In earned value analysis, the Estimate To Complete, usually abbreviated ETC, is the expected remaining cost to complete the project. It is not the final overall project cost (that's the EAC), rather it is the expenditure from now to the end of the project. It does not include what has already been spent. Thus, it allows the project manager to compare the funding needs … [Read more...]
Earned Value Management is the secret to project success! If you are passionate about having projects finish on time, on schedule, and with all other project success criteria satisfied, you must learn how to use it. Earned Value Management is a project control technique used by project managers to keep projects on schedule and budget. Earned Value analysis gives the … [Read more...]
When a patient is first wheeled into the emergency room, the first priority of any doctor is their vital signs, that is, pulse, breathing, body temperature, and blood pressure. Regardless of the injury, if the vital signs are not stable the patient is dying and all efforts must be directed toward stabilizing them prior to treating the original injury. Project management … [Read more...]
The real benefit of the earned value method is in the early warning signal it provides. In my previous life at a large engineering company, I saw many project managers get to a monthly billing cycle before they realized the project was behind, and even then they would rationalize it by deciding their project team was going to be more efficient in the next cycle. Suffice … [Read more...]
Getting an early indicator of deviations from the project plan can be a game changer for project managers. This is precisely the main benefit of the earned value method, and its diligent application can do wonders for a project manager's career. Planned Value, usually abbreviated as PV, is one of the fundamental inputs of the Earned Value Management System. It is … [Read more...]
Like termites that build their invisible kingdoms secretly and slowly, projects have a similar parasite that grows under the surface until it suddenly exposes itself with disastrous consequences. It's called scope creep, and it has eaten many projects alive. Scope creep is the unauthorized addition of tasks into a project. If the project manager is not on the lookout, … [Read more...]
In the operating room, Doctors monitor the vital signs of their patients using a device called an electrocardiogram. This device is familiar to most people - It's the monitor that displays the electrical pulses of the heart. In project management, project health is measured by the Cost Performance Index, usually abbreviated as CPI. The Cost Performance Index is one of … [Read more...]
In this day and age, project success is no longer a matter of luck. So long as the project schedule and budget are realistic and achievable, project management fundamentals provide more than enough tools for the project manager to implement project controls that provide sufficient early warning of variances that require action. Projects, by their nature, are journeys … [Read more...]
In project management, getting an early indication of problems can mean the difference between triumph and turmoil. The Schedule Performance Index (SPI) is a powerful little number that tells you, at a glance, whether you're on pace or off the rails, and by how much. But more than just a metric, it’s a reality check, revealing how efficiently your team is turning plans … [Read more...]
In project management, getting an early indication of problems is the silver bullet that allows the project manager to correct problems before they start. That’s where schedule variance comes in—a critical metric that acts like a radar, spotting deviations from your timeline before they snowball into chaos. But the Schedule Variance doesn’t just tell you where you … [Read more...]
