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...]
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 Earned Value Management. It tells the project manager how far ahead or behind the project is at the point of … [Read more...]
Earned Value is a method of calculating project status. It does this from two perspectives: Time (schedule) and Cost. After applying the earned value method the project manager will know whether the project is: behind or ahead of schedule. over or under budget. In this post we will outline each formula in the earned value management system. The first three … [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. … [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. … [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...]
Since many people become project managers via promotion from a technical role, "flying by the seat of your pants" is often the norm. You might know the progress and delivery date of various tasks, the deadline date for the overall project, and you might be on top of the overall project progress. But today I will show you the right way to monitor project progress to … [Read more...]
If I asked you how far behind your project was, could you tell me in quantitative terms? Most people know the basic status of various tasks: "Well, that report was a week behind and Johnny should've finished his analysis by yesterday." But that's not good enough. Project management standards dictate that the project manager knows how far behind (or ahead) the … [Read more...]
