Normally, earned value (EV) as applied in project management refers to an estimated performance of some tasks in comparison to the project schedule and budget. This method is commonly applied so that an estimation of the resources, which are to be consumed upon project completion is got. Earned value OH can be applied by a project manager in getting their estimate of the resources that will have been used upon the completion of a project.
When computing this estimates, the task completed is often compared to the figures obtained at the beginning of the task. This is because it is not possible to get the true measure of how the task has progressed if such progress is to be reported based on the time elapsed. For example, a project to be completed in 12 months cannot be reported as 50% complete at 6 months. The reason is that elapsed time alone does not indicate whether the project is ahead or behind schedule.
This technique gives a better measure of the progress made. When used, you get credit for the work done upon the completion of the project. Each task is usually assigned a certain percentage such that the whole task adds up to a hundred percent. As every task is completed, it is added as the EV.
All work is usually planned, scheduled, and budgeted in time and planned value increments, contributing to a performance measurement baseline. The gained value offers an objective measurement of an accomplished work on a project. Through this technique, the management is able to compare the actual completed work against the planned work to be completed. The difference between the planned and the earned work is known as schedule variance.
Project managers ought to be in agreement concerning the scope of the project, have the work broken down and then allocate the budget to all the work packages. They can also design schedules that depict the duration that a task ought to take. This planned value will be used when measuring the accomplishment of the whole project. While the tasks are in progress, they are usually evaluated against the planned estimates in order to ascertain what has been accomplished versus the planned.
Again, it is necessary to get the actual costs for the task from the accounting systems of an organization. This way, the cost can be compared to the EV to show an overrun or underrun. With this technique, however, the manager can be able to measure the performance and predict future outcome.
A project manager can be able to give the progress of a task through earned value with greater confidence. This gives the management the ability to make decisions relating to time and cost sooner than it would otherwise be.
Although past performance can be a good indicator of expected future performance, EV is the ideal tool to predict the outcome in terms of time and cost to the completion, as well as the expected final costs. If the technique is well implemented on a project, the customers gain confidence on the contractor due to his or her ability to manage the project well and providing objective reports rather than subjective reports.
When computing this estimates, the task completed is often compared to the figures obtained at the beginning of the task. This is because it is not possible to get the true measure of how the task has progressed if such progress is to be reported based on the time elapsed. For example, a project to be completed in 12 months cannot be reported as 50% complete at 6 months. The reason is that elapsed time alone does not indicate whether the project is ahead or behind schedule.
This technique gives a better measure of the progress made. When used, you get credit for the work done upon the completion of the project. Each task is usually assigned a certain percentage such that the whole task adds up to a hundred percent. As every task is completed, it is added as the EV.
All work is usually planned, scheduled, and budgeted in time and planned value increments, contributing to a performance measurement baseline. The gained value offers an objective measurement of an accomplished work on a project. Through this technique, the management is able to compare the actual completed work against the planned work to be completed. The difference between the planned and the earned work is known as schedule variance.
Project managers ought to be in agreement concerning the scope of the project, have the work broken down and then allocate the budget to all the work packages. They can also design schedules that depict the duration that a task ought to take. This planned value will be used when measuring the accomplishment of the whole project. While the tasks are in progress, they are usually evaluated against the planned estimates in order to ascertain what has been accomplished versus the planned.
Again, it is necessary to get the actual costs for the task from the accounting systems of an organization. This way, the cost can be compared to the EV to show an overrun or underrun. With this technique, however, the manager can be able to measure the performance and predict future outcome.
A project manager can be able to give the progress of a task through earned value with greater confidence. This gives the management the ability to make decisions relating to time and cost sooner than it would otherwise be.
Although past performance can be a good indicator of expected future performance, EV is the ideal tool to predict the outcome in terms of time and cost to the completion, as well as the expected final costs. If the technique is well implemented on a project, the customers gain confidence on the contractor due to his or her ability to manage the project well and providing objective reports rather than subjective reports.
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