Explain why earned value management is the preferred method for measuring project performance and speculate as to why it is not used more often What are some general rules of thumb for deciding if co?

Answer 1

Firstly, the concept of earned value is not new. It dates back to the industrial age, and the concept of "earned time", which was the basis for Gilbreth's "piecework" incentive systems. Earned Value is based on the principle of "Quantum Meruit" or the "value deserved". Explained simply, the reason Earned Value Management is the only efficient or effective way to measure project performance is very simply because it measures the value of work we actually got for the money that was spent getting it. The concept of EVM, is something each and everyone of us applies each week when we go to the green grocer. Let us use banana's as an example. We look at the bunches of bananas available. We select the bunch that we believe provides us with the best value for our money. We take the chosen bunch of bananas to the check out counter. The green grocer weighs our selection, multiplies by the unit rate, and we pay promptly for what we took. No more- no less. Unfortunately, the concept has been made overly complicated, which is the reason it has not been implemented as widely as it could or should have. If you are interested in learning more, please feel free to email me at pauldgphd@gmail.com. BR, Dr. PDG, www.getpmcertified.com