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Alejandro, need to lookup some sounding examples, but I would say right away: Yes
EVM is a thermometer-like indicator. It tells the PM if the project is on, behind or ahead of schedule, and within budget. If the project is going towards its completion, EVM becomes less relevant, but you may use it till the very end (indeed, at the end of the project EV = PV)
have you by any chance usted "Earned Schedule"? I have read about it, but never actually used it.
If your project is late, until you reach the baselined end date of your project, EV will be less PV. Beyond that point, your EV will continue to increase while the PV does not. SPI becomes meaningless once you are beyond your baselined project end date.
If your project is early, your EV will be more than your PV. If you finish early, your EV will remain higher than your PV and, thus, your SPI will remain higher than 1.
Anything loses relevance if it fails to add value. That's why we start to slack towards the end of a project. Keeping up with EVM, risk registers, and other project document chores becomes less relevant when the end is in sight. (This assumes that all my activities were actually relevant to my project in the first place.)
When it comes time to actually close the project, though, it's nice to have the continuous record of data. Maybe I'm just not lean enough, but I like to see all that data converge at the project close, and I like to compare it to the baseline plan to glean some lessons learned.
Something missing sometimes are the "predictors" inside the EVM method. So, I allways maintained EVM active until closing. About earned schedule I used and I am using it and in my case it works better than EVM.
EVM is a powerful performance-tracking tool but has its own limitations.
The traditional EVM has the following major limitations:
1. We can’t measure the schedule gap in units of time. SV is in dollars and SPI is a relative measure. This is slightly tougher to grasp.
2. As you mentioned, for all completed projects, SPI = 1 and SV = 0. This is independent of actual overall schedule performance of the project.
3. Forecasting is focused on project cost. There is no easy mechanism to forecast the schedule of the overall project.
4. The formulas for EAC that incorporate both SPI and CPI are mathematically imprecise, actually an ad-how attempt of somehow incorporate the impact of schedule on project cost.
The fact is that each and every tool for performance measurement and forecasting has advantages and disadvantages. It is difficult to model the real world accurately. When we use any of these tools, due attention to assumptions and tool-limitations is needed. Occasionally, using more that one tool also helps to secure deeper insights.
PMBOK 6th Edition has introduced the concept of Earned Schedule, an extension of traditional EVM. With ES, we can have SV in units of time. We also get an accurate schedule assessment even after the project is completed. Forecasting for schedule is also feasible.
I hope this helps!
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