![]() The collection of activities with their dependencies and start and finish times constitutes project schedule. A work package my include a number of activities with defined start and finish times. The collection of Control Accounts is called Cost Breakdown Structure (CBS). A work package along with its allocated budget is called a Control Account (CA). Then, resources including budget, machinery, labor, etc. ![]() The collection of work packages is called Work Breakdown Structure (WBS). ![]() First, project Scope of Work (SOW) has to be decomposed into manageable parts, called Work Packages (WP). Planning has to be performed at the project outset. With EVM, project managers can both plan and control project cost and time. How efficiently are project team members using their time?.What is the entire project likely to cost?.What is the remaining work likely to cost?.How much is the project under or over the budget at the end?.Is the project currently under or over the budget?.When is the project likely to be completed?.Is the project ahead of or behind schedule?. ![]() EVM can answer analytical and forecasting questions such as: EVM is also a forecasting tool which helps project managers to evaluate where their projects will end in terms of cost and schedule performance. 1- How to generate Earned Value Analysis diagrams?Įarned Value Management (EVM) is a powerful tool for cost management, and a complementary tool, in addition to project schedule, for time management. ![]()
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