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Showing posts from August, 2014

A simple interactive example of a progress report based on the Earned Value method (part 1)

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Keeping track of project performance based on the Earned Value method
The following is a simple interactive example of a progress graphic report based on the Earned Value method. This method uses an extra variable that represents the actual cost of the work done at a given point. This data is compared with the earned value to measure the performance of a project in terms of cost and schedule, with respect to the contract, baseline or initial agreement of the work to be done. So, it's possible, at any given point, to compare how much actual work has been completed against how much is expected to be completed. 
For information on this topic see Earned Value Management and my previous posts A Simple Method for Keeping Track of Project Performance using the Earned Value Method and Multiple Projects Performance Analysis using the Earned Value Method.  More information can be found in any project management related material.
The example consists of undertaking and completing 10 "eq…

Interactive example using PERT estimating technique

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From Beta distribution to PERT model estimating technique

Regardless of the technique you use for estimating tasks, each estimate has to be quantified into a number. There are different ways for estimating project tasks, for example:  Use of Historical Data - "similar" projects categorized in a knowledge database system can be retrieved and consulted when making estimates.Use of Experienced Resources - estimating is a team effort, and the contribution from experienced resources in making estimation is very valuable.Use of Estimating Databases - make use of industry databases made available by organizations. In many cases estimates can be made more accurate by applying a simple PERT (Program Evaluation and Review Technique) model. PERT is an estimating technique that uses a weighted average of three numbers to come up with a final estimate. The PERT distribution comes out of the need to describe the uncertainty in tasks during the development of a complex project having thousands…