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Published here January, 2006. |
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Use of the Earned Value Technique
- If we have the necessary details another control tool that we can adopt for monitoring ongoing work is the "Earned Value" (EV) technique. This is a considerable art and science that you must learn about from texts dedicated to the subject.
- But essentially, you take the costs of the schedule activities and plot them as a cumulative total on the appropriate time base. Again you can do this at the activity level, WP level or the whole project level. The lower the level the more control information you have available but the more work you get involved in.
- Either way, the result is a curve in the shape of an "S", known (surprise, surprise)
as an "S-curve". This curve (obviously) has a distinctive shape but one way only as
shown at issacons3/iac1303/sld008.htm
(see Figure 2). For an explanation as to why the S-curve is inevitably
the way it is, and how to approximate its shape, go to papers/resource/loading.htm.
Figure 2: Earned Value concepts
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The
Project's Execution Phase
