Mastering Project Management Fundamentals Critical for Successful EVM
EVM Frameworks Are Key to Developing Best Practices
By: Gary Humphreys and Margo Visitacion
Introduction
Depending on where you sit in the public sector, Earned Value
Management (EVM) is either old news or a new headache. Some agencies,
most notably those in the Department of Defense (DoD), have had a long
track record of using EVM as the standard for predicting and reporting
project health, while others, most notably those on the civilian side, are just
now making earned value management part of their standard processes. A
requirement for projects over $20 million, the public sector finds itself in a
quandary. Earned value is an essential element in predicting successful
delivery; however, to derive the most valuable and realistic information, an
organization must employ practices that delivers that information with a
high level of certainty – standard and consistent project management
practices. Without the fundamentals of project definition, scheduling and
management firmly in place, the primary benefit that organizations will see
from EVM is a predictor of cost and time to deliver – not an improvement
in how they deliver projects. Before tackling the intricacies of earned value
management, organizations must focus on key project management
practices and build a strong foundation for planning, execution, and delivery.
Project management is almost as much art as it is a science; by tackling 10
fundamental practices, organizations will be better prepared to take on the
challenges of EVM.
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