Earned Value Management - EVM
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The Earned Value Managment method is a very powerful and popular project monitoring tool. | The Earned Value Managment method is a very powerful and popular project monitoring tool. | ||
Monitoring and controlling are key practices in project management. They serve the purpose of informing the stakeholders on the advancement of the project taking as inputs the results of the planning process and investigating if the plans are being implemented in an anticipated way. In other words, it is all about comparing the planned activities and the actual activities. | Monitoring and controlling are key practices in project management. They serve the purpose of informing the stakeholders on the advancement of the project taking as inputs the results of the planning process and investigating if the plans are being implemented in an anticipated way. In other words, it is all about comparing the planned activities and the actual activities. | ||
| − | The Earned Value method is mainly used in highly complex environments like construction and infrastructure and allows a combination of time and cost controlling (ISO 21500), therefore guaranteeing a more holistic overview of the project advancement than other monitoring tools. | + | The Earned Value method is mainly used in highly complex environments like construction and infrastructure and allows for a combination of time and cost controlling (ISO 21500), therefore guaranteeing a more holistic overview of the project advancement than other monitoring tools. |
This paper will firstly provide a description of the tool and its purpose. Then, it will focus on the application of such a tool with a detailed description of both of the methodology (formulas and vocabulary), and of what is needed to successfully implement it. Lastly, we will look into its limitations, and explore the reasons why it is mainly used in very complex projects and evironments. | This paper will firstly provide a description of the tool and its purpose. Then, it will focus on the application of such a tool with a detailed description of both of the methodology (formulas and vocabulary), and of what is needed to successfully implement it. Lastly, we will look into its limitations, and explore the reasons why it is mainly used in very complex projects and evironments. | ||
Revision as of 09:31, 14 February 2021
Contents |
Abstract
The Earned Value Managment method is a very powerful and popular project monitoring tool. Monitoring and controlling are key practices in project management. They serve the purpose of informing the stakeholders on the advancement of the project taking as inputs the results of the planning process and investigating if the plans are being implemented in an anticipated way. In other words, it is all about comparing the planned activities and the actual activities. The Earned Value method is mainly used in highly complex environments like construction and infrastructure and allows for a combination of time and cost controlling (ISO 21500), therefore guaranteeing a more holistic overview of the project advancement than other monitoring tools.
This paper will firstly provide a description of the tool and its purpose. Then, it will focus on the application of such a tool with a detailed description of both of the methodology (formulas and vocabulary), and of what is needed to successfully implement it. Lastly, we will look into its limitations, and explore the reasons why it is mainly used in very complex projects and evironments.
