Chrono™ Embedded ES (Earned Schedule) Tool

“TRENDS AND EMERGING PRACTICES IN PROJECT COST MANAGEMENT

Within the practice of Project cost Management, trends include the expansion of earned value management (EVM) to include the concept of earned schedule (ES).

ES is an extension to the theory and practice of EVM. Earned schedule theory replaces the schedule variance measures used in traditional EVM (earned value – planned value) with ES and actual time (AT). Using the alternate equation for calculating schedule variance ES – AT, if the amount of earned schedule is greater than 0, then the project is considered ahead of schedule. In other works, the project earned more than planned at a given point in time. The schedule performance index (SPI) using earned schedule metrics is ES/AT. This indicates the efficiency with which work is being accomplished. Earned schedule theory also provides formulas for forecasting the project completion date, using earned schedule, actual time and estimated duration.”

PMI® PMBOK® Guide, 6th Edition, pg. 233

The primary difference between ESM (Earned Schedule Management) versus EVM (Earned Value Management) is that ESM parameters can be readily extracted from an IMS (Integrated Master Schedule) tool, if the IMS is set up properly. ES does not require resource or financial data. If you couple the IMS tool with a complimentary integrated SRA (Schedule Risk Analysis) tool like Chrono™ you have even greater ES capability.

Examples of ES early warning Indicators/metrics are provided below:

Examples of ES schedule projections for Nominal and Commit via SPIs are provided below:

ES provides valuable schedule early warning metrics and predictions based on extending team efficiencies or inefficiencies. It is also readily available via Chrono™ and does not necessitate additional technical support, for it is completely automated.

“If End Dates Matter”, you want to utilize ES!

It is important to note that ES is no longer “Emerging”, it is now available from RTConfidence, Inc. And organizations can now effectively utilize this disruptive “Best Practice” – doing so can improve strategic project performance and significantly bolster organizational competitiveness and business financials.

Earned Schedule calculations are provided below – for those interested in knowing the details:

Open Task ES = (Baseline Duration) ² / (Actual Duration + Remaining Duration)
Completed Task ES = (Baseline Duration) ² / (Actual Duration)
Project ES to Date = ∑(Open Task ES) + ∑(Completed Task ES)
SPI = (Project ES to Date) / (Open + Completed Task Baseline Durations)
iSCH (Independent Project Schedule Projection) = IMS Result when

Improve Overall Business Performance

The primary differentiating benefit of the Chrono™ ES (Earned Schedule) Tool to all others on the market is that its parameters are readily extracted/calculated from the Chrono™ IMS (Integrated Master Schedule) and SRA (Schedule Risk Analysis) data. ES does not necessitate resource or financial data, so the RTConfidence team embedded it into Chrono™ to provide an added Project Management “Best Practice” and Level-up our Users’ arsenals with invaluable “Early Warning” metrics.

The Chrono™ tab and output data display functions enable:

Seamless set-up and execution of Earned Schedule Management relative to both the Nominal Baseline plan and the SRA-enabled Goal/Commitment Baseline plan – with unparalleled SRA integration, using the Chrono™ “Set Project Baselines” function.

Collection of data to provide ES trend charts that are automatically calculated and updated upon schedule publication using the Chrono “Project Progress Update” function. This includes:
- SPIs (Schedule Performance Indices)
- Completion date projections based on the team’s schedule performance efficiencies
- Tracking against both Nominal (i.e., Target) and Goal (i.e., Commitment) baselines

Selection of organizational project governance defaults:
- Titles of the various % Confidence levels
- Medium-Risk and High-Risk % Confidence settings to define Red/Yellow/Green zones
- Goal % Confidence, which can enable alignment with the project team’s Commit % Confidence (to establish the Commit Baseline) for ES calculations

Improve Overall Business Performance

ES is no longer “emerging”; it is now available from RTConfidence, Inc., and organizations can now effectively utilize this “best practice” – doing so can significantly bolster competitiveness and overall business performance.

The primary benefit of ES is that its parameters can be readily extracted from an IMS tool if the IMS is set up properly. ES does not necessitate resource or financial data. If you link the IMS tool with a complimentary integrated SRA tool like Chrono™, you have even greater ES capability.

The Chrono™ tab functions enable:

Seamless Set-Up and Execution of Earned Schedule Management

Relative to both the nominal baseline plan and the SRA-enabled goal baseline plan

With unparalleled SRA integration

Collection of Data Per Earned Schedule Reporting Requirements

ES trend charts are generated upon every project status update:

Selection of Governance Defaults:

Red, yellow, green SPI bands

Selection of Different ES Metric Views

Progress versus completion date commitment (range of outcomes)
SPI projections (future based on actual performance to date) – a relatively conservative (i.e., pessimistic for underperformers) estimate
ES actuals, time remaining (future based on baseline adherence) – a less conservative yet viable estimate

Methodology – ES Utilizing MS Project IMS With the Chrono™ SRA Tool

The Chrono™ embedded ES tool uses MS Project IMS tool information augmented by Chrono™ SRA tool information that is inserted into the IMS file to provide ES specific data without adding any further information other than that which is inherently provided by MS Project. ES metrics are calculated in our “cloud,” as are the data storage operations that facilitate data and chart development over time (as projects are status updated).

Chrono™ Embedded ES (Earned Schedule) Tool

“TRENDS AND EMERGING PRACTICES IN PROJECT COST MANAGEMENT

Within the practice of Project cost Management, trends include the expansion of earned value management (EVM) to include the concept of earned schedule (ES).

PMI® PMBOK® Guide, 6th Edition, pg. 233

Examples of ES early warning Indicators/metrics are provided below:

Examples of ES schedule projections for Nominal and Commit via SPIs are provided below:​

Improve Overall Business Performance

The Chrono™ tab and output data display functions enable:

Improve Overall Business Performance

Methodology – ES Utilizing MS Project IMS With the Chrono™ SRA Tool

Examples of ES schedule projections for Nominal and Commit via SPIs are provided below: