function for calculating analytics such as Earned Value Management (EVM) metrics. Measuring progress however, is a tricky thing to do; and can cause companies to not bother with it if they don’t have a good system and process in place. This is unfortunate as it is a vital part of project management and project controls on major projects. Without it, you’re flying in the dark.

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29 29, 2017

Taking the Leap? 10 Questions You Need to Ask When Looking at Construction Procurement Software Solutions

Your choice of construction procurement software can have a significant influence on the costs, productivity and success of your projects. If you’re looking for a software solution to enable the management of procurement on your construction projects, you want to make sure your teams are armed with the right amount of power and ease of use – after all, a significant amount is riding on what happens in procurement. For most major projects, a substantial portion of the total project costs are issued through purchase orders and subcontracts. You really need to get that right! 

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31 31, 2016
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04 4, 2015

EVM Explained: Planned Value

Many EV professionals would argue that Planned Value is one of the most important metrics in earned value analysis.  It provides the critical benchmark from which numerous other metrics are being compared.  

To give you an idea of what PV is, consider the example where you have a $1 million project that is scheduled to take 10 months to complete. An important aspect of project controls is to be able to plan out how that $1m will be spent over the 10 months. It obviously won’t be spent in one single lump. Neither will it be spent in an even, perfectly distributed rate over the 10 months.

The project spend will follow an uneven pattern – loosely following the schedule of activities and purchases that occur over the project’s duration. Planning the budget over the project’s timeline is called Time-Phased Budgeting. Planned Value is the value of scheduled project spend at a point in time of a project's duration.
Planned value is also referred to as Budgeted Cost of Work Scheduled (BCWS).

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08 8, 2015
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08 8, 2015

Linking Budget and Schedule – it’s a Challenging Task

One of the first principles of project controls is that the project budget has to be time-phased over the duration of the project. Here’s why: It’s not enough to simply know the total budget for a project – it’s critical to also know when that budget is planned to be spent. In other words, each quantity of material, labor hour or subcontractor service that’s planned for the project, is planned to occur at a particular time on the project.

Click here to learn more about time-phased budgeting

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25 25, 2014

What’s the Difference Between a Change Order, Change Forecast and Budget Transfer?

Changes are inevitable on projects. No project manager in their right mind moves forward with a project not expecting changes to happen - fluctuations in scope, cost, schedule and activity can happen almost daily.  In this article, I want to tackle a segment of change management that I often come across in conversations. Which is: the different types & states of Change Events that can be registered on a project; and some of the nuances of each. The three main project change events are:

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19 19, 2014

EVM Explained: Variance

“If you keep going at this speed, you’re going to be late!”

That’s my simplistic real-life analogy of earned value management. It’s a simple bit of math that we all do in our heads anytime we’re trying to get somewhere or finish something.  If you gave yourself an hour to get there and after a half-hour you’re still less than half-way, you’re going to be late.  It’s that simple. As simple as it is, it requires us to know quite a bit of information about the current situation in order to calculate late vs. on-time.  Just like EVM, you need to know 3 key elements to make the calculation:

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