Earned Value Management is not just fuzzy math, but you need to help people understand it. The problem is not in the math itself, but in the difficulty of explaining EVM to stakeholders who don’t understand the numbers and what they mean. How do you sell EVM to your stakeholders without focusing on the math? Here we look at EVM for the masses.
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Earned Value Management can only help if you understand the limitations of the data you're using to calculate the numbers. Here we look at the specific planning and tracking requirements for EVM--and the aspects that a project manager has to consider in preparing and managing their project for it.
Need some help digesting earned value management? An EVM project that is “broken” before its completion is easier to reconstruct and make useful...so open wide and get ready to chew.
CMMI provides several models that organizations can use to identify best practices and organizational improvements. Studying the maturity models and researching earned value management readiness reveals a series of baby steps for organizations to adopt EVM.
Make sure those who are reporting progress on tasks know the rules or you won't get the accuracy that you expect.
The best part about Project Cost Management is that there are only three processes. And while the first two processes are light dumbbell lifting, the third throws some heavy barbell exercises your way. Are you prepared?
Why is LOE as important for a project as other aspects like stakeholder satisfaction, cost overshoot and schedule variance? And are you approaching it the right way?
In his practice, the author has encountered project managers who, resistant to change and primarily concerned with successful delivery of their project, have resisted the adoption of Earned Value Management (EVM) practices. He explains the importance of EVM for cost control and demystifies EVM tools, with examples using Microsoft Project® and the open source tool, OpenPPM.
The author presents a practical approach for the application of earned value focused on better project scope definition and project plan creation, both based on results. Project progress is credited only if deliverables are completed or milestones are achieved, increasing the objectivity of project performance measurement and probability of success.
One of the best ways of selecting a project is by utilizing economic value added (EVA) methodology. This methodology is also considered a criterion of project acceptance. EVA requires effective collaboration between finance and project management, an alliance that not only enables the project management professionals to understand how the company's finance works, but also allows them to assist business leaders in making better financial decisions.