Earned Value Management For Project Performance

About Customer

The customer is a leading business consulting firm in business process analysis, project management and software outsourcing. It needs a good project management software and wants to build an earned value management (EVM) software application suite for ease-of-use, scalability, flexibility, security and performance. EVM for project management and performance 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.

Challenge

The customer had to deal with different portfolios to track project timelines and performance. Manual checking of project performance failed to keep track of project performance during the workflow. The work breakdown structure task was difficult to maintain. The customer realized the need for a platform that could help manage it centrally and also enable them to track performance such cost performance index and schedule performance index. Earned value management (EVM) has become an essential part of managing large-scale, complex, or high-risk IT programs.

EVM software helps in the following ways:

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.

Solution

iFour Technolab, a leading custom software development company in USA, 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, and yearly basis, in a controlled, monitored and secure environment. The customer has to provide the project name, duration, timescale, currency, earned value, planned value, and critical path.

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Earned Value Management has three basic elements.

Planned Value (PV)
Earned Value (EV)
Actual Cost (AC)

The system includes the following features to provide a work breakdown structure (WBS) in EVM for a specific project.

Metrics before start of project - Budget at completion and planned value
Metrics measured during 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 analysis module for planning cost estimation and completion
Multi language (Russian, English) and multi project platform
Project performance module to visualize status graphically

Conclusion/Results

EVM techniques have been proven effective as a set of forward-looking metrics for monitoring and controlling complex and risky projects. These metrics are constantly evolving and therefore, we rely on inputs from the customer community to make sure that we deliver 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 are better able to manage projects, which involves managing project costs, functionality for planning, budgeting, measuring earned value, tracking actual costs, forecasting, change management, and reporting.

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