Practice Standard For Earned Value Management

Earned value management (EVM) is a management methodology for integrating scope, schedule, and resources; objectively measuring project performance and progress; and forecasting project outcome. It is considered by many to be one of the most effective performance measurement and feedback tools for managing projects. The Standard for Earned Value Management builds on the concepts for EVM described in the Practice Standard for Earned Value Management and includes enhanced project delivery information, by integrating concepts and practices from the PMBOK® Guide – Sixth Edition and The Agile Practice Guide. A central theme in this standard is the recognition that the definition for value in EVM has expanded. While the term retains its traditional definition in terms of project cost, it embraces current practice by including the concept of earned schedule. This standard also integrates hybrid methodologies that blend together historical EVM concepts with the needs of the agile practitioner, all with an eye towards aiding the project team in enhancing overall project delivery. This standard is a useful tool for experienced project management practitioners who are seeking to expand and update their knowledge of the field as well as less experienced practitioners who want to learn other approaches for managing project performance. It provides insight and detailed explanations of the basic elements and processes of EVM, and demonstrates how to scale EVM to fit varying project sizes and situations. This standard includes graphical examples and detailed explanations that will enable the reader to establish and implement EVM on projects in almost any environment and of almost every size. When used together with good project management principles, EVM methodology will provide a greater return on any project and results that will directly benefit your organization.

Presents basic practice standards for the project management process, covering such topics as organizing a project, developing a schedule, establishing a budget, setting up a performance measure baseline, and analyzing project performance.

The Practice Standard for Earned Value Management-Second Edition expands on the earned value information in A Guide to the Project Management Body of Knowledge (PMBOK® Guide) -Fourth Edition. EVM is often referred to as "management with the lights on" because it helps objectively and succinctly identify where a project is and where it is going. The methodology incorporates project scope, schedule and costs, and the process is applicable across many Knowledge Areas and Process Groups. This practice standard is intended for anyone who wants to better develop their project management toolset and know how to potentially improve project performance through the use of earned value.

Practice Standard for Scheduling—Third Edition provides the latest thinking regarding good and accepted practices in the area of scheduling for a project. This updated practice standard expounds on the information contained in Section 6 on Project Schedule Management of the PMBOK® Guide. In this new edition, you will learn to identify the elements of a good schedule model, its purpose, use, and benefits. You will also discover what is required to produce and maintain a good schedule model. Also included: a definition of schedule model; uses and benefits of the schedule model; definitions of key terms and steps for scheduling; detailed descriptions of scheduling components; guidance on the principles and concepts of schedule model creation and use; descriptions of schedule model principles and concepts; uses and applications of adaptive project management approaches, such as agile, in scheduling; guidance and information on generally accepted good practices; and more.

The Best Resource on Earned Value Management Just Got Better! This completely revised and updated guide to earned value (EV) project management is the go-to choice for both corporate and government professionals. A Practical Guide to Earned Value Project Management, Second Edition, first offers a general overview of basic project management best practices and then delves into detailed information on EV metrics and criteria, EV reporting mechanisms, and the 32 criteria of earned value management systems (EVMS) promulgated by the American National Standards Institute and the Electronic Industries Alliance and adopted by the Department of Defense. This second edition includes new material on: • EV metrics • Implementing EVMS • Government contracts • Time-based earned schedule metrics • Critical chain methodologies

Project estimating plays a vital role in project management. Typically completed in the initial planning stages, accurate project estimation can be a difficult task. Organizations and project managers should use these initial estimates to baseline the project schedule and cost, then refine these estimates as the project develops. Accurate estimation and refinement of the estimates leads to better and earlier decision making, thus maximizing value.Developed within the framework of A Guide to the Project Management Body of Knowledge (PMBOK&® Guide) &– Sixth Edition and other PMI standards, the Practice Standard for Project Estimating &– Second Edition focuses on providing models for the project management profession in both plan-driven and change-driven adaptive (agile) life cycles. This practice standard describes the aspects of project estimating that are recognized as good practice on most projects most of the time and that are widely recognized and consistently applied.PMI practice standards describe processes, activities, constraints, inputs, and outputs for specific discipline subject areas and are targeted to all practitioners within projectized organizations, not just project managers.

This is an update and expansion upon PMI's popular reference, The Practice Standard for Project Risk Management. Risk Management addresses the fact that certain events or conditions may occur with impacts on project, program, and portfolio objectives. This standard will: identify the core principles for risk management; describe the fundamentals of risk management and the environment within which it is carried out; define the risk management life cycle; and apply risk management principles to the portfolio, program, and project domains within the context of an enterprise risk management approach It is primarily written for portfolio, program, and project managers, but is a useful tool for leaders and business consumers of risk management, and other stakeholders.

Funded by a research grant from Project Management Institute (PMI) and PMI’s College of Performance Management (CPM), this study’s aim is to help project managers better comprehend and gauge the current level of EVM practice and its user base. A key element of the research is a survey of more than 600 project management practitioners, providing a cross-sectional view of the most current EVM practices. To provide practical and meaningful comparison of EVM practice, respondents are classified by industry sector, motivation for EVM usage, organization role, and geographic location.