The Federal Office of Management and Budget (OMB) 25 Point IT Management Reform Plan requires agencies utilize an iterative, or Agile, project management methodology and that all projects should result in working business functionality in 6 months or less. However, the OMB also requires the development of a performance measurement baseline and that cost, schedule, and technical performance metrics are tracked. This informative webinar will review the OMB requirements as well as how to plan Government Agile projects and implement EVM.
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The webinar will present the parameters of the ANSI/EIA Standard Earned Value Management System. This will include reasons to conform to the Standard and descriptions of the primary metrics and the 32 criteria. The requirements for a complete Implementation is a huge topic and cannot be covered in this short webinar, but there will be some information provided for further investigation.
“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
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.
To be able to adequately determine the schedule and cost status on a project, a well-conceived Performance Measurement Baseline (PMB) must be developed. Organizing, scheduling, and applying the proper resources needed to accomplish the work are essential to building and subsequently maintaining a PMB.
Earned Value Management (EVM) is the systematic integration and measurement of technical (scope), schedule, and cost accomplishments in a project or task. EVM provides both the public and private industries the ability to examine detailed schedule information, critical program data, technical milestones, and costs. The EVM System is an integrated set of documented processes, procedures, and applications that describe how the system owner is using EVM for managing projects. An EVMS Validation Review verifies that the EVMS processes and disciplines are being used by the project team as well as producing accurate and valid EVM performance data for informed management decisions
Earned Value Mixology - The term “Mixology” refers to receiving an increased effect when you drink any beverage that you make. In this session Earned Value Mixology looks at the main ingredients of a program (that uses Earned Value), notably, Budget, Schedule and Scope and, takes a light hearted look at what is Earned Value, the key elements, provides some helpful tips, benefits and some precautions.
The concept of schedule monitoring and control as one of the most important functions of project management has not been fully exploited. That could stem from the dominance of Earned Value Management Systems which use cost indicators to measure schedule preformance. This can be misleading. In contrast to Earned Value and Earned Schedule, the authors have developed the Earned Duration Management (EDM) which uses certain indices to measure progress and performance of schedule and cost.