Integrated Cost and Schedule Control
It is generally known that without a good planning it is rather difficult to implement a project successfully. However, appropriate planning does not guarantee a successful execution of the project because the future is highly unpredictable and uncertain. Therefore, it is really important to control how the different tasks are progressing. In order to get an overview of the current situation of the project, we should compare the actual state with the planned program in terms of Scope, Schedule and Costs.
When it comes to measuring project performance, the planned schedule can be compared to the accomplished one (Schedule Control). But at the same time, the budgeted cost and the actual cost can also be balanced (Cost Control). Nevertheless, if this aspects are analyzed separately, one can initially think that if a project meets the objectives of cost, it is on plan, but the truth could be that it is in reality delayed. In cases like the previous example, how do we actually know the overall situation of the project? How can delays be compared with monetary data? A very useful method to achieve all this goals without subjective interpretations of the reality is the Earned Value Management (EVM) technique, which will be one of the main topics developed in the present article. Moreover, with this method you can not only evaluate the performance of the project at any time, but also analyze future trends to estimate the cost and time of completion of the project.
Contents |
Background
((describe the tool, concept or theory and explain its purpose. The section should reflect the current state of the art on the topic))
Application
((provide guidance on how to use the tool, concept or theory and when it is applicable))
Schedule Control
Cost Control
Integrated Cost and Schedule Control (EVM technique)
Drawbacks and Limitations
((critically reflect on the tool/concept/theory. When possible, substantiate your claims with literature))
References
((Provide key references (3-10), where a reader can find additional information on the subject. Summarize and outline the relevance of each reference to the topic. (around 100 words per reference). The bibliography is not counted in the suggested 3000 word target length of the article.))
