Project Management Assignment: Earned Value Management

Earned Value Management
Student’s Name
Professor’s Name
Course
University
Date
Introduction
Earned Value Management (EVM) is a program management method that measures project health by tracking planned value, earned value, and actual cost. Despite EVM being a critical tool for gauging and forecasting project health there are commonly held myths surrounding EVM that misjudge its effectiveness (Visitacion, 2007).
Comparison and contrast of project success stories and myths of EVM
The success story of Lawrence Livermore National laboratory (LLNL) support the commonly held view that implementing EVM means that project will be on time and on track. According to Anita Zenger, the projects control manager for the LLNL plant-engineering department she employed EVM practices to control the project and the project was completed eight months ahead of schedule (Custer, 2011).
The commonly held myth claims that EVM practices are different from project management practices, and therefore successful EVM does not require previous knowledge of project management. However, LLNL success story argues that EVM practices and project management practices are closely linked. Moreover, Zenger argues that they utilized software tools to delineate work breakdown structure and work packages that enabled them to track variances and take corrective action (Kerby & Counts, 2014).
The EVM can detect problems and problems indicators early, but there is a limit to its restorative powers. Zenger argues that EVM is a risk mitigation tool. They used software tools to integrate cost management functionality with scheduling, budgeting information, and other earned value calculation that allowed them to perform monthly checks by comparing actual costs and completion percentages with projected budgets. This helped to mitigate risks and prevent cost overruns (Visitacion, 2007).
The commonly held view implies that only big projects can benefit from the effectiveness of EVM. The LLNL project of constructing Terascale Simulation Facility worth $100 million was appropriate for the EVM. The implementation of the EVM aided the project to succeed (Custer, 2011).
Zenger considers automated EVM reports as accurate and reliable. Zenger argues that compliance r...