Three Challenges to Successful Earned Value Management
For those who’ve been in the field for a while, the benefits of Earned Value Management (EVM) seem obvious. Though there may be some initial bumps in getting things started, as EVM can be an entirely new framework for some, the upsides quickly become apparent. Still, most organizations that plan to switch to EVM experience apprehension, resistance and frustration from team members. While any platform, program, or approach implementation will have its quirks, it doesn’t have to be an absolute headache. Here are three common challenges to keep an eye out for and work through.
Stakeholder buy-in
Your stakeholders are often the hardest group to win over when switching to or starting with EVM . On-the-ground teams are usually more willing to try a new approach and are sometimes less risk-averse than senior leaders. For the C-suite, budgets and return on investment are critical measurements of success, and EVM can seem like a pricey, difficult investment to make. Even if your organization is in an industry that requires the use of EVM, leadership can unintentionally add tension to the transition process due to misunderstandings and lack of experience with day-to-day use of EVM.
The key to solving this challenge is to provide regular reporting with added context to make the process more approachable for leadership.
2. Getting to know the jargon
The world of EVM comes with a language all its own. From variances to apportioned effort to the phrase “earned value” itself, most team members will find words and phrases that are new to them. At first this can make EVM seem inaccessible, like something that will require extensive training to be successful at it. On-the-ground team members that actually make the project happen, and that often do not have project oversight in their wheelhouse, may be frustrated by the need to learn a new project management approach.
To alleviate some of the stress, ensure that all team members have the necessary training upfront and hold regular check-ins for questions and concerns. Make sure your team knows that no question is a dumb one!
3. Need for specialized knowledge
While your core team probably doesn’t need to know every intricacy of EVM to be successful, the approach does call for some specialized knowledge and unique roles such as control account managers and project controls specialists. These team members will need a strong grasp of EVM before jumping in. As EVM is somewhat niche knowledge, these roles can be difficult to source.
One great option to get your team up and running is to outsource these roles to a firm or group with this specialized knowledge. MRC is one such firm.
MRC focuses on becoming a true part of your team so that it doesn’t feel like you have a consultant hovering over your day-to-day activities. If you’re looking for support to make your EVM implementation a success, contact us today.