Estimated Value Management (EVM) is a project management technique that uses data and statistical analysis to monitor and control projects. It provides project managers with a comprehensive view of project performance and helps them to make informed decisions about how to allocate resources and manage risk.
EVM involves using data from a project to estimate its performance, and then using that data to make decisions about how to manage the project. This data can come from many sources, including project schedules, resource utilization, cost data, and risk assessments. The data is then analyzed using statistical methods to provide an estimate of the project’s progress and to identify areas where action may be needed to improve performance.
One of the key benefits of EVM is that it provides a clear and objective view of project performance. By using data to estimate project performance, EVM helps project managers to avoid making decisions based on intuition or opinion, which can lead to incorrect or inefficient decisions. Instead, EVM provides a more accurate picture of what is happening on the project, and helps project managers to make informed decisions that improve performance and minimize risk.
EVM also helps project managers to monitor project progress and identify issues early. This allows project managers to take action to address problems before they become major issues, which can save time and money, and improve the chances of project success.
Another benefit of EVM is that it provides a framework for managing projects using an integrated approach. By using data from multiple sources, EVM helps project managers to see the big picture and understand how different parts of the project are affecting each other. This allows project managers to make informed decisions about how to allocate resources and manage risk, which can help to improve project performance and minimize risk.
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In conclusion, Estimated Value Management is a powerful project management technique that provides project managers with a comprehensive view of project performance and helps them to make informed decisions about how to allocate resources and manage risk. By using data and statistical analysis, EVM provides a clear and objective view of project performance, helps project managers to monitor progress and identify issues early, and provides a framework for managing projects using an integrated approach.
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