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.
This system helps organizations to access and use their past data history in predicting the future. This can help organization to plan for future projects and do projections by relying on their past performance. Also the system provides good insights for analysts to draw perceptions for the managers.
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.
Organizations which use these systems help them reduce the work load since they assist them to handle only the critical issues. This ensures that the management only tackles the most crucial matters thus giving them time to focus on other activities.
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.
The scheme does not track the progress but rather shows the percentage of completed job. This becomes very difficult for project managers to determine who is not performing their work as per their schedule. Also the scheme used by the organization may make implementation of the system very difficult.
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.
Stakeholders are also alerted on any problem that may affect the venture early enough for them to take the necessary measures to avoid any risks. This helps them do the right adjustments throughout the implementation and development stages thus getting such a project back to its track. Also these problems are prevented from occurring during project execution process by laying down strategies on how to overcome them thus reducing any chances of the project failing.
This system helps organizations to access and use their past data history in predicting the future. This can help organization to plan for future projects and do projections by relying on their past performance. Also the system provides good insights for analysts to draw perceptions for the managers.
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.
Organizations which use these systems help them reduce the work load since they assist them to handle only the critical issues. This ensures that the management only tackles the most crucial matters thus giving them time to focus on other activities.
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.
The scheme does not track the progress but rather shows the percentage of completed job. This becomes very difficult for project managers to determine who is not performing their work as per their schedule. Also the scheme used by the organization may make implementation of the system very difficult.
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.
Stakeholders are also alerted on any problem that may affect the venture early enough for them to take the necessary measures to avoid any risks. This helps them do the right adjustments throughout the implementation and development stages thus getting such a project back to its track. Also these problems are prevented from occurring during project execution process by laying down strategies on how to overcome them thus reducing any chances of the project failing.
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