Corrective Action Log If you work on contracts that require earned value management as standard, you’ll be familiar with the idea of corrective actions. These are items requested, normally by the government agency you are working with, that address areas of your earned value management system that are under-performing. Across the life of a large-scale […]
What is Cost Variance?
What does cost variance mean? Cost variance is the difference between earned value and actual cost, at the date you wish to measure. It is used to assess the project’s cost performance. Cost variance for a project is represented as a financial amount. This number tells you the variance from your original budget, whether that […]
9 Items to Include in Variance Reporting
Variance Reporting If you work in an earned value management environment, or are going through the process for system certification, you’ll be familiar with the idea of variance reporting. It’s a requirement of the EIA-748 guidelines which expect project teams to identify variances, put plans in place to address them and then implement the plans. […]
The Earned Value Management (EVM) Building Blocks
For many, Earned Value Management (EVM), at its heart, is a paradigm shift in the way we consider and focus on a few fundamental project parameters. It opens the door to a treasure trove of performance assessment and forecast insight for projects. A major duty of the project manager is to keep the project on […]
10 Earned Value Management Skills
Earned Value Management Skills Earned value management is a core expectation for many US government contractors. There are many technical aspects to understand, from software to formulas, reporting and data analysis. However, to get the most out of earned value, it’s also worth investing in what PMI calls ‘power skills’. Power skills are the ‘soft’ […]
Best Earned Value Books for 2023
The Best Earned Value Books Are you wondering what to put on your reading list for the holiday season, and into 2023? We’re sure you’ve got some popular fiction and chart-topping reads on your wish-list, but what about some career-enhancing books as well? Here is our round up of the best earned value reads for […]
15 Essentials for IBR Process Training
Essential IBR Process Training Are you facing an Integrated Baseline Review (IBR) any time soon? You’ll probably know that it’s important to make sure that the IBR team are able to identify and assess risks relevant to the project so they can be ready for the review. In fact, if the whole IBR process is […]
How to Create an Earned Value Management Dashboard
Earned Value Management Dashboard Earned value management is a robust way of applying project controls to budget and schedule. It’s performance-led, so it’s a reliable approach for understanding real-time progress and spotting trends. Monitoring can be done regularly, and when you’ve got the right reports set up, the insights you need to monitor status are […]
7 Sources of Free Earned Value Management Training
Free Earned Value Management Training A quick Google for ‘free earned value training’ will return thousands of results. Have you got time to trawl through them all hoping to find the gems that will get you started quickly? Thought not… but you’re in luck because we’ve done it for you! There is a lot of […]
5 Risk Areas to Highlight During the IBR Process
Risk Areas to Highlight Are you preparing for an Integrated Baseline Review (IBR)? The IBR process is part of making sure your program is compliant with earned value management standards and that there is a robust baseline against which to track performance. It’s also an exercise in risk identification. In fact, we’d go as far […]