Project Earned Value Management
Keya guides clients in developing project earned value management. Organizations use Earned Value to quantify the amount of work actually accomplished as a specific project progresses. Fundamentally, managers divide a project into units. Project managers then schedule these units over a time-span. And, the manager allocates a set of resources to each unit. As each unit of work is accomplished, it earns the value, usually dollars, assigned to that unit.
This process makes a comparison of planned costs to actual costs. This process also allows organizations to compare planned versus actual work to direct costs.
Managers can use this information to objectively measure a project's performance at any time in its life span. Managers can then base allocation/reallocation decisions on valid, real-time information. It provides baseline information for:
Keya uses EVM information in a number of ways to improve project performance. We build Work Breakdown Structures (WBJ) to capture all resource requirements (time, money, personnel) before kick-off. We then track EVM indices against this baseline to ensure on-time and within-budget delivery. Finally, we capture completion data and analyze for lessons learned. We distribute these to our managers to ensure continuous improvement for upcoming projects.