The earned value method is the project management standard for cost control during a project. Whether you are a practicing project manager or studying for the PMP exam, you need to know how to calculate earned value. Fortunately, it involves nothing more than basic high school math. The more difficult part is knowing what each... [Read More]| ProjectEngineer
In the operating room, an electrocardiogram (ECG) machine tirelessly tracks a patient’s heartbeat, offering surgeons a real-time glimpse into their health and alerting them to irregularities before they become crises. Similarly, in the high-stakes world of project management, the Cost Performance Index (CPI) within Earned Value Management (EVM) acts as a vital diagnostic tool, monitoring... [Read More]| ProjectEngineer
Struggling to keep your project on budget and on schedule? The To-Complete Performance Index (TCPI) in Earned Value Analysis is your key to staying on track. This powerful metric reveals the cost efficiency—building on the Cost Performance Index (CPI)—your team must achieve to complete the project within its financial targets. Simple to calculate and easy... [Read More]| ProjectEngineer
In project management, getting an early indication of cost escalation is the silver bullet that allows the project manager to correct the problems before they start. Keeping a firm grip on costs is essential to delivering success, yet budgets often spiral, deadlines slip, and stakeholders grow restless, leaving managers scrambling for answers. Whether you’re managing... [Read More]| ProjectEngineer
Like termites that build their invisible kingdoms secretly and slowly, projects have a similar parasite that grows under the surface until it suddenly exposes itself with disastrous consequences. It's called scope creep, and it has eaten many projects alive. Scope creep is the unauthorized addition of tasks into a project. If the project manager is... [Read More]| ProjectEngineer
It's amazing how many projects do not know their true status until near the end, when there is little that can be done to ensure they finish on time or budget. The proper time to rigorously track project status is at the beginning, not at the end. This is when project risk can be managed and... [Read More]| ProjectEngineer
