Earned Value Management - EVM
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==Abstract== | ==Abstract== | ||
| − | + | Earned Value Management is a very powerful and popular project monitoring tool. Monitoring and controlling are key practices in project management, serving the purpose of informing the project managers on the advancement of the project. They take as inputs the results of the planning process and investigate if the plans are being implemented in an anticipated way. In this context, Earned Value Management 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 [[1]]. | |
| − | Monitoring and controlling are key practices in project management | + | |
| − | Earned Value Management 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 | + | This paper will firstly provide a description of the tool and its purpose including formulas and essential vocabulaty. Then, it will provide a framework on how to apply this method. Lastly, it will look into its limitations, and explore the reasons why it is mainly used in very complex projects and environments. |
==The Big Idea== | ==The Big Idea== | ||
Revision as of 19:29, 21 February 2021
Contents |
Abstract
Earned Value Management is a very powerful and popular project monitoring tool. Monitoring and controlling are key practices in project management, serving the purpose of informing the project managers on the advancement of the project. They take as inputs the results of the planning process and investigate if the plans are being implemented in an anticipated way. In this context, Earned Value Management 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 1.
This paper will firstly provide a description of the tool and its purpose including formulas and essential vocabulaty. Then, it will provide a framework on how to apply this method. Lastly, it will look into its limitations, and explore the reasons why it is mainly used in very complex projects and environments.
