Practice Standard For Earned Value Management by Project Management Institute

By Project Management Institute

The perform ordinary for Earned price Management—Second variation expands at the earned worth info in A consultant to the undertaking administration physique of information (PMBOK® advisor) –Fourth variation. EVM is frequently often called “management with the lighting fixtures on” since it is helping objectively and succinctly establish the place a venture is and the place it's going. The method comprises venture scope, agenda and prices, and the method is appropriate throughout many wisdom parts and approach teams. this custom general is meant for someone who desires to higher improve their undertaking administration toolset and know the way to in all probability increase undertaking functionality by utilizing earned price.

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Control accounts are placed at selected management points (specific components at selected levels) of the work breakdown structure. ) Cost Performance Index (CPI). A measure of cost efficiency on a project. It is the ratio of earned value (EV) to actual costs (AC). CPI ‫ ס‬EV divided by AC. A value equal to or greater than one indicates a favorable condition and a value less than one indicates an unfavorable condition. Cost Variance (CV). A measure of cost performance on a project. It is the algebraic difference between earned value (EV) and actual cost (AC).

M. (2000). ). Upper Darby, PA: Project Management Institute. ● Humphreys & Associates, Inc. (2002). Project management using earned value. Orange, CA: Humphreys & Associates, Inc. ● Kemps, R. R. (2000). Fundamentals of project performance measurement. Orange, CA: Humphreys & Associates, Inc. ● Lambert, L. , & Lambert, E. (2000). Project management: The commonsense approach. Columbus, OH: LCG Publishing. Earned Value Project Management, Second Edition by Quentin W. Fleming and Joel M. Koppelman Project Management Institute, 2000, ISBN: 1-880410-27-3, paperback, 224 pp.

Predetermined techniques of claiming physical work progress that were selected during project planning are used to credit Earned Value when work is partially complete at the time of progress reporting. Planned Value (PV). The authorized budget assigned to the scheduled work to be accomplished. Also referred to as the budgeted cost of work scheduled (BCWS). ) Responsibility Assignment Matrix (RAM). A structure that relates the project organizational breakdown structure to the work breakdown structure to help ensure that each component of the project’s scope of work is assigned to a responsible person/team.

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