Monitoring & Controlling lead and lag indicators
Continuous monitoring of lead and lag indicators improves project success. Lag indicators gives us an indication of how the project is performing currently whereas the lead indicators provides an indication of the future project outcomes.
Lag indicators
- Schedule Variance
- Schedule performance index
- Cost variance
- Cost performance index
- Safety indicators
- Risk indicators
- Quality indicators
- Stakeholder engagement indicators
Lead indicators
- Estimated completion date
- Estimated cost at completion
- Safety incident forecasts
- Risk forecasts
The key stakeholders of EPC Projects
As shown in the diagram above, the stakeholders of EPC projects consists of Owner, Contractors, Sub-contractors, Suppliers, Government agencies, General public. Unless and until all project progress information is integrated, it is impossible to get timely overall project progress information on time. There lies the significance of Project Management Information Systems (PMIS).
What is a Project Management Information System?
Project Management Information Systems seamlesslessly collate information from the various information silos like the scheduling systems, costing systems, financial systems, risk management systems, ERP systems, BIM systems etc, deployed across Owner, PMC, Contractor, Sub-contractor and Supplier organizations. Best of the best digital project management information systems will provide real time lead and lag indicators pertaining to;
- Schedule progress of Engineering, Procurement & Construction
- Cost and cashflow
- Contract adherance
- Resource management
- Quality management
- Safety management
- Risk management
- Snagging and closeout
- Portfolio management
Are your project stakeholders getting the right information on time to manage the projects well? If you are in the majority, the answer would be a ‘No’ or ‘Not Sure’. The biggest challenge of project managers and project controllers worldwide is the lack of timely and accurate project progress information. Even after investing on project management tools, majority of the project stakeholders are struggling with this issue.