How do you benchmark and improve your schedule variance performance and maturity?

1 Benchmark your SV performance

To benchmark your SV performance, you need to compare it with relevant standards or criteria. These can be internal or external, depending on the project context and objectives. For instance, historical data from similar projects in your organization or industry, industry best practices or benchmarks from reputable sources, contractual requirements or expectations from clients or stakeholders, and project baselines or targets that you have established. Benchmarking your SV performance allows you to identify your strengths and weaknesses, as well as evaluate how well you are meeting project goals and expectations.

2 Analyze the root causes of SV

To improve your SV performance, you need to understand the root causes of your schedule variances. This can come from poor planning or estimation of the project scope, schedule, or resources; inaccurate or incomplete progress reporting or tracking; changes in the project scope, schedule, or resources; risks or issues that affect the project execution or delivery; and external factors that are beyond your control, such as market conditions, regulations, or disruptions. Analyzing these root causes can help you identify areas that need improvement and prioritize actions to reduce or eliminate schedule variances.

3 Implement corrective and preventive actions

To improve your SV performance, you need to implement corrective and preventive actions that can address the root causes of your schedule variances. These can include revising or updating your project plan, schedule, or budget; communicating or negotiating with clients or stakeholders; enhancing or streamlining progress reporting or tracking systems and processes; managing or mitigating risks or issues that affect your project schedule; and adapting or innovating project methods or practices to cope with external factors. Implementing these corrective and preventive actions can help you improve project performance and outcomes, while also avoiding or minimizing future schedule variances.

4 Monitor and control your SV performance

To ensure success in your SV performance, you must monitor and control it throughout the project lifecycle. This requires measuring and reporting your SV regularly and consistently, using the right tools and techniques. You should also compare and evaluate your SV against benchmarks or standards, using relevant metrics and indicators. When reviewing the corrective and preventive actions, take into account the feedback and results. Additionally, recognize and reward your achievements and improvements, and learn from any mistakes or challenges. By monitoring and controlling your SV performance, you can guarantee that you are on track with the project schedule and budget, as well as delivering value to your clients or stakeholders.

5 Assess your SV maturity level

Assessing your SV maturity level is an essential step in improving your SV performance. This includes determining how well you have implemented the best practices and processes for SV management, identifying the gaps and opportunities for further improvement, establishing the goals and plans for advancing your SV maturity level, and leveraging the resources and support available for enhancing your SV capabilities and competencies. Through this assessment, you can benchmark and improve not only your SV performance, but also your overall project management maturity and excellence.