The Standard for Earned Value Management

The Standard for Earned Value Management

Author: Project Management Institute Project Management Institute

Publisher: Project Management Institute

Published: 2020-04-13

Total Pages: 260

ISBN-13: 1628256397

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Earned value management (EVM) is a management methodology for integrating scope, schedule, and resources; objectively measuring project performance and progress; and forecasting project outcome. It is considered by many to be one of the most effective performance measurement and feedback tools for managing projects. The Standard for Earned Value Management builds on the concepts for EVM described in the Practice Standard for Earned Value Management and includes enhanced project delivery information, by integrating concepts and practices from the PMBOK® Guide – Sixth Edition and The Agile Practice Guide. A central theme in this standard is the recognition that the definition for value in EVM has expanded. While the term retains its traditional definition in terms of project cost, it embraces current practice by including the concept of earned schedule. This standard also integrates hybrid methodologies that blend together historical EVM concepts with the needs of the agile practitioner, all with an eye towards aiding the project team in enhancing overall project delivery. This standard is a useful tool for experienced project management practitioners who are seeking to expand and update their knowledge of the field as well as less experienced practitioners who want to learn other approaches for managing project performance. It provides insight and detailed explanations of the basic elements and processes of EVM, and demonstrates how to scale EVM to fit varying project sizes and situations. This standard includes graphical examples and detailed explanations that will enable the reader to establish and implement EVM on projects in almost any environment and of almost every size. When used together with good project management principles, EVM methodology will provide a greater return on any project and results that will directly benefit your organization.


Earned Value Management in easy steps

Earned Value Management in easy steps

Author: John Carroll

Publisher: In Easy Steps

Published: 2017-09-28

Total Pages: 257

ISBN-13: 1840787805

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Measuring Project Progress What we are concerned with in project management has been defined as the Iron Triangle of: Time, Cost and Scope. Traditional project management methodology tends to focus on time and cost, as scope is fixed, isn’t it? But the way progress is typically reported is through the Gantt (or bar) chart, and in particular a tracking Gantt chart illustrates where a project currently is against the schedule. Also typically, the accounts department will produce reports on cost against budget, but this just shows what we have spent up to the last accounting period against the total budget. But this doesn’t really tell us exactly where we are in terms of progress today and where we will be at the end of the project. And that is precisely why Earned Value Management was developed. Earned Value Management Earned Value Management (EVM) helps us to determine the real status of a project. As well as telling us how much time and money we have spent, it also shows us how much we have achieved. Further, it tells us how much we still need to do and provides a good indication of final costs and expected completion dates of the project. EVM builds on, and therefore supports good project management practice and underpins good corporate governance. Its introduction can drive the cultural and organizational change key to supporting these objectives. In summary: It provides an objective measurement of what has been achieved on a project It enables accurate forecasting It provides project management information in a format that is easy for all stakeholders to understand and act upon It provides an early warning of problems, which allows the timely identification and analysis of progress and cost issues and corrective actions to be identified It shows stakeholders whether they’re getting value for money It enables detailed project comparisons across programs and portfolios It can be scaled to fit projects of all sizes and complexities It has the ability to combine measurements of scope, time and cost (the Iron Triangle) in a single integrated system In summary EVM provides a set of metrics that will enable you to accurately report on project progress to date and to completion. In addition, research has shown that the areas of planning and control are significantly improved by the use of EVM; and similarly, using the methodology improves both scope definition as well as the analysis of overall project performance. Finally it has shown that the use of EVM is a positive predictor of project success. Earned Value Management in easy steps covers: Introduction to EVM Key Elements of EVM EVM Project Life Cycle EVM Planning Using EVM EVM Reporting EVM Criteria EVM Lite Glossary of EVM Terms


Project Management, Planning and Control

Project Management, Planning and Control

Author: Albert Lester

Publisher: Butterworth-Heinemann

Published: 2007

Total Pages: 460

ISBN-13: 9780750669566

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This fifth edition provides a comprehensive resource for project managers. It describes the latest project management systems that use critical path methods.


Fundamentals of Project Management

Fundamentals of Project Management

Author: James P. Lewis

Publisher: Amacom

Published: 2002

Total Pages: 166

ISBN-13: 9780814471326

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Updated concepts and tools to set up project plans, schedule work, monitor progress-and consistently achieve desired project results.In today's time-based and cost-conscious global business environment, tight project deadlines and stringent expectations are the norm. This classic book provides businesspeople with an excellent introduction to project management, supplying sound, basic information (along with updated tools and techniques) to understand and master the complexities and nuances of project management. Clear and down-to-earth, this step-by-step guide explains how to effectively spearhead every stage of a project-from developing the goals and objectives to managing the project team-and make project management work in any company. This updated second edition includes: * New material on the Project Management Body of Knowledge (PMBOK) * Do's and don'ts of implementing scheduling software* Coverage of the PMP certification offered by the Project Management Institute* Updated information on developing problem statements and mission statements* Techniques for implementing today's project management technologies in any organization-in any industry.


Agile Project Management

Agile Project Management

Author: Project Management Journal

Publisher: John Wiley & Sons

Published: 2013-06-26

Total Pages: 373

ISBN-13: 1118586735

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The development of the Agile Movement, whatever the area of application or discipline, comes from the famous “faster, cheaper, better" maxim. As such, the agile manufacturing paradigm rests on four principles: response to change and uncertainty, supplying highly customized products, synthesis of diverse technologies, and intra-enterprise and inter-enterprise integration. For the reader interested in agile project management applications, response to changes, and transformations and its impact on managing projects, this book is a must-read. Various insights are covered, including: how to master complexity and changes in projects, economy, and society; how interaction between the project management team and project owners can influence risk management; how to move beyond the traditional mechanistic project management approach; how to include agile principles into an improved Logical Framework Analysis structure; what the impact is of agile principles on project management organizations what kind of innovative project management practice supports agile principles; and much more.


The Standard for Earned Value Management

The Standard for Earned Value Management

Author:

Publisher: Project Management Institute Incorporated

Published: 2019

Total Pages:

ISBN-13: 9781628256406

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"Earned value management (EVM) is a management methodology for integrating scope, schedule, and resources; objectively measuring project performance and progress; and forecasting project outcome. It is considered by many to be one of the most effective performance measurement and feedback tools for managing projects. The Standard for Earned Value Management builds on the concepts for EVM described in the Practice Standard for Earned Value Management and includes enhanced project delivery information, by integrating concepts and practices from the PMBOK® Guide - Sixth Edition and The Agile Practice Guide. A central theme in this standard is the recognition that the definition for value in EVM has expanded. While the term retains its traditional definition in terms of project cost, it embraces current practice by including the concept of earned schedule. This standard also integrates hybrid methodologies that blend together historical EVM concepts with the needs of the agile practitioner, all with an eye towards aiding the project team in enhancing overall project delivery. This standard is a useful tool for experienced project management practitioners who are seeking to expand and update their knowledge of the field as well as less experienced practitioners who want to learn other approaches for managing project performance. It provides insight and detailed explanations of the basic elements and processes of EVM, and demonstrates how to scale EVM to fit varying project sizes and situations. This standard includes graphical examples and detailed explanations that will enable the reader to establish and implement EVM on projects in almost any environment and of almost every size. When used together with good project management principles, EVM methodology will provide a greater return on any project and results that will directly benefit your organization"--


Uses and Limitations of the AHP Method

Uses and Limitations of the AHP Method

Author: Nolberto Munier

Publisher: Springer Nature

Published: 2021-02-05

Total Pages: 143

ISBN-13: 303060392X

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This book examines the Analytical Hierarchy Process (AHP) method, its varied uses, as well as its limitations for solving real-world scenarios. While the simplicity of the method compels users to find shortcuts to a real-world problem, it also leads to obtaining wrong results that do not represent reality. By alerting practitioners about the core necessities of a new scenario, this book helps solve this problem, as well as contribute to the field of Multicriteria Decision Making Method (MDCM). The authors use a demonstrative, rather than a theoretical approach, and examine 30 subjects that displays the shortcomings and drawbacks of the AHP. Each one is examined in-depth, discussed, debated and reasoned, using examples, some of them numeric. The book highlights the rationality and common sense of the subjects, and in most cases, validates the criticism by showing through numerical examples, the impossibility of the AHP method to address, let alone solve real-world projects. At the conclusion of each subject, a table is built comparing the similarities and differences between the opinions of the authors and other experts, along with the respective pros and cons.


Project Management Analytics

Project Management Analytics

Author: Harjit Singh

Publisher: FT Press

Published: 2015-11-12

Total Pages: 412

ISBN-13: 0134190491

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To manage projects, you must not only control schedules and costs: you must also manage growing operational uncertainty. Today’s powerful analytics tools and methods can help you do all of this far more successfully. In Project Management Analytics, Harjit Singh shows how to bring greater evidence-based clarity and rationality to all your key decisions throughout the full project lifecycle. Singh identifies the components and characteristics of a good project decision and shows how to improve decisions by using predictive, prescriptive, statistical, and other methods. You’ll learn how to mitigate risks by identifying meaningful historical patterns and trends; optimize allocation and use of scarce resources within project constraints; automate data-driven decision-making processes based on huge data sets; and effectively handle multiple interrelated decision criteria. Singh also helps you integrate analytics into the project management methods you already use, combining today’s best analytical techniques with proven approaches such as PMI PMBOK® and Lean Six Sigma. Project managers can no longer rely on vague impressions or seat-of-the-pants intuition. Fortunately, you don’t have to. With Project Management Analytics, you can use facts, evidence, and knowledge—and get far better results. Achieve efficient, reliable, consistent, and fact-based project decision-making Systematically bring data and objective analysis to key project decisions Avoid “garbage in, garbage out” Properly collect, store, analyze, and interpret your project-related data Optimize multi-criteria decisions in large group environments Use the Analytic Hierarchy Process (AHP) to improve complex real-world decisions Streamline projects the way you streamline other business processes Leverage data-driven Lean Six Sigma to manage projects more effectively