Earned Value Analysis (EVA)

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Earned Value Analysis (EVA)
Earned value analysis is a standard method used in measuring the progress of a project at any particular time, forecasting its cost as well as its completion date. Furthermore, earned value analysis help in the analysis of variance in the budget and the schedule as the project proceeds. It also helps in comparing work planned against the actual work that has been completed. This help in the determination of whether the cost, schedule, and work accomplished at any given time are in progress according to the initial plan. When the project work is complete its value is considered earned. This implies that earned value analysis provides techniques of quantitative analysis alongside indicators of objective performance. Besides, earned value analysis also gives an overview of the steps and the method itself. Some of the key benefits of EVA include increased the supply of information, provide a measure of progress that is uniform in regards to money and time and hence allows a simple measurement to be applied in complex projects. The other benefits include progress comparability in different areas of workflow in a consistent manner it also facilitates decision making as well as mitigation of risk. For EVA to work effectively planed value alongside other key dimension such as actual cost and earned value are essential elements. Therefore, this implies that it is important to compartmentalize the project. That is the proj…