10:00 Earned Value Management: EVM

Bogdan Lent
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Bogdan Lent: Bern University of Applied Sciences

Chapter 5 in Cybernetic Approach to Project Management, 2013, pp 111-142 from Springer

Abstract: 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.

Keywords: Project Team; Supervisory Board; Project Result; Project Objective; Financial Expenditure (search for similar items in EconPapers)
Date: 2013
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DOI: 10.1007/978-3-642-32504-5_5

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