Adding value to earned value analysis
Vanhoucke, Mario Shtub, A.
Vanhoucke, Mario
Shtub, A.
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Publication Type
Journal article
Editor
Supervisor
Publication Year
2011
Journal
PM World Today
Book
Publication Volume
XIII
Publication Issue
I
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Abstract
The non-repetitive nature of projects leads to uncertainty that is present to some degree in every project. Our limited ability to accurately forecast future values of parameters that are used as input to plan projects affects every project. Due to uncertainty and the resulting risk, project planning is in fact a starting point in the project management process that consists of planning, monitoring and control. Risk management techniques are also used in project management for the very same reason. Understanding the dynamic, stochastic nature of projects and the tools and techniques that can help us cope with this environment is the focus of this paper. In this paper we discuss some ideas, tools and techniques that may help project managers cope with uncertainty. We focus our discussion on two new ways to teach students and practitioners the Earned Value concept: the Project Team Builder and ProTrack’s Assistant.
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Keywords
Project Management