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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.

 

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  1. Paul Andrews
    Paul Andrews 16 January 2020, 10:18 AM

    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

  2. Andrew Fogden
    Andrew Fogden 08 September 2020, 05:18 PM

    The two links to the presentation and YouTube seem not to be working?