Hi, need to submit a 1750 words essay on the topic Earned Value Management in Multi-Projects and Programmes.
The paper will analyse earned value management by discussing three major objectives. The first will be describing the most important factors that should be considered when monitoring and controlling programs and multi-projects. The other will be to explain the advantages of implementing Earned value management for these programs and multi-projects. Finally yet importantly will be to establish the significance of earned value management data accuracy.
There are five major factors that are considered by an earned value management technique. The first is organisation: It involves creating a work breakdown structure (WBS). The WBS is supposed to detail down all activities, to describe the task to be carried out, and the relationship it has to the products that can be delivered (Humphreys & Visitacion, 2009). In organisation, there is also the OBS, which refers to the organization breakdown structure. It is responsible for identifying the person in charge of the work effort described by the WBS. Both the WBS and the OBS define a control account. It means that at this level is where the key management control point is found.
Planning, budgeting, and scheduling makes up the second group that an earned value management considers. An integrated schedule is what creates the contractors map to meet their objectives in a program of multi-project they are responsible for (Humphreys & Visitacion, 2009). The schedule has to be loaded with resources so that it can determine an effective budget as scheduled. The total budget created for every task, control account, or the whole project is known as the budget at complete (BAC). Management reserve (MR) is a backup of the total project amount that is incorporated to take care of the uncertainties that may occur, such as risks. Work should only begin when a formal work authorization has been offered. The disciplined approach clearly defines