Earned Value

First and foremost, identify what you want to accomplish. Make a list of the objectives for the project and think about them. I recommend that you set one primary objective and a number of minor goals that will eventually lead to the completion of your project. Your aims and objectives should be documented in a project charter or project statement. The project initiation phase is the initial step in the process of transforming an abstract concept into a concrete aim. At this point, you must establish a business case for the project and describe it at a high level. It is necessary to first assess the requirement for the project and then develop a project charter in order to accomplish this.

Typically, project managers will do the following at this phase: Create a project plan.

Make a strategy for your resources.

Define your objectives and performance metrics.

Team members should be informed of their respective roles and duties.

Workflows should be developed.

Prepare for hazards by anticipating them and developing contingency measures.

In order to better understand and manage the performance of projects, earned value analysis (EVA) looks to be a convincing approach to use on such projects. Companies that believe in earned value develop systems and may provide some basic training to employees. Project managers are then instructed to begin using earned value, with the assumption that project performance would improve within a short period of time. Usually, reality settles in around a year after the first shock. It seems that there has been no progress, project management expenses have increased, and individuals are grumbling about all of the "additional paperwork."

When this happens, either the organization chooses to discontinue the usage of earned value or hires a consultant to assist them in determining what remedial steps should be made to get earned value 'back on track.' A consultant for organizations, the presenter will address the top 10 factors that must be present on each project in order for the utilization of earned value to be effective, according to his experience. A discussion of suggested steps that should be implemented to guarantee that the project can quickly and effectively employ earned value will be included. The first section of this presentation will offer a brief overview of earned value concepts and formulae. The key metrics to keep an eye on while performing earned value analysis will be covered in detail. The top 10 factors that must be present on projects in order to execute earned value will be discussed in depth. It is hoped that by the conclusion of this paper, you would have realized that this article is not just about applying earned value analysis, but also addresses the more significant issue of having a comprehensive and integrated project plan in place, which is essential before employing earned value management. Erned value management (EVM) is a project management approach that measures project performance by integrating schedule, costs, and scope information into one overall picture. According to planned and actual values, EVM forecasts the future and provides project managers with the information they need to make adjustments. Earned value (EV) is a method of measuring and monitoring the amount of work performed on a project in comparison to the original plan. Simply said, it is a simple technique to determine whether or not you are behind time or over budget on your project. The estimated value of a project may be calculated by multiplying the proportion of the project's budget that has been completed by the overall project budget. The use of EVM has a substantial impact on how a project's scope of work is defined and funded. EVM has a little impact on the scheduling of a project, yet it does so. The primary reason for this is because EVM necessitates a bottom-up approach to define the whole scope of work by using a "deliverable-oriented" work breakdown structure that is centered on end products. When using an EVMS, the following goals are achieved: Relate time phased budgets to particular contract tasks and/or statements of work. Provide a foundation for recording work progress evaluations in relation to the baseline plan. Make connections between technical, schedule, and cost performance.

Provide correct, timely, and auditable data/information to enable proactive project management analysis and action via proactive project management analysis. Provide managers with a reasonable degree of summary in order for them to make good decisions.