When we incorporated ProjStream over 10 years ago, our mission was to bring to life a vision of bridging the gap between project cost estimating, pricing, and cost management with a shared database for the entire project life cycle. We wanted to create a software solution to help companies establish a closed loop process for creating realistic cost estimates and executable budget plans after contract award.
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An often-cited industry best practice recommendation is to resource load network schedule activities for a project. One of the benefits is the resource loaded activities and resulting staffing plan can be the basis for creating a schedule driven time phased basis of estimate, budget baseline, or estimate to complete remaining work. The current schedule status also provides the basis for measuring progress and calculating earned value. This helps to ensure the schedule and time phased cost data are in agreement.
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There is a lot that goes into maintaining visibility in project performance. (For background information, read our blog Do You Really Need EVM Software to Manage Your Projects.) The common work performance metrics associated with earned value management (EVM) software, such as schedule, cost, and at completion variances or indices, are certainly useful to project managers. However, those metrics are only part of the picture.
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