Magazine article PM Network

Earned Value Project Management-Third Edition

Magazine article PM Network

Earned Value Project Management-Third Edition

Article excerpt

Earned Value Project Management-Third Edition Project Management Institute, 2005, ISBN: 1930699891, paperback, 232 pp., $39.95 Member, $49.95 Nonmember.

Everyone wants to complete projects within budget and on schedule. Time and resources are spent to complete the task, and, if we are efficient, the task is completed with time to spare, at minimum cost. If we are inefficient, however, our projects take longer, cost more and waste materials.

Those who implement projects-especially executivessay that improving budget and schedule performance is a high priority. With this in mind, many organizations are turning to earned value project management (EVPM) to measure progress against plan. EVPM is used to measure and communicate the real physical progress of a project, taking into account the work complete, the time taken and the costs incurred to complete that work. EVPM allows more effective management decision-making, which helps evaluate and control project risk by measuring project progress in monetary terms.

Earned Value Project Management-Third Edition is intended to provide guidance for those who are familiar with EVPM as well as novices. While there is some information on EVPM available, much of it is focused on large, complex projects. This book expands on material covering the use of EVPM for medium and smaller projects, but remains relevant for larger projects.

When the concept of earned value was originally created in early American factories. But it was not until 1996, when PMI wrote its initial book on EVPM, that the fundamental principles were displayed, and people saw the importance of using it consistently.

For instance, EVPM now is used throughout the National Aeronautics and Space Administration Enterprises to help ensure products and services are delivered within cost, schedule and technical targets. In addition, EVPM helps NASA improve competitive sourcing by providing better historical performance data and allows for improved financial performance by aiding measurement of performance against the budget. …

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