Vijay Prasad’S Views On Earned Value Management In Project
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Successful implementation of Earned Value Management (EVM) in projects requires: 1) ensuring all project team members understand how EVM works through culture shift; 2) accurate work breakdown structure, planning, scheduling, and costing of work packages; and 3) measuring work completed at each task level between frequency points and recording all direct, indirect, fixed, and variable costs incurred.
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We can quickly update our project's tasks to 100% complete or the scheduled percent complete in Microsoft Project.
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On the Task tab, in the View group, choose Gantt Chart.
Hold CTRL and select each of the tasks in the list that we want to update.
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On the Task tab, in the View group, choose Gantt Chart.
If we want to update only specific tasks, hold CTRL and select each of the tasks in the list.
On the Project tab, in the Status, group, choose Update Project.
In the Update Project dialog box, choose Update work as complete through, and then type or select the date through which we want progress updated.
Select Set 0% - 100% complete.
If we are updating specific tasks, select Selected Tasks. If we are updating all tasks in the project, select Entire Project.
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COST MANAGEMENT REPORT
This document discusses cost management in project planning and development. It defines cost management as estimating, budgeting, and controlling costs throughout a project's life cycle to keep expenses within the approved budget. It explains that cost management is vital for effective project planning and prevention of overruns. The types of costs include direct, indirect, labor, materials, equipment, and expenses. Key steps in cost management are project resource planning, cost estimation, cost budgeting, cost control, and using earned value management to measure performance. Formulas are provided to calculate cost variance, cost performance index, and schedule performance index. An example calculation is also included.
Webinar on PMS
The document discusses project life cycle and project management systems (PMS). It describes the typical stages of a project life cycle as initiate, plan, execute, monitor & control, and close out. It notes that actual costs alone do not indicate work progress. An effective PMS provides uniform monitoring and reporting, allows real-time project tracking, enables optimized project execution through baseline monitoring, and facilitates tracking of changes and forecasts. Key questions a PMS can answer relate to schedule, cost, variances, trends, and forecasts. Benefits of a PMS include early warning of issues and enabling corrective actions.
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The document discusses three key processes for managing project costs: cost estimating, cost budgeting, and cost control. It provides details on cost estimation methods like analogous estimating. Cost budgeting involves creating a cost baseline budget. Cost control tools like earned value management measure how well a project is adhering to the baseline budget through metrics like cost and schedule variance.
Updated Resume - Veena Kumar
Veena Sampath Kumar has over 7 years of experience as a Service Delivery/Availability Manager at IBM India Pvt. Ltd. She currently manages services for commercial accounts, overseeing 50+ applications and infrastructure. Her responsibilities include ensuring service level agreements are met, managing projects, and acting as the primary point of contact between IBM teams, customers, and third party suppliers. She has received several awards for her performance in roles such as Incident Manager, Supplier Relationship Manager, and Service Delivery Manager.
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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