Earned Value management, is a tool for project management, it is a kind of analysis tool, which allows manager to measure the amount of work done in the process with regard to its cost and timelines. How much is achieved in the process of the project, what can be done better, how extra cost can be eliminated, etc. This method works on the project earned value and by use of this, a project manager can analyze the project turnaround time and this is also helpful in analyzing the total cost applied in project and how that cost can be reduced in future.
With the use of this tool, the manager can strategies his work and improve the process. Some uses of the project are:-
Project planning – scope of the project, team alignment, who is going to do what, all these questions can be answered by the use of this tool. Project can be divided into different task and a manager can align the skilled person for these tasks.
Allot a reasonable completion time for the task and make sure that the team is not facing any problems to achieve the time lines.
Allot the budget for the plan, which includes the resources, man power require to complete the task in efficient manner.
Lastly control the project cost by analyzing the performance of individuals in the project.
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