Earned value management (EVM)
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method of comparing budget and actual costs of a project periodically
during the project
Client Expectations
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-Often increase during the life of a project
-Encompasses an emotional component
-one can meet all project specifications and still not meet client
expectations
,Project control provides critical information about:
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-estimating
-tracking costs
-analyzing trends and making projections
-managing change
-tracking progress against schedule
Planned value
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how far along project work is supposed to be at any given point in the
project schedule.
Project Management vs. Operations Management
PM
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-Goal directed and time sensitive
-Application of tools and technique
-Define Project goals
-Develop an execution plan to meet goals
-Temporary and unique
-Project success is connected to achieving the project goals within the
project timeline
, For projects with a low complexity level
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-decisions can be made informally
-always, document decisions
-conduct short meetings
risk transfer
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shifting the negative impact of an event to a party outside the project
Actual cost
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shows level of resources that have been used to achieve the actual work
performed to date
Project selection decision might have to be reconsidered if:
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Give this one a try later!
method of comparing budget and actual costs of a project periodically
during the project
Client Expectations
Give this one a try later!
-Often increase during the life of a project
-Encompasses an emotional component
-one can meet all project specifications and still not meet client
expectations
,Project control provides critical information about:
Give this one a try later!
-estimating
-tracking costs
-analyzing trends and making projections
-managing change
-tracking progress against schedule
Planned value
Give this one a try later!
how far along project work is supposed to be at any given point in the
project schedule.
Project Management vs. Operations Management
PM
Give this one a try later!
-Goal directed and time sensitive
-Application of tools and technique
-Define Project goals
-Develop an execution plan to meet goals
-Temporary and unique
-Project success is connected to achieving the project goals within the
project timeline
, For projects with a low complexity level
Give this one a try later!
-decisions can be made informally
-always, document decisions
-conduct short meetings
risk transfer
Give this one a try later!
shifting the negative impact of an event to a party outside the project
Actual cost
Give this one a try later!
shows level of resources that have been used to achieve the actual work
performed to date
Project selection decision might have to be reconsidered if:
Give this one a try later!
