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Analysis : Earned Value Analysis

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Earned Value Analysis
Team structure, effective communication, risk, cost data and projections, performance metrics, and personnel resources are all pertinent mechanisms that have to be considered in order to track and successfully execute a project (CSU-Global, 2015). After a period of meticulous planning, project managers anticipate that their projects will be executed on schedule and within the proposed budget; nevertheless, according to Maheshwari and Credle (2010), there are internal and external factors that can impede a project’s progress. Therefore, once a project is in motion project managers often rely on tools to assist them with staying on course – and to mitigate project risk. One such tool is an Earned Value Analysis (EVA) report that can help quantify a project 's progress during the monitoring and controlling stages - at select time intervals. The EVA can also be used to forecast a project’s completion date and present an analysis of variances that may occur due to additional or misinterpreted requirements (Maheshwari et al., 2010).
Regardless of how the project information is formatted there are several key elements that should be included in the EVA to include, but not limited to, financial data described as planned value, actual cost, and earned value, which are accompanied by project variances and forecasting (Project Management Guru, 2012). The bottom line is that an EVA can be used to help determine - and provide interested parties - the overall
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