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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.