As a started, I am not very sure of how to apply few methods such as EVM, cost management etc. even though I understand the gravity of this theoretically. You know when it comes to finance, people are not given enough information on this especially which means you don't have access to these and you are not able to implement it. So, I think trying out this is quite difficult. Suggestions invited Saving Changes...
The reasons people struggle with this - is because they need a methodology Saving Changes...
Drew CraigSr. Agile & Product Coach| VanguardPhiladelphia, Pa, United States
Speaking to EVM, if you have access to total budget, resource costs, hours consumed, %complete, etc. then you can determine earned value, actual cost, cost/schedule performance, and so on.
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1 reply by Muthukrishnan Ramakrishnan
Jan 30, 2018 8:40 PM
Muthukrishnan Ramakrishnan
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Yes, totally agreed Thanks
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Sergio Luis ConteHelping to create solutions for everyone| Worldwide based OrganizationsBuenos Aires, Argentina
Great comments from @Mounir (hehehe). Same from @Andrew. Trying to add something, let me say: 1-you do not need to apply it. You can apply any other method your finance department is using to control cost adapting it to project cost. 2-just in case you need to apply them take a look to PMI´s practice standard (https://www.pmi.org/pmbok-guide-standards/...management-2nd) where you will find examples. It is a very simple method to use.
One of the hardest competencies for a PM to develop is the ability to know when the right time (or context) exists to apply a given tool or practice.
Just as using the wrong construction tool can cause issues, using a good PM practice in the wrong context can get you into trouble.
Assuming you are working for a large organization, they should either have an establish PM methodology as Mounir indicates OR you could connect with a "seasoned" PM to understand what is his/her normal approach for a project within your company.
When it comes to sticky subjects, if you can;t get good advice from senior PM's as Kiron suggests (which is probably the best way), you could try and look at some of the previous projects and look at their budgets or cost management plans.
Speaking to EVM, if you have access to total budget, resource costs, hours consumed, %complete, etc. then you can determine earned value, actual cost, cost/schedule performance, and so on.
Great comments from @Mounir (hehehe). Same from @Andrew. Trying to add something, let me say: 1-you do not need to apply it. You can apply any other method your finance department is using to control cost adapting it to project cost. 2-just in case you need to apply them take a look to PMI´s practice standard (https://www.pmi.org/pmbok-guide-standards/...management-2nd) where you will find examples. It is a very simple method to use.
One of the hardest competencies for a PM to develop is the ability to know when the right time (or context) exists to apply a given tool or practice.
Just as using the wrong construction tool can cause issues, using a good PM practice in the wrong context can get you into trouble.
Assuming you are working for a large organization, they should either have an establish PM methodology as Mounir indicates OR you could connect with a "seasoned" PM to understand what is his/her normal approach for a project within your company.
