Project Management Assignment 2
MEEN40310: Project Management
Continuous Assessment Assignment 2
The Contribution of Earned Value Management to Project Success on Contracted Efforts (Marshall, 2007): A Critical Analysis
by
Dylan Nolan: 14205683
13th April 2015
“I declare that the material contained in this project is the end result of my own work and that due acknowledgment has been given in the bibliography to ALL sources, be they printed, electronic or personal”
1 Table of Contents
1 Table of Contents 2
2 Introduction 3
3 Summary of Academic Paper 4
4 Critical Analysis 5
5 Conclusion 8
6 Bibliography 9
2 Introduction
“Earned Value Management. A methodology that combines scope, schedule, and resource management to assess project performance and progress” (PMI, Project Management Institute, 2013).
Earned Value Management (EVM) is widely used methodology pioneered by the U.S. Military in the 1960’s. It is now used widespread in industries such as manufacturing, pharmaceutical and high the industries (Larson & Gray, 2014). It is an all encompassing management system that enables the complete scoping of a project at contract stage, monitoring and control processes during rollout, and progress reporting and identification of cost / time overruns.
The purpose of this report is to review a recent paper that took the previous qualitative research on the subject of EVM and created a statistical test to prove the benefits of the management system quantitatively. In my report I will first provide a summary of that paper, capturing it’s main points and results. Secondly I will then critically assess the methods used to come to the conclusions and how the results reflect the actual benefits of EVM in industry.
Finally I will conclude my review with my own opinion of the research and of EVM in general, and also put forward the approach I believe would best be applied in my own organization.
3 Summary of Academic Paper
This paper takes a quantitative approach to proving
Continuous Assessment Assignment 2
The Contribution of Earned Value Management to Project Success on Contracted Efforts (Marshall, 2007): A Critical Analysis
by
Dylan Nolan: 14205683
13th April 2015
“I declare that the material contained in this project is the end result of my own work and that due acknowledgment has been given in the bibliography to ALL sources, be they printed, electronic or personal”
1 Table of Contents
1 Table of Contents 2
2 Introduction 3
3 Summary of Academic Paper 4
4 Critical Analysis 5
5 Conclusion 8
6 Bibliography 9
2 Introduction
“Earned Value Management. A methodology that combines scope, schedule, and resource management to assess project performance and progress” (PMI, Project Management Institute, 2013).
Earned Value Management (EVM) is widely used methodology pioneered by the U.S. Military in the 1960’s. It is now used widespread in industries such as manufacturing, pharmaceutical and high the industries (Larson & Gray, 2014). It is an all encompassing management system that enables the complete scoping of a project at contract stage, monitoring and control processes during rollout, and progress reporting and identification of cost / time overruns.
The purpose of this report is to review a recent paper that took the previous qualitative research on the subject of EVM and created a statistical test to prove the benefits of the management system quantitatively. In my report I will first provide a summary of that paper, capturing it’s main points and results. Secondly I will then critically assess the methods used to come to the conclusions and how the results reflect the actual benefits of EVM in industry.
Finally I will conclude my review with my own opinion of the research and of EVM in general, and also put forward the approach I believe would best be applied in my own organization.
3 Summary of Academic Paper
This paper takes a quantitative approach to proving
Bibliography: Fleming, Q. W., & Koppelman, J. M. (1997). Earned value project management. Cost Engineering , 39 (2), 13-15. Kopp, C. (2011, June). ‘Fixed price’ versus ‘cost plus’ Defence contracting. Retrieved April 5, 2015 from Australian Air Power: http://www.ausairpower.net/PDF-A/DT-Procurement-Jun-2011.pdf Larson, E. W., & Gray, C. F. (2014). Project Management: The Managerial Process (6th ed.). New York: McGraw- Hill. Lukas, J. A. (2008). Earned Value Analysis – Why it Doesn 't Work. Retrieved April 6, 2015 from International Cost Engineering Council (ICEC): http://www.icoste.org/LukasPaper.pdf Marshall, R. A. (2007). The Contribution of Earned Value Management to Project Success on Contracted Efforts. Journal of Contract Management , Summer. PMI, Project Management Institute. (2013). Project Management Body of Knowledge (PMBOK Guide) (5th ed.). Newtown Square, Pennsylvania: Project Management Institute, Inc.