How do you benchmark and compare your SPI with industry standards and best practices?

1 What is SPI and why is it important?

SPI is a ratio that indicates how efficiently you are using your time and resources to complete your project tasks. It is calculated by dividing the earned value (EV), which is the value of the work done, by the planned value (PV), which is the value of the work planned. A SPI of 1 means that you are on schedule, a SPI greater than 1 means that you are ahead of schedule, and a SPI less than 1 means that you are behind schedule. SPI is important because it helps you monitor your schedule performance, identify potential problems, and take corrective actions if needed.

2 How to benchmark your SPI with industry standards?

In order to benchmark your SPI with industry standards, you should find reliable and relevant sources of data that reflect the average or expected SPI for projects similar to yours. Such sources may include industry reports and publications, professional associations, historical data from previous projects, and expert opinions from peers and mentors. You can then compare your SPI with the industry average or range and identify the factors that influence the SPI, such as project characteristics, risk factors, quality standards, and stakeholder expectations.

3 How to compare your SPI with best practices?

To compare your SPI with best practices, you need to go beyond the numerical value and look at the underlying causes and effects of your schedule performance. Questions such as “How realistic and accurate is your schedule baseline?”, “How do you handle schedule changes, variances, and deviations?”, and “How do you align your schedule with your scope, quality, and cost objectives?” can help you evaluate your scheduling management processes and practices. Additionally, by looking at the best practices of other project managers who have achieved high SPIs and delivered successful projects on time, you can identify the strengths and weaknesses of your approach. Furthermore, it is important to track and report actual progress and earned value, communicate and coordinate with team members, sponsors, and other stakeholders, as well as manage schedule risks and opportunities.

4 How to use benchmarking and comparison to improve your SPI?

Benchmarking and comparison are not just tools for measuring your SPI, but also for improving it. By benchmarking and comparing your SPI with industry standards and best practices, you can set realistic and achievable schedule goals, identify gaps and areas for improvement in your scheduling management skills, implement corrective and preventive actions to address schedule issues and risks, adopt best practices and proven techniques to optimize performance, monitor and control progress regularly, and celebrate successes in meeting schedule targets. Ultimately, benchmarking and comparison can help you enhance your scheduling management skills and deliver better results for your project.

5 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?