Earned value structure is one of the most relied and commonly used management device used by organizations. This is due to the advantages organizations get from implementing the EVMS in their operations. However, some of the organizations do not value ideas. For those companies which do not have an idea of what EVMS is, here are the benefits they will get from implementing Earned value management System in their operations.
In any project the quality of work is a very important key. When using the earned value administration system the model does not take in to consideration the quality of work but rather concentrates on the success of the project.
When a project shows variances, it is a bad indication of project failure. With the earned value scheme or structure the program may hide the cost or schedule variances thus posing some risks during the project life-cycle. However, the system can easily identify this problems and organizations can correct them early enough to avoid slowing down the project activities.
For staffs to use the scheme well, they need to undergo proper training. This is because if they do not fully utilize the earned value data send to them there are chances that the project will fail. The cost of training the staffs is costly and also time consuming.
As much as the model is recommended as one of the best tool in project management tool this does not mean that other tools should be isolated. When using the EVMS, practitioners recommend the use of the critical path. This is to allow one draw the project network and determine the critical path of the project. However other methods which can work hand in hand with this system is the quality control techniques, the Gantt charts, standard delay impact techniques, milestone charts, line of balance and any other methods of determining the amount of management reserve.
Also organizations can use the system to measure their objectives. This helps withdraw any assumptions, human perception or emotions by giving one a clear picture of where the project is heading to. Here organizations can decide whether to drop their venture or continue investing on it before they spent a lot of money on projects which are futile.
By use of EVMs the accountability of managers and employees is enhanced. This is because they are can accurately track their time by ensuring that they are not behind time. This information is very crucial to the stakeholders and can easily track who is behind time. This helps reduce laxity levels.
The model takes earned value as the base line when predicting the values. However, the predictions may not be accurate at times. This is due to some of the foreseen risks which may cause some delays. Basing the assumption on the planned figures can land organizations in to troubles. On the other hand, the idea requires software to be used for it to accomplish its goals. The cost of purchasing this software is high and that is why most managers do not prefer using the system since they are not able to know exactly whether the project is in good shape or not thus limiting its use.
In any project the quality of work is a very important key. When using the earned value administration system the model does not take in to consideration the quality of work but rather concentrates on the success of the project.
When a project shows variances, it is a bad indication of project failure. With the earned value scheme or structure the program may hide the cost or schedule variances thus posing some risks during the project life-cycle. However, the system can easily identify this problems and organizations can correct them early enough to avoid slowing down the project activities.
For staffs to use the scheme well, they need to undergo proper training. This is because if they do not fully utilize the earned value data send to them there are chances that the project will fail. The cost of training the staffs is costly and also time consuming.
As much as the model is recommended as one of the best tool in project management tool this does not mean that other tools should be isolated. When using the EVMS, practitioners recommend the use of the critical path. This is to allow one draw the project network and determine the critical path of the project. However other methods which can work hand in hand with this system is the quality control techniques, the Gantt charts, standard delay impact techniques, milestone charts, line of balance and any other methods of determining the amount of management reserve.
Also organizations can use the system to measure their objectives. This helps withdraw any assumptions, human perception or emotions by giving one a clear picture of where the project is heading to. Here organizations can decide whether to drop their venture or continue investing on it before they spent a lot of money on projects which are futile.
By use of EVMs the accountability of managers and employees is enhanced. This is because they are can accurately track their time by ensuring that they are not behind time. This information is very crucial to the stakeholders and can easily track who is behind time. This helps reduce laxity levels.
The model takes earned value as the base line when predicting the values. However, the predictions may not be accurate at times. This is due to some of the foreseen risks which may cause some delays. Basing the assumption on the planned figures can land organizations in to troubles. On the other hand, the idea requires software to be used for it to accomplish its goals. The cost of purchasing this software is high and that is why most managers do not prefer using the system since they are not able to know exactly whether the project is in good shape or not thus limiting its use.
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