Vijay Prasad’S Views On Earned Value Management In Project
- 1. Ingredients for success deployment of Earned-Value Management in projects
- 2. Culture shift is essential – every Project Team must understand the working of EVM model Also, culture shift needs to be managed and supported well
- 3. Besides accurate WBS, accurate planning, scheduling and proper costing of work packages(PV) at frequency points of measurement is the first step towards successful EVM implementation. Costing to include all the costs that will be incurred (Direct, Indirect, Fixed and Variable costs covering all resources including human resources )
- 4. It is absolutely essential to measure the work completed(earned back ie EV) at each task level and at the project level either in terms of % of work scheduled, or absolute $ value
- 5. To get a true picture of all Costs incurred (AC) between two frequency of measurement points, all costs – Direct, Indirect, Fixed and Variable incurred at every task level must be recorded .
- 6. Replanning the work at every change is critical. Use of automated tools will ease out this process
- 7. Frequency of measurement of PV, EV and AC is critical. It must be optimum suiting the duration of the project, neither low nor high
- 8. It is absolutely essential to record all project costs on a daily basis or at an appropriate frequency in line with the Frequency of measurement of EVM values