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:
• On-demand status and progress reports
• Efficient resource allocation and reallocation decisions
• Adaptable cost and schedule control
The information is also useful before and after a project ends. Before a project begins, a company can claim on-time and in-budget delivery and back them up with a clear and concise articulation of its management approach. After a project is finished, managers generate documentation that provides an objective assessment of past performance. Clients use this documentation to analyze lessons learned and for future proposals.
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