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How to Use Earned Value Management to Your Benefit
Earned Value Management (EVM) allows you to find trouble spots so that you can take corrective action. As a project manager you are expected to control four areas of the project: performance, time schedule, cost and scope. Variance analysis can't be used for quallity, but is helpful in tracking the schedule and cost.
The best use of EVM on a small scale project is to go to the most detailed line items that are stable and can be measured by physical progress. While this is intensive work for a small project, it enables the project manager a chance to set standard deviations for lesser tasks and on future large scale projects by conducting the research on the smaller project without the typical constraints a larger project has.
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What to Use
The Project Manager can also decide what variance analysis they want to track. It could be hours of work, true costs, spending curves, to name just a few advantages in project management. The benefits of EVM in a smaller project based on the information gathered include the ability to determine cost cutting, and scheduling improved standards for future projects.
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Hyperthot.com has basic, easy to follow information regarding how to apply Earned Value Management to your project, and varying formulas you can use to achieve different results. It also explains where to go in Microsoft Project to find the data you need to move into Excel in order to analyze the project progress. These applications will give you the desired advantage in project management.
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Amazon.com offers many books that go over the philosophy and application of Earned Value Management. Earned Value Project Management, Second Edition by Quentin Fleming and Joel Koppelman is a strightforward, well thought out, and easy to read book that will advance your knowledge on the subject. Other books are available under the same search with reviews provided that will give you an idea if the book is includes useful information.
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ProjectsatWork.com is a good source for certification programs. The site is sponsored by reliable learning institutions and resource groups. This site includes downloads, articles, podcasts, discussions and reviews. Global projects are discussed, risk, scrum and other subjects relevant to the project manager.
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Use the systems available to you through many resources to determine different values on the elements of your project. Take the time at the beginning of your project to determine the elements you will be tracking, and be prepared to rework your project if the analysis deems it necessary.