Earned Value Management seems to have provided complete satisfaction and contentment to the project managers all over the world. The solutions provided by the EVM are phenomenal and have helped managers in project management and proper project performance. EVM gives a picture to the project managers regarding the relation of their original plan to the viability of the plan.
EVM allows managers to set the critical path for better project performance. In case the project goals are not achieved on the schedule then it can be known in advance. This helps managers in knowing about the delays in advance. In case the project is lagging behind on schedule, it can be run. The unachieved deadlines become visible with the help of Earned Value Management. EVM has proved to be one tool for all the project managers who can ensure better project management.
Nevertheless, in heavy industries such as manufacturing and construction, project management becomes very difficult. The good news is that EVM is more effective in larger projects. In case of large projects, the projects can be cut into smaller portion and realistic goals can be achieved on time. Schedule and cost are two vital factors of EVM and this can be very helpful. Earned value enables the project managers to complete the projects on time and within the budget. Non-performing projects predictions can also be made with the help of EVM. It is seen that the projects fail due to several reasons such as lack of visible risks in projects and risks of financial resources. But with the help of Earned Value Management, firms can know whether project is viable or not. This methodology can enable the project managers in knowing about the capabilities and effectiveness of projects.
The importance of EVM can be realized from the fact that the Federal Government makes a mandatory use of Earned Value to understand and analyze about their federal projects. EVM can disclose about the viability of the projects in its infant stages itself. Earned Value Management gives a shot of the view regarding the project. It tells the manager where the project actually stands in comparison to what was planned. Whether the task fulfillment is achieved, the costs are exceeded or not, the project performance is satisfactory or not, is all explained b the earned value.
EVM gives you a look into two most crucial factors- cost and schedule. For the success of any project, it is very important that the cost factor is taken into account. Exceeding costs can hamper the budget of the project. Similarly, equal importance is given to the schedule. Meeting deadlines is very important to gain the reliability of the clients. With the help of EVM, all these factors can be kept into consideration.
EVM is worth giving a trial in case you have never experienced it. Due to its ability of furnishing you with the exact and precise forecasts regarding project performances, Earned Value Management is seen to be a very popular tool for all the project managers.
Rodrigo Buzeta - PMP, PgMP is the author of this article on Earned Value Management. Find more information on EVM here. |
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