Earned Value Management –Forecasting This is in continuation with the article Earned Value Management –Analysis, where all the definition and formula for planned value, actual cost and earned value concept was discussed in detail. Forecasting Methods Forecasting involves examining the actual project performance data to date and making predictions about future project performance based on this data. According to the PMBOK® Guide, forecasting methods fall into four different categories and each category has several types of forecasting methods. Time series methods: This forecasting method uses historical data to predict future performance. Earned value, moving average, extrapolation, trend estimation, linear prediction, […]

Earned Value Management (EVM) is a methodology that combines scope, schedule, and cost to assess the project performance and progress. It is project management techniques which can be applied to all projects in any industry.EVM develops and monitor 3 key dimensions for each work package and control account: PV, EV and AC. Acronym Term Description PV Planned Value Work planned at the starting with respect to time. Example –If total time planned to do the work is 10 months ,then after 5 months the planned value is 50% work EV Earned Value Value of work actually completed AC Actual Cost Cost

Project Management Mathematics IV- Planning This article will cover the following tools and technique of Perform Qualitative Risk Analysis and Perform Quantitative Risk Analysis. Expected Monetary Value Decision Tree Risk probability and impact calculations Expected Monetary Value Expected monetary value (EMV) analysis is a statistical technique that calculates the average, anticipated future impact of the decision. EMV is calculated by multiplying the probability of the risk by its impact for two or more potential outcomes (for example a good outcome and a poor outcome) and then adding the results of the potential outcomes together. EMV is used in conjunction with

Control Procurement Control Procurements is the process of managing procurement relationships, monitoring contract performance, and making changes and corrections as needed. Both the buyer and the seller will administer the procurement contract for similar purposes. Each must ensure that both parties meet their contractual obligations and that their own legal rights are protected. The Administer Procurements process ensures that the seller’s performance meets procurement requirements and that the buyer performs according to the terms of the legal agreement. Control Procurements includes application of the appropriate project management processes to the contractual relationship(s) and integration of the outputs from these processes

Project Procurement Management Project Procurement Management includes the processes necessary to purchase or acquire products, services, or results needed from outside the project team. The organization can be either the buyer or seller of the products, services, or results of a project. Project Procurement Management includes the contract management and change control processes required to develop and administer contracts or purchase orders issued by authorized project team members.The Project Procurement Management processes involve contracts that are legal documents between a buyer and a seller. A contract represents a mutually binding agreement that obligates the seller to providethe specified products, services,