From the course: Data-Driven Project Management: Project Metrics That Matter
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Cost metrics: Introduction to earned value management
From the course: Data-Driven Project Management: Project Metrics That Matter
Cost metrics: Introduction to earned value management
- How do you know the real status of your project if you're evaluating your scope separate from your schedule and your cost performance separate from your scope? Measuring project status can be challenging because the metrics for work/scope, schedule and cost are all separate. One way we can combine scope, schedule and cost information into a set of metrics is to use earned value management or EVM. EVM gives you an integrated view of your project. In this video, I'll show you how to set up a project for EVM measurements. We won't actually evaluate cost and schedule performance, we're just going to prepare to evaluate and develop a performance measurement baseline that will allow us to measure performance. EVM is typically used on large projects with well-defined scope, like construction of aerospace. We'll use a construction example from the Desert Rose Community project to introduce EVM. It's for a neighborhood within…
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