We at VNC are the designers, developers, testers and also first users of our VNClagoon products. Our team is working with our products productively in various departments, e.g. software development, project management, accounting, controlling and sales. Many new features of our products originated within our team.
Therefore, we’d like to share some hands on VNClagoon experiences within our team.
In this testimonial our Controller Hanh Nguyen Tran talks about the advantages of VNCproject for her work.
The advantages of using Earned Value Management (EVM) for controlling in VNCproject
Earned Value Management (EVM) is a project controlling technique that objectively tracks any physical accomplishment of work and predicts the future performance of a project. The purpose of this blog is to highlight some advantages of implementing EVM concepts in VNCproject:
- In VNCproject, EVM provides reliable data, which can be processed and computed fast. It’s easy for the project manager and the controller to manage and adjust at any time.
- EVM integrates technical scope with schedule and cost objectives during the execution of the project. This way, EVM shows not only the past and the current performance of a project but also forecasts its likely future performance (exp.: expected profit). So the manager doesn’t have to wait until the end of project to see whether the project was profitable.
- The progress (% done) and all EVM values of the project will be calculated at multiple levels with the bottom-up principle: from every single task (the lowest level) to the ticket level, version level and to the project level.
- EVM includes a quick EVM performance graph on the project overview page to show all important values. It provides early warning and analysis of potential problems with charts and a “profit meter”. The stakeholders can quickly assess the status of a project in order to enable timely, effective management decisions. The typical questions within a project – see below – can easily be answered by using EVM:
- Are we currently over or under budget? (Cost Variance)
- How efficiently are we using our budget? (Cost Performance Indicator)
- Are we ahead or behind schedule? (Schedule Variance)
- How efficiently are we using our time? (Schedule Performance Indicator)
- How much will the total job cost at completion? (Estimate at Completion)
- How much will we be over or under budget at the end? (Variance at completion)
- EVM enables more accurate reporting of cost and schedule via the online EVM report. All values will be represented in 4 different sheets: Overview, Report (in periods), Versions details and Tickets details. At any point of time we can download a immensely detailed report in a CSV sheet.
- VNCproject also includes an EVM Dashboard to filter all projects with the specific EVM values. This is really helpful to get a quick overview.
- Good planning coupled with the effective use of EVM will reduce a lot of issues arising out of schedule and cost overruns.
In summary: EVM is an effective controlling method for project management that has been embraced by project managers around the world with success. It allows detailed project planning and provides realistic evaluations of ongoing projects considering various factors. It also provides data to predict the future performance of a project.