A good Project Management Information System will aggregate all project data and information from numerous sources, spreadsheets, and systems to serve as the project management team’s single source of truth.
FREMONT, CA: As the name implies, a project management information system (PMIS) collects and organizes project data. A project management information system (PMIS) comprises software applications and processes or workflows to collect and use project information. Project managers then use the information to plan accurately, execute, and complete AEC projects.
There are numerous forms of PMIS, but the most contain scheduling tools, cost controls, job permit management, and information collecting and dissemination to all project stakeholders. Specific advanced systems automatically create and monitor key performance indicators (KPIs), while others serve solely as a document repository.
The selection criteria for a PMIS will vary according to an organization’s operating requirements. Similarly, while the scope, design, and features offered by most project management information systems vary, it is critical when selecting a PMIS system that it includes at least the following features and capabilities:
Scheduling and Planning: A PMIS will natively plan and compute the project’s schedule and critical path or integrate with a scheduling program such as Microsoft Project or Oracle Primavera P6. A PMIS will create or import the specific schedule for a project and define the scope baseline.
Budgeting and Estimation: A well-designed project management information system can correlate project costs to specific tasks or components, resulting in more precise budget projections. A PMIS must integrate cost estimation, forecasting, cost data, and scheduling information to accurately determine a project's progress and performance. Having all of this data in one system enables cost management through the process of planning, estimating, and regulating a project's budget; this is closely related to cost management and project performance below.
Cost Control and Project Execution: A well-designed PMIS enables project managers to maintain control over the cost and performance of their projects. It will enable updating existing plans as actual in response to scheduled data changes and the provision of what-if scenarios to stakeholders, all while tracking and managing all project modifications.
Planned, earned, and actual expenses enable the calculation of additional project values that reflect the project's present status and performance in terms of budget and schedule.
Additionally, project managers can determine the project's current progress to completion by utilizing the Estimate to Complete (ETC), Estimate at Completion (EAC), Variance at Completion (VAC), and To-Complete Performance Index (TCPI).