EVM Techniques To Forecast Project Cost Performance

At some point in time project managers have to face questions on future performance of the project cost. What is the remaining work likely to cost? What is the entire project likely to cost? How much will be over or under budget at the end of the project?Earned Value Management has a set of highly effective and proven tools to forecast the cost performance of the project. It is perceived that these formulas are complex Read More

Project Monitoring Using Cost, Schedule Variance & EVM Performance Indicators

In order to ensure that the project is completed on schedule and within the assigned budget, project manager, project team and the management needs to know factors affecting project health and what the future scenario of the project looks like? Earned Value Management methodology is an analytical tool that uses data generated during the course of project execution, the collected data is used to analyse the present state of the project, Read More

Earned Value Management: An Integrated Approach To Performance Measurement

EVM as Earned Value Management is popularly known, is a technique used to track the progress and report current status of a project, it is also used to forecast the future performance of the project. EVM is an analytical tool that systematically integrates measurement of cost, schedule, and scope accomplishments on a project. EVM was developed in 1960’s by Department of Defence (DOD) to keep track of defence projects. Read More

Wrong Cost Estimates? – Solutions to Improve Project Profitability

During project execution most of us have dealt with the issue of wrong cost estimates. This issue becomes a serious concern especially when you are working on a fixed price contract, these contracts pose a great risk to project margin as the team has to work with zero escalation of costs until the delivery of the project. While developing the budget for a new project it is an accepted practice to refer to costs incurred in a previous similar project. Read More