IT executives continue to face challenges when it comes to project management. There being so many schemes that have been implemented, the earned value scheme continues to gain more popularity. This is due to the benefits the scheme gives to organizations compared to other software. The scheme has been in use for the last 30 years where its popularity continues to grow as the best flexible model that covers all the stages of a projects life-cycle. And here are the top secrets that organizations need to know about Earned Value Management system.
The EVMs can be used to predict the project success prior to its commencement. This is due to the principles the model uses which have shown a positive correlation when it comes to project success. This helps management to predict with certainty the success of their projects thus allowing them to invest on projects which are successful.
When a project shows variances, it is a bad indication of project failure. With the earned value scheme or structure the program may hide the cost or schedule variances thus posing some risks during the project life-cycle. However, the system can easily identify this problems and organizations can correct them early enough to avoid slowing down the project activities.
For staffs to use the scheme well, they need to undergo proper training. This is because if they do not fully utilize the earned value data send to them there are chances that the project will fail. The cost of training the staffs is costly and also time consuming.
As much as the model is recommended as one of the best tool in project management tool this does not mean that other tools should be isolated. When using the EVMS, practitioners recommend the use of the critical path. This is to allow one draw the project network and determine the critical path of the project. However other methods which can work hand in hand with this system is the quality control techniques, the Gantt charts, standard delay impact techniques, milestone charts, line of balance and any other methods of determining the amount of management reserve.
Also organizations can use the system to measure their objectives. This helps withdraw any assumptions, human perception or emotions by giving one a clear picture of where the project is heading to. Here organizations can decide whether to drop their venture or continue investing on it before they spent a lot of money on projects which are futile.
As much as the use of the EVMS is highly recommended and help organization to predict the success of their projects, applying the system on a project that is in progress can have detrimental effects to the whole project. This can affect the organization, schedule, budget and the performance of the whole project.
To ensure that the such schemes works best for your organization, companies should ensure that they implement the scheme at the beginning of the project but not when a project is in progress. Also the system requires an expert planning to ensure that all the project stages are executed well.
The EVMs can be used to predict the project success prior to its commencement. This is due to the principles the model uses which have shown a positive correlation when it comes to project success. This helps management to predict with certainty the success of their projects thus allowing them to invest on projects which are successful.
When a project shows variances, it is a bad indication of project failure. With the earned value scheme or structure the program may hide the cost or schedule variances thus posing some risks during the project life-cycle. However, the system can easily identify this problems and organizations can correct them early enough to avoid slowing down the project activities.
For staffs to use the scheme well, they need to undergo proper training. This is because if they do not fully utilize the earned value data send to them there are chances that the project will fail. The cost of training the staffs is costly and also time consuming.
As much as the model is recommended as one of the best tool in project management tool this does not mean that other tools should be isolated. When using the EVMS, practitioners recommend the use of the critical path. This is to allow one draw the project network and determine the critical path of the project. However other methods which can work hand in hand with this system is the quality control techniques, the Gantt charts, standard delay impact techniques, milestone charts, line of balance and any other methods of determining the amount of management reserve.
Also organizations can use the system to measure their objectives. This helps withdraw any assumptions, human perception or emotions by giving one a clear picture of where the project is heading to. Here organizations can decide whether to drop their venture or continue investing on it before they spent a lot of money on projects which are futile.
As much as the use of the EVMS is highly recommended and help organization to predict the success of their projects, applying the system on a project that is in progress can have detrimental effects to the whole project. This can affect the organization, schedule, budget and the performance of the whole project.
To ensure that the such schemes works best for your organization, companies should ensure that they implement the scheme at the beginning of the project but not when a project is in progress. Also the system requires an expert planning to ensure that all the project stages are executed well.
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