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It is an index that integrates the three variables of a project (scope, time and cost) into a single value-based index where: Scope is monetized as the value the project is expected to generate if it is completed on a certain date; Time is a plus or minus monetary value if the completion is earlier or later than the target date; and
Project plan is a formal, approved document used to guide both project execution and project control. The primary uses of the project plan are to document planning assumptions and decisions, facilitate communication among stakeholders, and document approved scope, cost, and schedule baselines. A project plan may be summary or detailed. [7]
Earned value management (EVM), earned value project management, or earned value performance management (EVPM) is a project management technique for measuring project performance and progress in an objective manner.
In addition to their use in qualitative comparison, Harvey balls are also commonly used in project management for project tracking; in lean manufacturing for value-stream mapping and continuous improvement tracking; and in business process modeling software for visualisation.
A project manager needs to understand the order of execution of a project to schedule the project correctly as well as the time necessary to accomplish each individual task within the project. A project manager is the person accountable for accomplishing the stated project objectives on behalf of the client.
Milestones are tools used in project management to mark specific points along a project timeline. These points may signal anchors such as a project start and end date, or a need for external review or input and budget checks. Some contracts for products include a "milestone fee" that may be paid out when certain points are achieved.
When status reporting how well a milestone, project, program or portfolio is performing or being delivered, project managers often use a RAG rating to indicate how on track or at risk is the project, its deliverables or tasks. [5] In some cases, additional colours are adopted to communicate nuances of status.
Project planning is part of project management, which relates to the use of schedules such as Gantt charts to plan and subsequently report progress within the project environment. [1] Project planning can be done manually or by the use of project management software .