Welcome to the first post in the series of ‘ Earned Value Analysis’ and Project ManagementIf you are someone who thinks your answer to the above question is “YES”, or somewhere in between Yes and No, I am here to make you confidently say “NO”
So Lets get started..
Every one of us are working on projects (not necessarily with the title ‘project manager’) and to that matter, I always am on my toes to argue that every thing we do in our lives and jobs is like a “Project”. Let it be building a home / software application, cooking a dish, dropping your kids to school, and even any production process can be viewed as a project when you split it.
So when you are working on a project, the obvious questions that you should ask are
1. What and how much of works should I be doing; when and how much should it cost me?
2.What is the value of work that is done and what is the actual money that I had spent on it?
3.Where is my project likely to end up, if I continue the way I am doing it now?
These questions should flick in any average humans mind, and if you are one of them, you are already doing Earned Value Management (EVM), but, may not be in the name of ‘EVM’
By now you should be clear that the term ‘ Earned Value Management’ is only a nice name given to what you are already doing. Its only on a different terminology.
Lets get started and see what’s earned value analysis and how to co-relate it to what you are actually doing.
Through-out this series I will be using “Building a building’ as my project, just to make it sound more realistic and professional, than using projects like “cooking pumpkin gravy” or “buying banana chips”
We will be talking a bit if not much about project management. though I am exposed to PM and EVM for considerable amount of time, Humans do mistakes. I will try not to be a human and avoid errors, but in case if you find any errors or feel there is a better way of presenting, I would love your comments.
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