A Practical Guide to Earned Value Project Management, Second Edition by Budd Charles I. & Budd Charlene S

Author:Budd, Charles I. & Budd, Charlene S. [Budd, Charles I.]
Language: eng
Format: mobi
Publisher: Management Concepts Press
Published: 2011-04-07T04:00:00+00:00

EVMS CRITERION 23

Identify, at least monthly, the significant differences between both planned and actual schedule performance and planned and actual cost performance, and provide the reasons for the variances in the detail needed by program management.

EVMS provides the evaluation and feedback loop for management action, so that management can evaluate variances and make informed decisions for corrective action. There may be activities that can bring a project back on plan or compensate in other ways for the variances in cost, schedule, or project scope. Sometimes the management decision may be to discontinue the project if the deviations are great enough and compensatory actions are not deemed viable.

This criterion requires the identification of significant variances and their reasons. Determination of what significant means depends on the organization, the size of the project, task and project risk, and a number of other factors. The amount of detail required for the variance report depends on the margin of deviation from the plan.

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