On this episode of Project Management Mondays, hostess Carla R Jenkins will discuss PMBOK 7.4 Control Costs. This process’ definition is ‘to monitor the status of the project to update the project costs and managing changes to the cost baseline. The key benefit of this process is that it provides the means to recognize variance from the plan in order corrective action and minimize risk.’
This process includes earned value management. Earned value management – is a methodology that combines scope, schedule and resource measurements to assess project performance and progress. Earned value management integrates the scope baseline with the cost baseline along with the scope baseline to form the performance measurement baseline, which helps the project management team assess and measure project performance and progress.
Here are two earned value management links which help you better understand this methodology:
For Dummies: http://www.dummies.com/how-to/content/earned-value-management-terms-and-formulas-for-pro.html
Edward Designer: http://edward-designer.com/web/pmp-earned-value-questions-explanined/
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