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Value-based Project Management Metrics

One of the key elements of effective project management is bringing together multiple concepts of scope, budget, and schedule management to have a system’s view of a project. It is essential to not rely on a specific element as the sole source of your evaluation of a projects status.

For this week, consider the following metrics and some potential pitfalls from the sole use of the Earned Value Analysis figures provided below:

  • SPI: 1.35
  • CPI: 0.8

What other information is essential to providing a complete evaluation of project status?

Support your statements and conclusions using at least one of this week’s recommended readings and one outside reference (a peer-reviewed scholarly article published in the last five years, references not to include required or recommended reading assignments, or the textbook).

Readings

Required

  • Chapter 5 in Project Management Metrics, KPIs, and Dashboards: A Guide to Measuring and Monitoring Project Performance
  • Chapter Sections 1.4, 1.5, 1.6, & 7.4.2.1 in the PMBOK® Guide
  • Spitczok von Brisinski, N. (2014). Beyond earned value management: Do you assess a project’s team trust index? Project Management Institute. Retrieved from http://www.pmi.org/learning/library/earned-value-management-trust-index-8703

Recommended

  • Bergerud, C. (2015). Earned value management: Not just for government contracting anymore. Project Management Institute. Retrieved from http://www.pmi.org/learning/library/value-management-not-just-government-contract-9855
  • Marques, G., Gourc, D., & Lauras, M. (2011). Multi-criteria performance analysis for decision making in project management. International Journal of Project Management, 29(8), 1057-1069. Retrieved from
    http://www.sciencedirect.com/science/article/pii/S0263786310001419

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Value-based Project Management Metrics was first posted on February 9, 2021 at 6:53 am.
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