How do you predict future outcomes for your project schedule?

1 Baseline your schedule

The first step to predict future outcomes for your project schedule is to establish a baseline. A baseline is a snapshot of your original project plan that shows the planned start and finish dates, durations, work, and costs of each activity and milestone. You can use a software tool, such as Microsoft Project, to create and save a baseline for your project schedule. A baseline serves as a reference point to measure and compare your actual progress and performance against your plan.

2 Track your progress

The next step to predict future outcomes for your project schedule is to track your progress. Tracking your progress means collecting and recording the actual start and finish dates, durations, work, and costs of each activity and milestone as they occur. You can use a software tool, such as Microsoft Project, to update and save your actual data for your project schedule. Tracking your progress allows you to identify any deviations, delays, or variances from your baseline and analyze the causes and impacts of these issues.

3 Use earned value analysis

The third step to predict future outcomes for your project schedule is to use earned value analysis. Earned value analysis is a technique that integrates scope, time, and cost data to measure and evaluate your project schedule performance. You can use a software tool, such as Microsoft Project, to calculate and display earned value metrics, such as schedule variance (SV), schedule performance index (SPI), and estimate at completion (EAC). Earned value analysis helps you to determine if your project is ahead or behind schedule, how efficiently you are using your resources, and what your projected schedule outcome will be.

4 Apply forecasting techniques

The fourth step to predict future outcomes for your project schedule is to apply forecasting techniques. Forecasting techniques are methods that use historical data, mathematical models, or expert opinions to estimate future trends, patterns, or events. You can use a software tool, such as Microsoft Project, to apply forecasting techniques, such as trend analysis, regression analysis, or Monte Carlo simulation. Forecasting techniques help you to anticipate potential risks, opportunities, or changes that may affect your project schedule and prepare contingency plans or corrective actions accordingly.

5 Communicate your predictions

The fifth step to predict future outcomes for your project schedule is to communicate your predictions. Communicating your predictions means sharing and reporting your project schedule status, performance, and forecasts to your stakeholders, such as your sponsor, team, client, or vendors. You can use a software tool, such as Microsoft Project, to create and customize reports, dashboards, or charts that show your project schedule information. Communicating your predictions helps you to align expectations, gain feedback, and secure support for your project schedule management.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?