Project monitoring and monitoring tools
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For managers both in education and business, this presentation talks about available tools which can be used to monitor projects and programs, how this tools can be used and the formula to measure program implementation efficiency.
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Project monitoring and monitoring tools
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- 15. 16 “Earned Value Analysis” is: • an industry standard way to: • measure a project’s progress, • forecast its completion date and final cost, and • provide schedule and budget variances along the way. By integrating three measurements, it provides consistent, numerical indicators with which you can evaluate and compare projects.
- 16. It compares the PLANNED amount of work with what has actually been COMPLETED, to determine if COST , SCHEDULE, and WORK ACCOMPLISHED are progressing as planned. Work is “Earned” or credited as it is completed. 17
- 17. 18 70% of projects are: •Over budget •Behind schedule 52% of all projects finish at 189% of their initial budget And some, after huge investments of time and money, are simply never completed
- 18. 19 BCWS - Budgeted Cost of Work Scheduled ACWP - Actual Cost of Work Performed BCWP - Budgeted Cost of Work Performed
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- 20. SV: Schedule Variance (BCWP-BCWS) A comparison of amount of work performed during a given period of time to what was scheduled to be performed. A negative variance means the project is behind schedule CV: Cost Variance (BCWP-ACWP) A comparison of the budgeted cost of work performed with actual cost. A negative variance means the project is over budget. 21
- 21. SPI: Schedule Performance Index SPI=BCWP/BCWS SPI<1 means project is behind schedule CPI: Cost Performance Index CPI= BCWP/ACWP CPI<1 means project is over budget CSI: Cost Schedule Index (CSI=CPI x SPI) The further CSI is from 1.0 the less likely project recovery becomes. 22
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- 25. Critical ratio = actual progress x budgeted cost scheduled progress actual cost • If ratio is 1 everything is probably on target The further away form 1 the ratio is, the more we need to investigate
- 26. Calculate the critical ratios for the following Calculate the critical ratios of the activities and indicate which are probably on target and need to be investigated. Activity Actual progress Scheduled Progress Budgeted Cost Actual cost Critical ratio (CR) A 4 days 4 days 60 40 B 3 days 2 days 50 50 C 2 days 3 days 30 20 D 1 day 1 day 20 30 E 2 days 4 days 25 25 Chapter10 Project Monitoring & Control 27
- 27. Chapter10 Project Monitoring & Control 28 Can be on schedule and below budget (Act A) Why so good? Cutting corners? Can be behind schedule but below budget (Act C) Can be on budget but physical progress lagging (Act E) Can be on schedule but cost running higher than budget (Act D) On budget ahead of schedule (Act B)
Editor's Notes
- (2) Those three measurements are: time expired work accomplished money spent
- (2) Thus the name Earned Value; you can actually assign a VALUE to the project at a particular time
- The Work Package needs to be of the size that it can be handed off to a task manager. Too large and you have multiple people responsible for the work. Too small and the program manager winds up micro-managing everything. The “accompanying narrative” is really an SOW – or Statement of Work.
- Oh Boy! Some derived metrics – you were all waiting for some of those, weren’t you? Cost Variance and Schedule Variance are simply arithmetic differences of where we are and where we should be.
- Well, we know we’re behind schedule and over cost, and we know exactly much for each one, but so what? Well, now we can begin to integrate these two pieces of information and get an overall picture. The Performance Indices are really just a way of calculating, on a percentage basis, where we are. SPI CPI But now, when we combine the two, the percentage figure becomes more significant.
- Oh Boy! Some derived metrics – you were all waiting for some of those, weren’t you? Cost Variance and Schedule Variance are simply arithmetic differences of where we are and where we should be.