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Are You Ready for Earned Value Management?
Dr. Andrew Makar is an IT program manager and is the author of the Microsoft Project Made Easy series. For more project management advice, visit the website TacticalProjectManagement.com.
Projects@Work is supporting an academic survey to help develop an assessment tool for determining an organization’s readiness to apply earned value management to its projects. Here’s how you can participate.
Earned value management is a project management technique with well more than 100 years of history. The initial inception of earned value management (EVM) can be traced to the factory floor during the 1890s. It is a quantitative project control technique that uses objective data to make data-driven decisions. The technique eliminates the subjective interpretation and defines the current project status in both cost and schedule terms.
Earned value practitioners have recognized several benefits from EVM systems, including early warning indicators for troubled projects, predictors of final project costs, and objective assessments of project schedule and budget status. Despite the benefits found in implementing earned value management, countless organization in both the private and public sectors have been unsuccessful in adopting the technique.
The lack of success can be found in an organization’s overall readiness for EVM. Organizations often struggle with their project management maturity as they balance customer demands while trying to execute projects consistently across the organization. In organizations with low project management capability, …
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