Tracking progress on projects means looking at more critical factors than just schedule and budget. Discover which metrics may be useful in ensuring that your project will meet your customer’s expectations and ensure that your organization is realizing the intended benefits from your project.
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For those working within the field of earned value management, a perennial problem is recognizing that there is a difference between Budgets and Funds, and understanding the distinction between the two. Failure to grasp this essential characteristic of earned value management hampers systems and practitioners alike.
This webinar will start with the basic development of the WBS and explore the considerations in adapting the framework to improve the design or management program. Will also be addressed how you can interact with other analytical frameworks, such as the Organizational Breakdown Structure (OBS) or Structure Resources Division (RBS).
This webinar will start with the basics in developing WBS then explore considerations in building the EDT to improve the management of projects / programs and interfaces with other breakdown structures like Breakdown Structure Organization (OBS) and Resource Breakdown Structure (RBS)
Every project manager knows that a Work Breakdown Structure (WBS) is necessary to effectively manage projects to achieve success. However, one WBS doesn’t fit all projects and it’s important to know and utilize key considerations in developing a WBS that will support the managerial requirements of the project’s initiative. Not tailoring a WBS according to a project’s needs will most certainly aggravate the pillar of cost management, scope management, and schedule management. A properly architected WBS will enhance visibility of performance indicators necessary to ensure project success. This webinar will start with the basics in WBS development then explore considerations in tailoring the WBS for enhanced project/program management as it interfaces with other breakdown structures such as the Organizational Breakdown Structure (OBS), and the Resource Breakdown Structure (RBS).
PMO’s that fail to deliver business value usually have lack of organizational support. Not defining the tangible results with a consistent time line or not having de facto power over projects, teams, processes or organizational enablers or PNO’s that do not address the portfolio management processes are quick ways to make PMO’s little more than administrative offices for projects. For the organization to survive and prosper, it is mandatory to choose the right projects and programs, which is more that to manage them rightly. But, reporting to a project director that is a manager of the project managers or to some functional manager that mostly wants administrative and cost issues solved is not a way to promote the strategic PMO’s. And the proper control system as to be in place, supported on solid, integrated and fully comparable methodology that EVM provides.
“Earned Value” (EV) has been around since the 1960’s as an effective Method for monitoring and managing project performance during implementation, and because of its ability to assess Time, Cost and Quality in an integrated manner, EV is undoubtedly significantly superior to antecedent approaches. EVM adoption and utilization was slow at first but following endorsement by the international Project Management Institute (PMI) as a “Best Practice” and inclusion in PMI’s Project Management Body of Knowledge “PMBOK,” demands to use EVM have escalated dramatically in recent years. Nevertheless many project managers and their stakeholders are still not using the Earned Value Method (EVM), and are reluctant to adopt it; or if using it are failing to obtain full benefit from EV analysis. Ken will explain the use of EVM in the Project performance Index (PPI) and in use of the TriColor Traffic Light System
Earned Value curve (Planned Value, Costs and Earned Value) helps you see at any time if a delay will cost more than what we have in the budget. This delay may be in non-critical tasks in the best or worst, be in the critical path (GANTT). These situations can be avoided by good management which includes risk assessment. Place the activities that have to be done if an unforeseen event happens. With this definition, one can use Monte Carlo methods to tell the probability of success and how much time and money it will finally cost. In addition one may add the estimation uncertainty for critical activities. What will be the impact on the estimate to complete the project? All this, should be done before starting the project. During the execution of the project simulations can be used constantly. Define an early warning system which indicates critical situations early enough to take actions.
Earned Value curve (Planned, Cost and Value Earned Value) helps to see at any time if a delay will cost more than what we have in the budget.
The analysis of the earned value curve (Planned Value, Cost and Earned Value) helps you at any time to assess whether a delay will cause a high probability of costs that exceed the original budget. At best, this delay is on the non-critical path (GANTT), or on the critical path with correspondingly high costs