Earned Value Management For Project Performance
Customer is a leading business consulting firm in business process analysis, project management and software outsourcing. It enthralls the need of project management software and desires to build earned value management software application suite for ease-of-use, scalability, flexibility, security and performance. EVM for project is designed to manage projects both large and small, and to scale up to handle hundreds of projects and users in even the largest enterprises.
Customer had to deal with different portfolios to track project timeline and performance. Manual checking of project performance failed in keeping a track of project performance during the workflow. The Work breakdown structure task was difficult to maintain. Customer realized the need of a platform that can help manage it centrally and a platform to track performance such cost performance Index and schedule performance index. Earned value management (EVM) has become a requirement in managing large-scale, complex, or high-risk IT programs.
EVM helps in having the following benefits:
- Relate time phased budgets to specific contract tasks and/or statements of work
- Provide the basis to capture work progress assessments against the baseline plan
- Relate technical, schedule, and cost performance
- Provide valid, timely, and auditable data/information for proactive project management analysis and action
- Supply managers with a practical level of summarization for effective decision making
iFour Technolab, a leading custom software development company , built an innovative and reliable EVM system. The newly developed system is a platform that utilizes the baseline expectations and compares the planned value (PV), the value of the work being completed (EV), and the actual costs (AC) on a daily, monthly, yearly basis in a controlled, monitored and secured environment. Customer has to include project name, duration, timescale, currency, earned value, planned value, critical path.
Earned Value Management has three basic elements.
- Planned Value (PV)
- Earned Value (EV)
- Actual Cost (AC)
The system includes following features to project work breakdown structure (WBS) in EVM for Project.
- Metrics before start of project - Budget at completion and planned value
- Metrics measured while progress - Earned value, planned value, actual cost, earned schedule, actual time
- Measures performance metrics – Cost performance index and schedule performance index
- Supports work packages, planning packages and intermediate tasks
- Futuristic analysismodule for planning cost estimation and completion
- Multi language (Russian, English) and multi project platform
- Project performance module to visualize status graphically
|Programming Language||.Netframe 4.5|
|Database Management Server||Microsoft SQL Server|
EVM techniques have been proven effective as a set of forward-looking metrics for monitoring and controlling complex and risky projects. It is continually evolving and relies on input from the customer community to make sure we are delivering the best solution for the ever changing needs of business and Project Management. With the customized and sustainable EVM solution provided by iFour Technolab, companies achieve project management which involves managing project costs, functionality for planning, budgeting, measuring earned value, tracking actual costs, forecasting, change management and reporting.