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PJM 6000 : Project Management
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PJM 6000 : Project Management
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Course Code: PJM 6000
University: Northeastern University
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Country: United States
Question:
Earned Value Management (EVM) is a classic method of measuring project status by upper management. Some people swear by it and others swear at it.
Do you think Project Managers ‘bonus’, if not job, should depend on what the EVM numbers are at the end of the project? Why or why not?
Answer:
Yes I think the PM bonus need to depend on the EVM numbers at the end of a particular project. EVM is used to measure on the project performance against the baseline of the project. This is a critical best practice area used to monitor the performance of the project from the cost and the schedule perspective (Fleming & Koppelman, 2010). The baseline of a particular project is essential component and serves as a reference point to the EVM related activities and through the quantitative data gotten it could be used by the PM for project decision making (Fleming & Koppelman, 2010). Through EVM the project managers are able to drill down to pinpoint on the areas which are causing issues in a given project. What to do to a particular issue dependent on the project and the nature of the issue (Willems & Vanhoucke, 2015). The bonus should depend on the EVM values to prevent the delays in the project which could increase on the overhead costs that could arise when the project is delayed (Willems & Vanhoucke, 2015). EVM helps the PM identify on the problems early and be able to address on the issues. Moreover they will find variance in the projects based on the comparison of the worked performed and the work that is planned thus they can control on the cost and the schedule of the work (Willems & Vanhoucke, 2015). When the bonus is pegged on the EVM values there is no PM who would want delays in the work and the appropriate cost assigned on projects is aligned to the work done.
Introduction:
Project management is the discipline of managing all the different resources and aspects of the project in such a way that the resources will deliver all the output that is required to complete the project within the defined scope, time, and cost constraints
References:
Fleming, Q. W., & Koppelman, J. M. (2010). Earned value management. Project Management Institute (PMI), Pennsylvania, USA.
Willems, L. L., & Vanhoucke, M. (2015). Classification of articles and journals on project control and earned value management. International Journal of Project Management, 33(7), 1610-1634.
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