A Theoretical Approach to Traditional Project Metrics-Bridging the Gap Between Earned Value and Critical Path Project Management
Abstract
Earned Value Management (EVM) is a commonly used method for project performance measurements. EVM focuses on monitoring and controlling project metrics aimed at efficiency and effectiveness reporting. Two commonly used metrics include cost performance index (CPI) and schedule performance index (SPI). Additionally used is the Critical Path Method (CPM). As a project management tool, CPM is used to determine the longest path of activities throughout the duration of the project. Tasks residing on this path are “critical,” as delay in these activities can result in delay to the overall project. EVM calculations do not take into full consideration the criticality of those tasks completed or planned to be completed that reside on the critical path exclusively. Calculations do not differentiate tasks that are “critical” from those that are not. Tasks are treated uniformly and are considered equal throughout EVM calculations. Here, a theoretical approach to project performance metrics is suggested.
Introduction
Earned Value Management (EVM)
In its various forms, Earned Value Management (EVM) is a commonly used methodology for project performance measurement, as described in A Guide Project Management Body of Knowledge (PMBOK® Guide) – Fifth Edition (Project Management Institute, 2013). Its primary objective is to provide users a …
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