Earned Value Management
Today I completed my first, very rough draft, of an Earned Value Management guide that I plan to release early next year. Reviewing some of the concepts in the guide I couldn’t help but wonder how practical the approach is. However I also noticed that some of these concepts can be modified and made practical for small businesses. You want to know if your project is on track to be completed on schedule? Is that contractor working for you going to bust the budget or not? For a small business it is easy to determine this after the fact. We know if the contractor we are employing is not on schedule because the deadline for project completion is past due. We know that the project is over budget because we have already paid more to the contractor to complete the job than what was agreed upon. Adapting Earned Value Management tools can help many small business know this before it actually happens making the approach a very useful decision making tool. What are your thoughts?