MGMT6058 Lecture Notes - Lecture 12: Simple Math, Project Management Institute, Uptodate
Document Summary
Accurate and up-to-date information is critical in the use of evm. Objective information is repeatable, verifiable, and more valuable: 0/100 rule , 0% or 100, 50/50 rule, 0% or 50% or 100, percentage complete rule e. g. 65% 0/100 rule, not started =0, when the work is finished = 100% 50/50 rule, 50% is earned when work has started, and 100% when finished. The more objective the % complete is, the more valuable. Gradients of completion should be mutually agreed uponorelsemisleadinginformationwillbecreated. Do not make them too detailed or else it"s difficult to status. E. g. ,wemayknowthefirst 500 lines of code out of 5000 isn"t really 10% complete. Very important to establish reasonable standards for project performance this results in very different predictions and analysis. Earned value management systems (evms) for managing a portfolio of projects. Aggregate all earned value measures across the firm"s entire project portfolio. Indicates how company is managing all of its projects.
