The GAO Cost Estimating and Assessment Guide describes the success factors for managing cost. Chapter 19 is all about Earned Value. While this document may appear to be yet another government tome, it provides important information needed to increase the probability of success for any project, not matter the domain or context.
With the content of this document, you can start to answer important questions about your project:
- Is your performance measurement system producing credible information needed for decision making?
- Are we making physically measurable progress against our planned progress?
- Is the schedule a credible description of how the project will meet its planned completion date and cost?
- Are the trend of the cost and schedule performance improving or getting worse?
- Will the cost, schedule, and technical performance expectations of the project be met?
- Is management paying attention to the project performance metrics?
- Is the Estimate At Completion (EAC) credible?
- Are all the risks identified and handled?
These questions need to be continuously answered no matter the project type, it's domain and context, and most importantly not matter the project management method.
So take a look at the GAO guide and see if something resonates with your project.
