Project Management involves management of three variables in a project - cost, time and performance (sometimes cited as quality or scope). Conventional managerial models such as Gantt Charts and CPM/PERT Networks consider modelling project in terms of time alone. Earned value management is an attempt to integrate cost and time variables into professional project management.
The essence is to represent value (in terms of cost of project) against time of execution as a graph called planned value curve during planning of a project. Thereafter during actual execution, the actual value of work completed is plotted on the requisite intervals of time to get what is called an Earned Value curve. A comparison of earned value and planned value curves along with a similar plot of actual cost versus time, throws considerable light on project delays and cost over-runs.
Of course, there are many images and formulae that need to provided to elucidate the concept, but much information of that sort is available on the net. You may prefer to read the wikipedia pages, with this background.
Earned Value Management (EVM) is a project control process based on a structured approach to planning, cost collection and performance measurements. It facilitates the integration of project scope, time and cost objectives and the establishment of a baseline plan for performance measurement (schedule, progress and budget). EVM focuses on useful work done and not just on money/time spent. It effectively measures the efficiency of the work in progress and provides an indication of likely out turns by facilitating trend analysis techniques. A by-product of the technique is that to measure progress, tighter controls are usually required and this usually means projects are better managed. Beware EVM requires considerable administrative organisation and effort in order to implement (new/modified processes and computer systems) and the collect the data. EVM takes a holistic view of the project, so over-performance in one area may well hide under-performance in another. In summary the benefits of EVM are that it gives repeatable answers (how well a project is doing, how will it will do, how well it could do and identify areas of under achievement), provides reliable information to aid decision making, provides data for future estimates of similar work and helps the development of standard curves to assist with target setting for future projects. The equations for EVM have not been mentioned, and if readers want to find out more, then they should investigate concepts such as Budgeted Cost of Work Schedule (BCWS), Actual Cost of Work Performed (ACWP), Schedule Performance Index (SPI) and Cost performance Index (CPI) to name but a few.
PMI offers a range of certification programs for project management professionals at every level of education and experience. Earning PMI certification means your company can count on you to lead its next big project - and you'll be well-positioned for future advancement.
Here they are (all 9 of them): * Scope management * Time management * Cost management * HR management * Quality management * Risk management * Communications management * Procurement management * Integration management
The major branches of management are financial management, marketing management, human resource management, strategic management, production management, operations management, service management and information technology management. The efficient and effective operation of a business, and study of this subject, is called management.
Management.
Is logistic management and operation management are same?
What are the issues addressed in consideration of earning management and what is their relevance in pursuing shareholders wealth?" What are the issues addressed in consideration of earning management and what is their relevance in pursuing shareholders wealth?"
An earning allocation model is how you direct your earnings each month to support your life. The two components are risk management and investments.
Opinions may vary. Ensuring that the business is running and earning with less overhead.
Hotel and Restaurant management is the growing career in hospitality industry of the present time . The Hotel and Restaurant Management is needed where one has to do marketing, sales and purchase. It will definitely help you in earning a good pay packet. this can happen if you enroll in Best Hotel Management in Rajasthan.
a yearly earning
what is the difference between basic earning per and adjusted earning per share?
Price earning ratio = market value per share / Earning per share Earning per share = Net income available to share holders / number of shares outstanding
Earning a living.
Madonna is the highest earning female singer.
If you go to school to get a hotel management degree it will greatly increase your earning potential. The rate of pay is anywhere from $30K to $90K. The differential depends on education and experience.
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Getting a degree in supply chain management means that your courses would focus on the financial strategy aspect of running a business. You will learn about pricing, consumer behavior and the other factors that effect how a company decides to buy and sell their products.