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Schedule Management

This graph shows the planned value (PV), earned value (EV), and actual cost (AC) of a project over time. The PV is the amount of money that was budgeted for the project, the EV is the amount of money that has been earned by the project, and the AC is the amount of money that has been spent on the project. The graph shows that the project is currently behind schedule and over budget. The PV is higher than the EV, which means that the project is not earning money as quickly as it is spending money. The AC is also higher than the EV, which means that the project is spending more money than it is earning. The project is currently in a negative cash flow situation, which means that it is spending more money than it is earning. This is a serious problem, and if it continues, the project will eventually run out of money. The project manager needs to take immediate action to address the problems that are causing the project to be behind schedule and over budget. If the project manager does not take action, the project will likely fail.

Earned Value Management (EVM): Monitoring Project Performance and Forecasting the Future

Explore the nuances of Earned Value Management (EVM) through the lens of the XYZ project. Learn how EVM serves as a diagnostic compass in project management, helping to assess past performances and in...

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