You have thoroughly planned for a project or initiative. It looks perfect on paper. But once you begin to execute on your plan, how can you tell if your project is having the desired impact?
Often the progress of a project is thought of simply as being ahead or behind schedule, and over or under budget. That is an imperfect philosophy. What if you’re ahead of schedule, but costs are higher than your planned budget? Or, what if you’re behind schedule, but costs are lower than you first calculated?
This is where knowing the earned value helps. It can provide deeper information on your project. Earned Value Management (EVM) helps provide the basis to measure work progress against a baseline plan; relate technical, time and cost performance; provide data for proactive management action; and provide managers with a summary of effective decision making.
What’s more, EVM is the magic happening behind the scenes of initiative management in Spider Impact—our strategic performance measurement and management solution. And we have crafted a phenomenal, interactive article that will show you how it all works. Click the button below to learn more about EVM and its use in Spider Impact.