Variance plays a key role in tracking project progress. These metrics can tell you whether a project is ahead, behind, under budget, or over budget. However, beyond the numbers, variance can reveal more about the project’s overall health.
What do you think variance can reveal about the overall health of a project, beyond just indicating whether it's ahead or behind? How might variances in early phases of a project predict long-term challenges? In your experience, how should project managers interpret and respond to these signals to improve project performance?
Variance does give us insight into whether a project is ahead or behind schedule, but it can also serve as a signal for deeper issues. For instance, consistent variances in the early stages could suggest problems with initial estimates and resource allocation or gaps in communication. These early warning signs can point to long-term challenges, like scope creep or delays, if not addressed.
While I don't really have any direct experience with this, I think it would be good to look beyond just correcting the numbers and ask why the variance is happening. Is there a recurring issue with certain tasks or teams? Are requirements not fully understood? By identifying the root cause, PMs can make adjustments that help improve project performance and prevent similar issues down the line. So, variance isn’t just about where the project stands at this moment, it’s also a predictor of where things might go if corrective actions aren’t taken.
