Management look for ways to add quality in their leadership position with projects. A balance and check system is ideal for a manager to add quality in a project. Quality is enhanced in project with the use of a EVA (Earned Value Analysis). The purpose for EVA is to monitor and control the value of a project based on cost, schedule, and performance through a linkable networks using PV (Planned Value), AC (Actual Cost), and EV (Earned Value). The mesh of PV, AC, and EV gives managers a realistic view of the project process based on an organization 's practices and myths. The benefit of earned value management using practices and myths vary related to description needs and objectives for strategic and tactical planning. The following paper
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According to textbook “Cost and Value Management in Projects” by Venkataraman & Pinto (2008) reads, “cash flow is the movement of funds in and out of a business (p. 127).” A change in cash flow can be a indication to a possible problem with resources requiring a adjustments within the project to minimizes the damage. EVM enables managers to pinpoint the risks to the project process to reduce cost by saving valuable time. For example, a project objective is to establish running water at sinks in each room of a rundown building based on a scope centralized by local regulation and laws before operations of renting rooms can be obtained. Influencing market price can affect cost where resources become limited resulting in a disruption to cash flow. Some myths related to cost are that EVM will guarantee that projects will be on time at a 100% of the time and project cost overruns can always be recuperated. In fact EVM experts agree that after a project is 15 percent complete, significant cost overruns cannot be made up, and the original scope of work cannot be delivered on budget (Visitacion, 2007). Cost control is the solution with the project of running water. A plan to control cost is created by plans for bidding or bunk buying to meet a targeted budget on material, …show more content…
The similarities are that EVM is a map of the project, direct activity with an alignment to other activities, and is a basis for decision making with managers. Some difference between the article regarding scheduling in the different standards set, tracking system, graphics analysis capability, and IT network. The “Exemplary EVM at Lawrence Livermore Labs” using PPM (project portfolio management) and techniques for project management with the application of EVM as a best practice. According to the article “Exemplary EVM at Lawrence Livermore Labs” by Visitacion (2007) reads, “ keeping focused on these three components and employing the ANSI standard, LLNL was successful in its EVM implementation (p. 75).” It is true say that the three components PPM, techniques, and EVM improved functions of the project for the success. “Debunking Commonly Held EVM Myths” scheduling approach with EVM is to note variance, make adjustments, and monitor risks to achieve success. The complexity of projects is simplified with the EVM where is success become the outcome for Debunking using a control system on time. However, the critical tools for Debunking is
According to textbook “Cost and Value Management in Projects” by Venkataraman & Pinto (2008) reads, “cash flow is the movement of funds in and out of a business (p. 127).” A change in cash flow can be a indication to a possible problem with resources requiring a adjustments within the project to minimizes the damage. EVM enables managers to pinpoint the risks to the project process to reduce cost by saving valuable time. For example, a project objective is to establish running water at sinks in each room of a rundown building based on a scope centralized by local regulation and laws before operations of renting rooms can be obtained. Influencing market price can affect cost where resources become limited resulting in a disruption to cash flow. Some myths related to cost are that EVM will guarantee that projects will be on time at a 100% of the time and project cost overruns can always be recuperated. In fact EVM experts agree that after a project is 15 percent complete, significant cost overruns cannot be made up, and the original scope of work cannot be delivered on budget (Visitacion, 2007). Cost control is the solution with the project of running water. A plan to control cost is created by plans for bidding or bunk buying to meet a targeted budget on material, …show more content…
The similarities are that EVM is a map of the project, direct activity with an alignment to other activities, and is a basis for decision making with managers. Some difference between the article regarding scheduling in the different standards set, tracking system, graphics analysis capability, and IT network. The “Exemplary EVM at Lawrence Livermore Labs” using PPM (project portfolio management) and techniques for project management with the application of EVM as a best practice. According to the article “Exemplary EVM at Lawrence Livermore Labs” by Visitacion (2007) reads, “ keeping focused on these three components and employing the ANSI standard, LLNL was successful in its EVM implementation (p. 75).” It is true say that the three components PPM, techniques, and EVM improved functions of the project for the success. “Debunking Commonly Held EVM Myths” scheduling approach with EVM is to note variance, make adjustments, and monitor risks to achieve success. The complexity of projects is simplified with the EVM where is success become the outcome for Debunking using a control system on time. However, the critical tools for Debunking is