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Project Evaluation and Control

Project Evaluation and Control. Chapter 13. © 2007 Pearson Education. Setting a Goal. Taking Action and Recycling the Process. Measuring Progress. Comparing Actual with Planned. The Project Control Cycle. 60. 40. Cumulative Budgeted Cost. 20. Cumulative Actual Cost. 10. 15. 20. 25.

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Project Evaluation and Control

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  1. Project Evaluation and Control Chapter 13 © 2007 Pearson Education

  2. Setting a Goal • Taking Action and Recycling the Process • Measuring Progress • Comparing Actual with Planned The Project Control Cycle

  3. 60 40 Cumulative Budgeted Cost 20 Cumulative Actual Cost 10 15 20 25 30 35 40 45 50 5 Elapsed Time (in weeks) The Project S-Curve Cumulative Cost ($ in thousands) $10,000 Negative Var

  4. Milestone Analysis Milestones are events or stages of the project that represent a significant accomplishment. Milestones • signal the team and suppliers • can motivate the team • offer reevaluation points • help coordinate schedules • identify key review gates • delineate work packages

  5. Tracking Gantt Chart Project status is updated by linking task completion to the schedule baseline

  6. Cost Project S-Curves Cost Performance Schedule Cost Earned Value Performance Schedule Performance Schedule Tracking Control Charts Earned Value Management

  7. Earned Value Terms • Planned value • Earned value • Actual cost of work performed • Schedule performance index • Cost performance index • Budgeted cost at completion

  8. Steps in Earned Value Management • Clearly define each activity including its resource needs and budget • Create usage schedules for activities and resources • Develop a time-phased budget (PV) • Total the actual costs of doing each task (AC) • Calculate both the budget variance (CV) and schedule variance (SV)

  9. AC Actual Overspend Cost PV EV Budget Slip Scheduled Performed Schedule Earned Value Milestones

  10. Earned Value Example Value 8=80%(10) Earned Value 30=15+8+6+1 Planned Value 38=15+10+10+3 Cumulative 40=8+11+8+13

  11. Earned Value Example Schedule Variances Planned Value (PV) = 38 = 15+10+10+3 Earned Value (EV) = 30 = 15+8+6+1 Schedule Performance Index = .79 = 30/38 = EV/PV Estimated Time to Completion = (1/.79)x4=5 Cost Variances Actual Cost of Work Performed (AC) = 40 = 8+11+8+13 Cost Performance Index = .75 = 30/40 = EV/AC Estimated Cost to Completion = 50.7 = (1/.75)x38

  12. Completion Values in EVM Accurate and up-to-date information is critical in the use of EVM • 0/100 Rule • 50/50 Rule • Percentage Complete Rule

  13. Human Factors in Project Evaluation & Control • Optimistic progress reports • Level of detail • Process evaluation • Non-technical performance measurement

  14. Critical Success Factors in theProject Implementation Profile • Project mission • Top management support • Project plans & schedules • Client consultation • Personnel • Technical tasks • Client acceptance • Monitoring & feedback • Communication channels • Troubleshooting

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