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Project Plan Part Iv: Project Evaluation, Reporting, And Termination

1715 words - 7 pages

Earned Value:Earned value (EV) was originally developed in the 1800's to measure performance on factory floors. But not until the 1960's, when the Department of Defense started using it, did earned value become a favorite tool in project management practices (Wilkens, 1999). If used correctly, earned value can be one of the most effective tools a project manager can utilize to both measure and control project schedules and budgets (Wais, 2008).There are three advantages to using earned value. The first is that earned value is very accurate. The second advantage is that it is able to deal with project expenditures and work hours at uneven rates. The third advantages is that earned value is capable of giving a project manager an early warning if a project is over budget or expending more resources than scheduled (Wais, K., 2008).Earned value is a measure of progress. There are three attributes that earn value encompasses. These three attributes are that earned value is a uniform unit of measure for either a total project or sub-elements of a project, a consistent method for analysis of project performance and performance, and it is a basis for cost performance analysis. The units of measure which earned value is based on are work hours and dollars, with the majority of the emphasis on dollars. By basing all aspects of the work on both work hours and dollars, earned value allows a project manager to compare "apples-to-apples". Finally, this process enables a project manager to see whether a project, at any moment in time, is on track compared to the budget and schedule that were put together in the beginning of the project (Wilkens, 1999).Within earned value there are three major elements. The first element is the Budgeted Cost of Work Scheduled (BCWS) which represents the budgets of activities that are scheduled to be completed. The second element is the Actual Cost of Work Performed (ACWP) which represents the actual costs charged against the activities completed. The third, and last, element is the Budgeted Cost of Work Performed (BCWP) which represents the planned cost of the activities completed. By associating real numbers from a project to these elements, a project manager can calculate values to determine the status of a project.There are five major calculations which a project manager should pay special attention. The first value is the Scheduled Variance (SV), which is the difference between the BCWP-BCWS, shows the difference between the actual work performed and the scheduled work. The second value is the Cost Variance, which is the difference between the BCWP-ACWP, shows the difference between the cost of the budgeted work performed and the actual cost of the work performed. The third value is the Schedule Performance Index (SPI), which is calculated by dividing the BCWP by the BCWS, shows whether a project in behind, at, or ahead of schedule. If the value calculated is less than 1 then the project is behind schedule. If the value...

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