Practice Standard For Earned Value Management 2nd Edition

The Practice Standard for Earned Value Management-Second Edition expands on the earned value information in A Guide to the Project Management Body of Knowledge (PMBOK® Guide) -Fourth Edition. EVM is often referred to as "management with the lights on" because it helps objectively and succinctly identify where a project is and where it is going. The methodology incorporates project scope, schedule and costs, and the process is applicable across many Knowledge Areas and Process Groups. This practice standard is intended for anyone who wants to better develop their project management toolset and know how to potentially improve project performance through the use of earned value.

Presents basic practice standards for the project management process, covering such topics as organizing a project, developing a schedule, establishing a budget, setting up a performance measure baseline, and analyzing project performance.

Earned value management (EVM) is a management methodology for integrating scope, schedule, and resources; objectively measuring project performance and progress; and forecasting project outcome. It is considered by many to be one of the most effective performance measurement and feedback tools for managing projects. The Standard for Earned Value Management builds on the concepts for EVM described in the Practice Standard for Earned Value Management and includes enhanced project delivery information, by integrating concepts and practices from the PMBOK® Guide – Sixth Edition and The Agile Practice Guide. A central theme in this standard is the recognition that the definition for value in EVM has expanded. While the term retains its traditional definition in terms of project cost, it embraces current practice by including the concept of earned schedule. This standard also integrates hybrid methodologies that blend together historical EVM concepts with the needs of the agile practitioner, all with an eye towards aiding the project team in enhancing overall project delivery. This standard is a useful tool for experienced project management practitioners who are seeking to expand and update their knowledge of the field as well as less experienced practitioners who want to learn other approaches for managing project performance. It provides insight and detailed explanations of the basic elements and processes of EVM, and demonstrates how to scale EVM to fit varying project sizes and situations. This standard includes graphical examples and detailed explanations that will enable the reader to establish and implement EVM on projects in almost any environment and of almost every size. When used together with good project management principles, EVM methodology will provide a greater return on any project and results that will directly benefit your organization.

Practice Standard for Scheduling—Third Edition provides the latest thinking regarding good and accepted practices in the area of scheduling for a project. This updated practice standard expounds on the information contained in Section 6 on Project Schedule Management of the PMBOK® Guide. In this new edition, you will learn to identify the elements of a good schedule model, its purpose, use, and benefits. You will also discover what is required to produce and maintain a good schedule model. Also included: a definition of schedule model; uses and benefits of the schedule model; definitions of key terms and steps for scheduling; detailed descriptions of scheduling components; guidance on the principles and concepts of schedule model creation and use; descriptions of schedule model principles and concepts; uses and applications of adaptive project management approaches, such as agile, in scheduling; guidance and information on generally accepted good practices; and more.

The Best Resource on Earned Value Management Just Got Better! This completely revised and updated guide to earned value (EV) project management is the go-to choice for both corporate and government professionals. A Practical Guide to Earned Value Project Management, Second Edition, first offers a general overview of basic project management best practices and then delves into detailed information on EV metrics and criteria, EV reporting mechanisms, and the 32 criteria of earned value management systems (EVMS) promulgated by the American National Standards Institute and the Electronic Industries Alliance and adopted by the Department of Defense. This second edition includes new material on: • EV metrics • Implementing EVMS • Government contracts • Time-based earned schedule metrics • Critical chain methodologies

Project estimating plays a vital role in project management. Typically completed in the initial planning stages, accurate project estimation can be a difficult task. Organizations and project managers should use these initial estimates to baseline the project schedule and cost, then refine these estimates as the project develops. Accurate estimation and refinement of the estimates leads to better and earlier decision making, thus maximizing value.Developed within the framework of A Guide to the Project Management Body of Knowledge (PMBOK&® Guide) &– Sixth Edition and other PMI standards, the Practice Standard for Project Estimating &– Second Edition focuses on providing models for the project management profession in both plan-driven and change-driven adaptive (agile) life cycles. This practice standard describes the aspects of project estimating that are recognized as good practice on most projects most of the time and that are widely recognized and consistently applied.PMI practice standards describe processes, activities, constraints, inputs, and outputs for specific discipline subject areas and are targeted to all practitioners within projectized organizations, not just project managers.

Value Management is a philosophy, set of principles and a structured management methodology for improving organisational decision-making and value-for-money. The second edition builds on the success of the first edition by extending the integrated value philosophy, methodology and tool kit to describe the application of Value Management to the areas of service delivery, asset management, and, Programmes, in addition to Projects, products and processes. Value Management is a well-established methodology in the international construction industry, and in the UK has been endorsed as good practice in a range of government sponsored reports. In this book the authors have addressed the practical opportunities and difficulties of Value Management by synthesising the background, international developments, benchmarking and their own extensive consultancy and action research experience in Value Management to provide a comprehensive package of theory and practice. The second edition retains the structure of the first edition, covering methods and practices, frameworks of value and the future of value management. It has been thoroughly updated, and a number of new chapters added to encapsulate further extensions to current theory and practice. In particular, the new edition responds to: A range of recent UK industry and government publications; and most notably BS EN 16271:2012 - Value management: Functional expression of the need and functional performance specification; the imminent update of BS EN 12973:2000 Value Management; BS EN 1325 Value Management -- Vocabulary, Terms and definitions; the changes to "Value for Europe" governing the training and certification of Value Management in European Union countries; the UK Government’s Management of Value (MoV) initiative, together with other leading reports, international guidance and standards on Value Management. Research in Value Management undertaken since publication of the first edition. Changes in Value Management practice particularly in Programmes and Projects. Developments in the theory of value, principally value for money measures, whole life value option appraisal, and benefits realisation. Initiatives in asset management initiatives covering the management of physical infrastructure, for example the recent launch of a suite of three standards under the generic title of BS ISO 55000: 2014 Asset Management, and its predecessor BSI PAS55 2008 "Asset Management: Specification For The Optimized Management Of Physical Assets" The second edition contains a dedicated chapter of exemplar case studies drawn from the authors' experience, selected to demonstrate the new areas of theory and practice. An Appendix includes an extensive set of tools and techniques of use in Value Management practice. Construction clients, including those in both the public and private sectors, and professionals such as construction cost consultants, quantity surveyors, architects, asset managers, construction engineers, and construction managers will all find Value Management of Construction Projects to be essential reading. It will also be of interest to researchers and students on construction related courses in Higher Education -- particularly those at final year undergraduate and at Masters level.

Launch your career in construction management with this one-of-a-kind book The construction management industry is expected to increase employment by 16 percent over the next decade. This second edition of a bestselling introduction to construction management walks you through each stage of the construction management process. Written from the constructor's perspective, this book will familiarize you with all the construction management fundamentals and how Building Information Modeling (BIM) is impacting the construction management profession. Covers interoperability of technology advances in the construction industry Explains how BIM is challenging the traditional approach to project delivery and how this affects the constructor's role Elaborates each stage of the design and construction process and the tasks associated with each of them Shows step-by-step how to estimate project costs, administer contracts, manage job site and construction operations, plan and schedule a project, monitor project performance, manage project quality and safety, and assess project risks Provides review questions at the end of each chapter to help enforce understanding The tried-and-true project management principles presented in this book will help ensure you a successful start to your career.

Based on practical applications of Program Management in different countries, as well as the leading standards, this book reflects the most recent developments in the area. It offers an understanding of program management's connection to business strategy and value realisation, beyond multiple-project management. Additionally it emphasizes the need for program specific processes, based on an iterative life cycle and the management of multiple stakeholders and their expected benefits. The book is grounded in a robust theoretical framework, complemented by a number of case studies.