The Earned Value Management Method (EVM) is a strategy that project managers use to measure the progress and the performance of a project being implemented. The method is quite useful as it is able to combine critical project management measurements that are the cost to be incurred, the time required and the project’s scope. In a single integrated project system, the method provides an accurate forecast of the performance problems that the implemented project faces that is an essential contribution to effective project management (Czemplik, 426). According to Value and Background (2012), the method provides an excellent technique that managers can utilize it tracking the progress of a project against the intended plan. In the case of any deviations away from the proposed plan, it becomes essay for managers to identify faulty areas and act appropriately in an effort of aligning the project progress to the intended goal. Following analysis of the project development using the technique, the analysis results indicate any form of deviation away from the proposed schedule baselines. A current project performance is the best indicator of the expected future performance thus; utilizing the method makes it possible to be able to forecast any schedule overturns at early stages before too much damage has been done.
For the method to be effective, good project, planning is a necessity as it provides the necessary information that is required for managers to be able to implement the technique. Proper collection and compiling of data are also fundamental as they make it possible to calculate schedule and cost performance indexes accurately for successive implementation of the method. I, therefore, recommend managers to utilize the approach as it allows the management to be able to monitor the project plan and work successful completed to determine whether the project is on track and make corrections where needed.
Czemplik, Andrzej. “Application of Earned Value Method to Progress Control of Construction Projects.” Procedia Engineering. Vol. 91. N.p., 2014. 424–428.
Value, Earned, and Management Background. “Basic Concepts of Earned Value Management ( EVM ).” Humphreys & Associates, Inc. (2012): 1–7. Print.
