Thursday, September 12, 2024
Keeping projects on track and within budget is crucial for any organization. Earned Value Management (EVM) is a proven method that helps you stay on top of your project's scope, schedule, and costs. However, crunching numbers and generating reports manually can be time-consuming and prone to errors. That's where Earned Value Management (EVM) software comes in. These tools automate tedious tasks and provide the insights you need to make informed decisions.
In this article, we'll explore some of the most popular EVM software options that we typically see when working with our clients. We will also break down some key features to help you begin your search for the right tool for your organization.
Specialized EVM software applications
The following applications have been purpose-built to support an EIA-748 compliant EVMS for US federal government contracting. They contain features to generate artifacts associated with the NDIA EVMS Intent Guide and produce specialized outputs to support government reporting requirements (such IPMR UN/CEFACT XML, and PARS CCP or IPMDAR JSON files). Many contain built-in controls to make following common EIA-748 business processes easier for the user and contain features for performing unique EVMS actions such as MR/UB distributions, formal re-programming adjustments, over-target baselines, and other specialized functions often associated with EIA-748 compliance.
Deltek Cobra
Part of the Deltek PPM Suite, Cobra is a well-known option for handling large, complex projects with multiple subcontractors and control accounts. It provides customizable reports and dashboards, as well as the necessary security features to ensure your data is safe. Deltek Cobra is a robust solution that has been widely adopted by organizations in various industries, particularly in government contracting and aerospace and defense.Key Features:
- Support for Master / Sub project roll-ups and reporting
- Integrates with Primavera P6, Microsoft Project, and Deltek Open Plan
- Most widely adopted solution for government contractors
EVMS forProject
EVMS forProject is a versatile solution that works well for both large, complex projects and small organizations looking for financial performance on top of the standard EVM metrics and calculations. It offers customizable reports and dashboards and integrates well with existing systems, particularly Microsoft Project, as the original developers of the application came from Microsoft. With the addition of Integrator forProject, automated interfaces to a variety of accounting systems, such as Deltek Costpoint, Unanet, SAP, and others can be accomplished. EVMS forProject is developed by forProject Technology, a company with expertise in EVM software solutions.Key Features:
- Designed for fast and easy data analysis within the application, without the need for additional BI tools
- Configurable enterprise settings allow deployment across a variety of programs and business units with varying needs
- Robust integration with Microsoft Project, Project Online, and Primavera P6
Decision Edge WebEVM
Decision Edge WebEVM is a web-based EVM solution designed to tackle the complexities of large projects implementing EV. Its user-friendly interface is a key standout feature. Decision Edge WebEVM is developed by Decision Edge, a company specializing in project management software solutions.Key Features:
- User-friendly interface for a shorter learning curve
- Open integration
- Web-based platform for deployment in cloud, enterprise, or hybrid environments
ProjStream MaxTeam
ProjStream MaxTeam is a comprehensive project management solution that includes powerful EVM capabilities. Its web-based platform and integration with basis of estimate (BOE) allows for a fairly quick ramp-up time after award. ProjStream MaxTeam is developed by ProjStream, a company focused on project management software solutions.Key Features:
- Workflow features to automate baseline changes and work authorizations
- Built-in funding, revenue, and cash flow tracking
- Integration with basis of estimate (BOE)
OPDEC Integrated Program Manager (IPM)
OPDEC IPM is an Enterprise Project Management Earned Value System (EPM EVS) that provides a web-based solution for various industries. It is developed by OPDEC, a company specializing in project management software solutions.Key Features:
- Microsoft Office automation tools may help users feel more comfortable and improve adoption
- Integrated compliance management features to help you stay in line with industry regulations
- Web-based platform for accessibility and collaboration
Project Cost Management software with EVM capabilities
The following applications represent highly configurable project financial management platforms designed to support capital projects. Many of these applications have been built to address the needs of the Engineering, Procurement, and Construction (EPC) industry. They are robust platforms that can be configured for a variety of project financial management and program control use cases, such as portfolio and project performance (including earned value), resource management, estimating/job costing, cashflow, P&L forecasting, purchasing, subcontract management, invoicing, and others. Many have configurable forms and workflows with robust system integration capabilities but may require extensive expertise to configure and implement for the needs of each organization.
While there are many applications that fit within this space, the following are those that we have seen or implemented to meet EIA-748 compliance requirements in the US. This is not an exhaustive list.
EcoSys Enterprise Planning & Controls (EPC)
EcoSys EPC, now part of Hexagon PPM, is a scalable and configurable solution that can handle projects and programs of all sizes. Its web-based platform offers access on multiple devices while maintaining a secure environment. The EcoSys team developed the original Oracle Primavera project management suite (now P6) and has leveraged their experience to develop EPC, which was introduced in 2006 as a cost management and controls system.
Key Features:
- User-friendly interface with spreadsheet-like views for easy adoption
- Web-based, accessible from any device
- Originally developed by experienced team behind Oracle Primavera (now P6)
Oracle Primavera Unifier
Primavera Unifier is a robust project management solution that works well for companies that have large programs that require project management insight. One of its most useful features is the Earned Value application has a native integration with Primavera an industry leader in scheduling software, which combines important project data like costs, timelines, and performance metrics into a single overview.
Key Features:
- Tight integration with Primavera P6 EPPM
- Robust forms and workflow capabilities
- Expandable with additional modules to provide an end-to-end solution for managing enterprise KPIs beyond Earned Value
Contruent Enterprise
Contruent Enterprise, formerly known as ARES PRISM, is a powerful EVM solution designed for large, complex projects. Its web-based platform and mobile app are advantageous. Construent Enterprise is developed by Construent, a company with expertise in project management software solutions.
Key Features:
- Designed to handle the complexities of large, complex projects
- Excellent contract and procurement management capabilities out of the box
- Comprehensive EVM metrics and analytics for data-driven insights
Dassian
For customers using SAP, Dassian is a comprehensive resource management solution designed specifically for aerospace, defense, and government contracting customers. It offers tight integration as an SAP partner.
Key Features:
- Designed specifically for aerospace and defense
- Deep integration with SAP
Conclusion
Choosing the right Earned Value cost engine software can be challenging. We have looked at some of the commonly implemented solutions. Each one offers unique features and benefits tailored to the needs of large, complex projects or small organizations new to EV, or perhaps both are served equally well.When selecting an EVM solution, consider factors like project complexity, scalability, ease of use, integration capabilities, and vendor support. Ensure the software you choose aligns with your organization's specific requirements, existing technology stack, and budget. It's also essential to evaluate the vendor's expertise, customer support, and training options to ensure a smooth implementation and effective usage of the software.
Pinnacle has extensive experience working with companies to replace proprietary Cost Engines with Commercial off the Shelf Tools and helps organizations new to EV with their selection process. Our team of experts can guide you through the process of evaluating and implementing the right EVM solution for your organization.
To learn more about our EVM services and how we can help you choose the right Earned Value cost engine software, please visit our website or contact us directly. Our knowledgeable professionals are ready to assist you in finding the perfect solution to meet your organization's needs.
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Topics: Aerospace & Defense, Earned Value Management (EVM), Integrated Program Management (IPM), Government & Public Sector, Microsoft EPM, Recent Articles
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