cv | Rubber Tyres --> Smooth Rides

In my last installment, I introduced EVM as a method of tracking the progress of a project.

I introduced a few terms namely:

PV/BCWS , EV/BCWP -,AC/ACWP, CV , SV , CPI , and SPI.

Now, before using EVM , you first need to put in place a structure so that Earned Value Methodology can be used.

This is relatively simple if you are familiar with breaking down your project into products and/or work packages, work packages that can be broken down into its component parts.

This procedure is called creating a Work Breakdown Structure (WBS). You then make a list of the activities that produce the products and sub-products. This post will not go into the details of creating a WBS. That can be the subject of another post.

Quote of the day:
If everything seems under control, you’re not going fast enough – Mario Andretti

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Once you have gone about and drawn up a schedule for your project and allocated resources to your project, assuming you have done your homework, you should ideally execute your plan and have everything done by the planned date, with the budgeted cost and execute the planned scope per the expected quality. (Its about scope, cost, time & quality and a quality product needs a quality plan and I’m not talking just testing plans and/or testing for quality, but the project plan itself should be of the highest quality.)

But its not an ideal world and you have to track your project cost and progress to make sure that you are on the right track.