Project Percent Complete – AC/PMEAC: An Improved Way to Measure Project Progress

  Estimating   Knowledge Shelf  

If you are like most leaders in most organizations, you do not trust your project progress measures, especially percent complete. You spend countless hours trying to figure out where your projects stand in status meetings, reading status reports, and no matter how much you “ask” there are constant surprises and debates.

You can reduce your meeting time, follow-up emails, and other conversations that degrade relationships by using a new metric: PM-adjusted project Estimate at Completion (EAC), or PMEAC. Use PMEAC to develop a truly representative project percent complete. PMEAC is the project manager’s best estimate of the final cost of a project based on both quantifiable data and the application of professional judgment of future costs on a project. Through the use of actual costs from an accounting system, and the developed PMEAC value, an accurate project percent complete can be calculated.

You will be able to use PMEAC and the project percent complete formula to reduce: uncertainty, Useless Conversations (the time spent on phone calls, meetings, online sessions and myriad offline discussions that occur regularly and can be avoided), and time spent doing forensic project status analysis. Our experience shows that project managers on most medium to large projects spend between 5% and 10% of total project time on low-return interactions. By using …

Please log in or sign up below to read the rest of the article.