Earned Value Management (EVM)
When managing projects, it is of greatest interest to make sure that the project delivers what has been agreed upon. In order to increase the odds of meeting the expectations, constant monitoring and measuring is the key as this allows the project manager to decide when it is necessary to take actions when the project is running out of line. Projects that not monitored properly risk being late, overrun the budget and end up being out of scope, which often can lead to unsatisfied stakeholders. [1]
Earned value management is a methodology used in project management to evaluate the performance of a project at any point to monitor whether the project is proceeding according to plan or not. This is done by comparing the expected outcome of the three constraints cost, time and scope, to the actual outcome.[2] The result of the performance measurement is a variance value which indicates how much the current state of the project varies from the expected progress with cost and time taken into account. This value can later be used to forecast the end time and cost of the project if it proceeds at the current pace. [3]
This article aims to explain the purpose and concepts of earned value management and how it can be applied in order to improve projects. Further, the concept will be analysed where the advantages and disadvantages of the concept will be explained. Finally, the article will discuss the limitations of the concept, what it does and does not do.
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cite first time: [1]
re-cite: [1]
Wiki Deliverable 1: Abstract The abstract should not exceed about 250-300 words. It should consist of the summary of your article, as well as a table of contents with bullet points explaining the content of each section. Please already include key references in the abstract.
Big idea
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
Limitations
Critically reflect on the tool/concept/theory and its application context. What can it do, what can it not do? Under what circumstances should it be used, and when not? How does it compare to the “status quo” of the standards – is it part of it, or does it extent them? Discuss your article in the context of key readings / resources provided in class. Substantiate your claims with literature
Annotated bibliography
Provide key references (3-10), where a reader can find additional information on the subject. The article MUST make appropriate references to the and reference material provided in class – either incorporating it as a source, or critically discussing aspects that are missing from it but covered by this article. 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.
References
- ↑ 1.0 1.1 1.2 Project Management Institute (2017) A guide to the Project Management Body of Knowledge (PMBOK guide). 6th ed. Newton Square, PA: Project Management Institute.
- ↑ Project Management Institute (2012) Practice standards for earned value management. 2nd ed. Newton Square, PA: Project Management Institute.
- ↑ Levine, H. A. (2005) Project portfolio management: A practical guide to selecting projects, managing portfolios, and maximizing benefits. London, England: Jossey-Bass.
