Percent complete is such a critical project metric that forms the basis for so much project analysis. The new rules of credit system creates an objective practice to eliminate the common pitfalls of project progress measurement.
Calgary, Alberta (PRWEB) April 02, 2013
4castplus today announced the release of the new Rules of Credit addition to its project forecasting and Earned Value Management system. With this critical new functionality, program and project managers can get project peace of mind through progress oversight and forecasting objectivity.
Measuring progress in construction project management software has long been a tricky thing to tackle accurately. There is no absolute science to determining percent complete on projects or tasks. It is often left to the hands and whims of project managers who utilize best-guess methodology and a moist finger in the wind to estimate how far along a project task has progressed. Senior managers and program managers are forced to trust the motives and actions of their project management teams to be as realistic and accurate as possible. Many organizations depend on these calculations of percent complete. They’re vital for determining variance, remaining cost to complete and other earned value management metrics on a project. They’re also used in calculating amounts billable in a progress draw.
With the new Earning Rules of Credit solution in 4castplus, project managers can define distinct and real milestones that are associated with a percent complete value. Most project tasks are made up of underlying milestone events that build up the definition of completion and close-out of that project task. 4castplus enables users to align these events with real accumulation of percent complete.
4castplus provides an easy interface for users to check-off these activities as finished. The associated percent complete for the activity is then auto-applied to the task and calculated on the project.
Users can create Rules of Credit templates to assign to tasks. This makes it easier to build up all the rules of a project when a standard set of milestones are common.
“Percent complete is such a critical project metric that forms the basis for so much project analysis,” Said Michael Wilson, PMP of 4castplus, “It’s a complicated value to figure out even for the most seasoned project managers. We’re excited to release the new earning rules of credit system. It creates an objective practice to eliminate the common pitfalls of project progress measurement.”
For more on the 4castplus Earning Rules of Credit, click the following link: http://www.4castplus.com/using-rules-of-credit-for-percent-complete/
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4castplus is the first web and cloud-based solution to offer total real-time Project Cost Management in a single powerful software tool. With its performance-driven features, 4castplus delivers a centralized and streamlined solution to Construction, Energy, Utilities and EPC organizations. Features that include: Estimating, Time-Phased Budgeting, Change Management, Procurement, Contract management, Real-time Project Tracking & Reporting for LEM, Purchase Order Management, Cash-Flow Reporting, Customer Invoicing, Document Control, Schedule Integration, and Forecasting for Earned Value Management. 4castplus helps companies around the globe get better project results while enhancing their competitive edge. All at a low total cost of ownership that delivers up to 30 times ROI. For a quick tour of features, visit the 4castplus Quick Tour.