Back to basics - Earned Value Management for beginners
Earned value management is a project control process based on a structured approach to planning, cost collection and performance measurement.
Earned value helps us manage a project by:
- providing data to enable objective measurement of project status;
- providing a basis for estimating final cost;
- predicting when the project will be complete;
- supporting the effective management of resources;
- providing a means of managing and controlling change.
Earned value provides information which enables effective decision making by knowing:
- what has been achieved of the plan;
- what it has cost to achieve the planned work;
- if the work achieved is costing more or less than was planned;
- if the project is ahead of or behind the planned schedule.
Good planning leads to good project execution and good management information.
2 comments
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Good planning indeed leads to good project execution, but if the team doesn't have a synergy when executing, there's a chance that the project will fail. Nevertheless, great article, thanks for sharing. Paul - HUSH Project Management & Consulting Limited
The two links to the presentation and YouTube seem not to be working?