Prove it Maneuvering the political gauntlet through artful conversation and word-smithing will not resolve conflict. Nothing will stop conflict the like graceful execution and control of a project that leads to on time, on budget completion. This is the area where the project management fundamentals are a focal point. Earned value may not be glamorous,… [Read more…]
January 2, 2011 by tapuniversity
The stats helper monkeys at WordPress.com mulled over how this blog did in 2010, and here’s a high level summary of its overall blog health: The Blog-Health-o-Meter™ reads Wow. Crunchy numbers A helper monkey made this abstract painting, inspired by your stats. About 3 million people visit the Taj Mahal every year. This blog was… [Read more…]
August 27, 2009 by tapuniversity
The To-Complete Performance Index (TCPI) estimates the cost performance necessary in order for the project to meet the original project’s budget goal (Budget At Completion (BAC)) or the new estimate of how much the project will cost (Estimate At Completion (EAC)). This is accomplished by calculating how much work is remaining on the project divided… [Read more…]
August 25, 2009 by tapuniversity
The Budget at Completion (BAC) is how much the project is supposed to cost when finished. However, during the project it may become clear that the project will not end up costing what it is supposed to cost. The Estimate at Completion (EAC) replaces the BAC for the amount that the project is now believed… [Read more…]
August 20, 2009 by tapuniversity
Cost Performance Index (CPI) and Schedule Performance Index (SPI) are indicators of how closely accomplished work is on budget and on schedule. CPI shows how many dollars (or other type of currency) worth of work is being accomplished for every dollar spent. SPI shows how the work is progressing compared to the original schedule. The… [Read more…]
August 19, 2009 by tapuniversity
Cost Variance (CV) and Schedule Variance (SV) are indicators of how closely accomplished work is on budget and on schedule. The formula for CV = EV – AC and the formula for SV = EV – PV. Both of these formulas begin with Earned Value (EV), which is the value of the work already accomplished.… [Read more…]
June 29, 2009 by tapuniversity
If projects went exactly as planned, this tool would be unnecessary. Variance Analysis is the comparison of planned results and actual results. The planned results may be found in the Project Management Plan and compared to work performance information. The project manager should be certain that the data itself is trustworthy, and then examine how… [Read more…]
March 11, 2009 by tapuniversity
In earlier postings, the concepts of Earned Value (EV) and Actual Cost (AC) have been discussed. Earned Value is how much value is in the work already accomplished, and Actual Cost is how much money the work already accomplished has actually cost. The third term to understand is Planned Value (PV). PV is how much… [Read more…]
March 2, 2009 by tapuniversity
An earlier posting described the concept of Earned Value—the idea that accomplished work has value, even if the work is incomplete. There are a number of formulas and acronyms to know when applying Earned Value Management (EVM). A couple more will be introduced here. Actual Cost (AC) and Budget at Completion (BAC) are two basic… [Read more…]
February 26, 2009 by tapuniversity
There is much to understand and a number of formulas to know in order to apply Earned Value Management (EVM). It’s often the most difficult concept for project managers to learn when they are studying for their PMP exam if they have not applied it in their work. The very first step is gaining a… [Read more…]
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January 25, 2011 by David Kohrell
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