Best practice in interfacing earned value and risk management
Posted by APM on 23rd Jul 2010
Lauren Bone from Bone Consulting Limited and Val Jonas from risk decisions management consulting presented to South Wales and West of England Branch in September 2007 on earned value and risk management. The session started by defining earned value as ''establishes project performance status and extrapolates that information to understand future trends and allocation of resourceneeded to successfully meet project milestones.''''Risk management look to the unknown future to identify risks and recommend early action to be taken to limit the threat or maximise the exploitation of opportunities.''
The seminar providedan overview of the earned value and risk guide and focused on establishing aproject baseline along with analysis and decision making. The presentation concluded by clearly defining the benefits of bringing earned value and rick management as one. Earned value and risk management can work in synergy with each other.
Slides from Lauren and Val's presentation are available to download below.
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We make risk assessments every day, and generally we do them well. Most of us look both ways before looking the road, and in the same way most of us will survey a site before we allow our projects to start digging.