Advantages and Disadvantages of EVM
Advantages and Disadvantages of Earned Value Management (EVM)
Student Name:
INF337: Integrated Cost & Schedule Control
Instructor: Elliott Lynn
October 6, 2014
The purpose of this paper is to compare and contrast the similarities and differences of earned value management (EVM) and how it could provide the project manager a better chance of having a successful project. When you are assigned as the project manger or any project, your goal is to meet assigned deadlines, accomplish the projects objective and hopefully come in under budget not over budget. The paper will highlight the examples of the real world benefits, as well as, the myths of EVM as it relates to the success of each project. Advantages and Disadvantages of EVM One of the main advantages and benefit of earned value management (EVM) process is that it can track and measure the project performance by the amount of work completed, time scheduled and money spent. One of the real-world benefits is that it can track each level of the project from the initial startup which would be considered the baseline until the actual date of completion which would be considered the actual performance. In addition, it will allow the project manger to meet any opposition within the project head on. Some of the performance measures tools that are used in the earned value management (EVM) that are beneficial to the project success is the scheduled performance index (SPI) and the cost performance index (CPI). In accordance to the text, scheduled performance index (SPI) is the amount of time required to complete the project which is determined by dividing the earned value by the planned value. The cost performance index (CPI) is determined by dividing the earned value by the actual cost (Chapter 5). Even though the earned value management system has its advantages, it has also has disadvantages as well. Some of the disadvantages lies in the risk and
Student Name:
INF337: Integrated Cost & Schedule Control
Instructor: Elliott Lynn
October 6, 2014
The purpose of this paper is to compare and contrast the similarities and differences of earned value management (EVM) and how it could provide the project manager a better chance of having a successful project. When you are assigned as the project manger or any project, your goal is to meet assigned deadlines, accomplish the projects objective and hopefully come in under budget not over budget. The paper will highlight the examples of the real world benefits, as well as, the myths of EVM as it relates to the success of each project. Advantages and Disadvantages of EVM One of the main advantages and benefit of earned value management (EVM) process is that it can track and measure the project performance by the amount of work completed, time scheduled and money spent. One of the real-world benefits is that it can track each level of the project from the initial startup which would be considered the baseline until the actual date of completion which would be considered the actual performance. In addition, it will allow the project manger to meet any opposition within the project head on. Some of the performance measures tools that are used in the earned value management (EVM) that are beneficial to the project success is the scheduled performance index (SPI) and the cost performance index (CPI). In accordance to the text, scheduled performance index (SPI) is the amount of time required to complete the project which is determined by dividing the earned value by the planned value. The cost performance index (CPI) is determined by dividing the earned value by the actual cost (Chapter 5). Even though the earned value management system has its advantages, it has also has disadvantages as well. Some of the disadvantages lies in the risk and