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. … [Read more...]
Putting out fires is practically part of the job description for some project managers. Every project has changes throughout its life span, sure, but how do you control them, or better yet, how do you stop them from popping up? Project controls are where the project manager earns their wages. Assigning work is relatively easy, but how do you ensure the quality of the … [Read more...]
In project management, getting an early indication of problems is the silver bullet that allows the project manager to correct the problems before they start. The Schedule Performance Index, usually abbreviated as SPI, is one of the fundamental outputs of the Earned Value Management System. It tells the project manager how far ahead or behind the project is at the … [Read more...]
In project management, getting an early indication of problems is the silver bullet that allows the project manager to correct the problems before they start. Schedule Variance, usually abbreviated as SV, is one of the fundamental outputs of the Earned Value Management System. It tells the project manager how far ahead or behind the project is at the point of analysis, … [Read more...]
Earned value analysis is used to calculate the project status on two fronts: Schedule. Is the project ahead of or behind schedule? Cost. Is the project over or under budget? Let's say you are the project manager for the renovation of 3 hotel rooms. The tasks are as follows: Preparation. Jan. 1 - Jan. 10, $5,000. Room #1: Jan. 10 - 20, $15,000. Room … [Read more...]
It's amazing how many projects do not know their true status until near the end, when there is little that can be done to ensure they finish on time or budget. The proper time to rigorously track project status is at the beginning, not at the end. This is when project risk can be managed and changes made to get it back on track. Earned value analysis is the current … [Read more...]
