Determining Measurement Methods in Earned Value Management
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| + | In project management, one of the most important sessions is the process of monitoring and controlling projects. The project manager is responsible for tracking the progress with the help of predefined methods, e.g. in terms of time and costs spent, and to analyse the value of work performed, in order to find out whether the current state of the project corresponds to the original project management plan. The main benefit of this task it the ability to make corrective and preventive steps towards the successful completion of the project. Earned Value Management (EVM) is one amongst the many types of monitoring techniques which can be used to perform these activities. | ||
| + | EVM includes several topics/steps, i.e. organising project, assigning responsibility, developing schedule and so on. Overall, it is a very large topic to be discussed in a relatively short article, therefore this document aims to provide a brief description of the EVM technique and a short discussion of its advantages and disadvantages. Furthermore, it gives a clear picture of one particular step from the whole process, namely the different methods for measuring the project indicators, and the selection strategy of choosing the most valuable and applicable one for the project. | ||
| + | It analyses the necessary inputs of the measurement and shows various outputs gathered from the calculations. It begins with the description of the different classes of work , i.e. the discrete effort, the apportioned effort and the level of effort. In the class of discrete effort several measurement methods (fixed formula, weighted milestone, percent complete, physical measurement) are presented in details involving its advantages and disadvantages. Guidelines are provided in the end of the article, with which the ability to choose the best suited measurement technique for a particular project is given. | ||
| + | The article ends with an example, where one of the measurement methods will be illustrated to show the elementary steps in the practice. | ||
Revision as of 23:00, 17 February 2019
Abstract
In project management, one of the most important sessions is the process of monitoring and controlling projects. The project manager is responsible for tracking the progress with the help of predefined methods, e.g. in terms of time and costs spent, and to analyse the value of work performed, in order to find out whether the current state of the project corresponds to the original project management plan. The main benefit of this task it the ability to make corrective and preventive steps towards the successful completion of the project. Earned Value Management (EVM) is one amongst the many types of monitoring techniques which can be used to perform these activities. EVM includes several topics/steps, i.e. organising project, assigning responsibility, developing schedule and so on. Overall, it is a very large topic to be discussed in a relatively short article, therefore this document aims to provide a brief description of the EVM technique and a short discussion of its advantages and disadvantages. Furthermore, it gives a clear picture of one particular step from the whole process, namely the different methods for measuring the project indicators, and the selection strategy of choosing the most valuable and applicable one for the project. It analyses the necessary inputs of the measurement and shows various outputs gathered from the calculations. It begins with the description of the different classes of work , i.e. the discrete effort, the apportioned effort and the level of effort. In the class of discrete effort several measurement methods (fixed formula, weighted milestone, percent complete, physical measurement) are presented in details involving its advantages and disadvantages. Guidelines are provided in the end of the article, with which the ability to choose the best suited measurement technique for a particular project is given. The article ends with an example, where one of the measurement methods will be illustrated to show the elementary steps in the practice.
