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10:00 Earned Value Management: EVM

In: Cybernetic Approach to Project Management

Author

Listed:
  • Bogdan Lent

    (Bern University of Applied Sciences)

Abstract

The three separate ISO/DIS 21500:2011 processes of work control, schedule control and cost control are bound together into efficient earned value management. Setting work bench with phase dedicated accounts and tracing the financial expenditures will help to identify the real actual costs. Technique of Earned Value Analysis (EVA) delivers the comprehensive and powerful indicator as Critical Factor, being the multiplication of the Cost Performance Index (CPI) times Schedule Performance Index (SPI). Cost Impact Factor (CIF) supports efficiently the cost driven project management. Testing and assessment techniques are useful in results evaluation. Milestone Trend Analysis (MTA) allows the prediction of further project progress along the time scale. Simulation tools support the decision making along the useful practices: minimum loss-maximum profit rule, optimization rule, pessimism- optimism rule, expected value rule. Examples of Templates, Checklists and Bibliography close the Chapter. Quick look at the beginning of the Chapter that gives cornerstone assessment of the process is presented here.

Suggested Citation

  • Bogdan Lent, 2013. "10:00 Earned Value Management: EVM," Springer Books, in: Cybernetic Approach to Project Management, edition 127, chapter 5, pages 111-142, Springer.
    • Handle: RePEc:spr:sprchp:978-3-642-32504-5_5
    DOI: 10.1007/978-3-642-32504-5_5
    as

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