Earned Value Management (EVM) is a project management technique
for measuring project progress in terms of cost, schedule and
scope, and has developed into a very effective way to uncover
performance problems at an early and correctible stage in any given
project. From its earliest days as a financial analysis tool in the
US in the early 1960 s, it steadily grew in use through the US
Department of Defense until it was made the standard measurement
for all DoD, NASA, and Department of Energy projects, and was
widely adopted by publicly-traded companies trying to comply with
the 2002 Sarbanes-Oxley ruling calling for greater transparency and
accountability. It has also long been used in software engineering
projects.
Winning the 2008 Research Award from IPMA for his research
leading to this proposed book, author Mario Vanhoucke has surveyed
the published literature to find and evaluate the effectiveness of
the latest developments (and established practices) in EVM. After
first explaining the fundamentals and terminology of the practice,
he explores all the latest research trends and then tests them
against a group of fictitious projects to gauge their
effectiveness, offering general results applicable to a wide set of
project types that researchers and practitioners can use to expand
their work in EVM-managed projects. With a focus on the simple
calculations behind EVM systems, Vanhoucke shows how they can often
lead to misinterpretation and frustration and how to avoid common
mistakes.
Meant to complement rather than compete with the existing books
on the subject, the proposed book deals with the project
performance and control phases of the project life cycle to present
a detailed investigation of the project s time performance
measurement methods and risk analysis techniques in order to
evaluate existing and newly developed methods in terms of their
abilities to improve the corrective actions decision-making process
during project tracking. As readers apply what is learned from the
book, EVM practices will become even more effective in project
management and cost engineering. Individual chapters look at
simulation studies in forecast accuracy (under nine different
scenarios); schedule adherence; time sensitivity; activity
sensitivity; and using top-down or bottom-up project tracking.
Vanhoucke also offers an actual real-life case study, a tutorial on
the use of ProTrack software (newly developed based on his
research) in EVM, and conclusions on the relative effectiveness for
each technique presented. This will be an important read for anyone
researching, using, or studying EVM and will certainly help to push
the field forward in the coming years.
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