Over the last few years the project management in the aviation industry has become increasingly complex, so there is a growing need to find indicators that simplify monitoring and allow the Project Manager to spend less time on data collection and more time on analysis and decision making. The Earned Value Management The Earned Value Method (EVM) is a powerful yet simple tool that provides valuable information on the overall status of the project, objectively and in real time.
EVM helps us to analyse the performance of the project, showing the current status against the original planning.
Monitor using the EVM helps us to analyse the performance of the project, showing the current status against the original planning, enabling us to identify and monitor variances in cost and/or schedule, examining at each stage of the project how much value has been added (the Earned Value) by the work done so far.
Why can EVM help us to achieve project success?
- It forces us to carry out a best planning exercise before starting the project, assigning a budget to each task, so that we can translate all activities into monetary value.
- It is a objective and visual indicatorThis increases the transparency of the information as no interpretation is required. As it is a numerical indicator, it allows us to carry out trend analysis and predictions.
- Simplifies management and communication with stakeholders, as they only need a tool to follow and monitor the project.
- It helps to identify risks early in the project planning phase, allowing us to make adjustments to the original plan before they become problems.
- The EVM helps the teams working on the project to be more agileThey have to adapt to the state of the project in order for it to be completed on time and on cost. It also has a motivational role The objectives are very clearly defined.
In short, EVM as a tool gives us greater control over the status of the project in terms of scope, cost and schedule and helps us to identify problems early, so we can act proactively. As for stakeholders, EVM gives them a clearer, more transparent view of the project, where they can analyse whether the trend is positive or negative and can act on it to help achieve the objectives.
