Earned Value Management and EVM lite

4 Feb

Having discussed the failures associated with Information Systems implementation [1], I thought it would be useful to examine how best to avoid these failures. In my research I came across the term Earned Value Management, (EVM). A concept developed in the 1960s by the American Government , EVM  focuses of three aspects of project management [2]

1. Planned Value – “The work schedule for a given point in the project and the budget allocated for that work.”

2. Earned Value  – “Work actually accomplished according to the budget of that work.”

3. Actual Cost- “Total amount spent on completed work.”

EVM is used to combine scope, scheduling and cost factors into a single system which allows project managers to make accurate predictions about the projects status, and allow them to negotiate problems should they arise.

In a video promoting their Prima Vera EVM solutions software, Oracle clearly evaluate the strengths of EVM and highlight the new incarnation of EVM, “EVM lite”

 

EVM lite incorporates the traditional principles of EVM and companies can expect the following benefits upon implementation.

1. Define the Scope of the Project

2. Define the Resources Required

3. Plan and Schedule

4. Estimate required resources

5. Determine Metrics

6. Form a Project Performance Baseline

7. Record all Direct Costs

8. Manage the remaining work

9. Forecast Final Schedule

10. Manage Project Changes

Do you think that EVM lite is the panacea to over-expenditure and delayed deadlines in Information System Implementation?

References

[1] “Why do Information Systems Fail”, https://sopinion8ed.wordpress.com/2013/01/27/why-do-information-systems-fail/

[2] “Earned Value Lite: 10 Steps to Successful Earned Value Management”, http://youtu.be/5jjCa9Hb7Uo

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