Earned Value Management (EVM)
The earned value Management involves developing these key values for each schedule activity, work package, or control account:
Planned value (PV). PV is the budgeted cost for the work scheduled to be completed on an activity or WBS component up to a given point in time.
Earned value (EV). EV is the budgeted amount for the work actually completed on the schedule activity or WBS component during a given time period.
Actual cost (AC). AC is the total cost incurred in accomplishing work on the schedule activity or WBS component during a given time period. This AC must correspond in definition and coverage to whatever was budgeted for the PV and the EV (e.g., direct hours only, direct costs only, or all costs including indirect costs).
Cost variance (CV). CV equals earned value (EV) minus actual cost (AC). The cost variance at the end of the project will be the difference between the budget at completion (BAC) and the actual amount spent. Formula: CV= EV - AC
Schedule variance (SV). SV equals earned value (EV) minus planned value (PV). Schedule variance will ultimately equal zero when the project is completed because all of the planned values will have been earned. Formula: SV = EV - PV
These two values, the CV and SV, can be converted to efficiency indicators to reflect the cost and schedule performance of any project.
Cost performance index (CPI). A CPI value less than 1.0 indicates a cost overrun of the estimates. A CPI value greater than 1.0 indicates a cost underrun of the estimates. CPI equals the ratio of the EV to the AC. The CPI is the most commonly used cost-efficiency indicator. Formula: CPI = EV/AC
Schedule performance index (SPI). The SPI is used, in addition to the schedule status to predict the completion date and is sometimes used in conjunction with the CPI to forecast the project completion estimates. SPI equals the ratio of the EV to the PV. Formula: SPI = EV/PV
Forecasting
Forecasting includes making estimates or predictions of conditions in the project's future based on information and knowledge available at the time of the forecast. Forecasts are generated, updated, and reissued based on work performance information provided as the project is executed and progressed.
BAC is equal to the total PV at completion for a schedule activity, work package, control account, or other WBS component. Formula: BAC = total cumulative PV at completion.
ETC is the estimate for completing the remaining work for a schedule activity, work package, or control account.
ETC based on new estimate. ETC equals the revised estimate for the work remaining, as determined by the performing organization. This more accurate and comprehensive completion estimate is an independent, non-calculated estimate to complete for all the work remaining, and considers the performance or production of the resource(s) to date.
Alternatively, to calculate ETC using earned value data, one of two formulas is typically used:
ETC based on atypical variances. This approach is most often used when current variances are seen as atypical and the project management team expectations are that similar variances will not occur in the future. ETC equals the BAC minus the cumulative earned value to date (EV). Formula: ETC = (BAC - EV)
ETC based on typical variances. This approach is most often used when current variances are seen as typical of future variances. ETC equals the BAC minus the cumulative EV (the remaining PV) divided by the cumulative cost performance index (CPI). Formula: ETC = (BAC - EV) / CPI
EAC is the projected or anticipated total final value for a schedule activity, WBS component, or project when the defined work of the project is completed. One EAC forecasting technique is based upon the performing organization providing an estimate at completion:
EAC using a new estimate. EAC equals the actual costs to date (AC) plus a new ETC that is provided by the performing organization. This approach is most often used when past performance shows that the original estimating assumptions were fundamentally flawed or that they are no longer relevant due to a change in conditions. Formula: EAC = AC + ETC
The two most common forecasting techniques for calculating EAC using earned value data are some variation of:
EAC using remaining budget. EAC equals AC plus the budget required to complete the remaining work, which is the budget at completion (BAC) minus the earned value (EV). This approach is most often used when current variances are seen as atypical and the project management team expectations are that similar variances will not occur in the future. Formula: EAC = AC + BAC - EV
EAC using CPIC. EAC equals actual costs to date (AC) plus the budget required to complete the remaining project work, which is the BAC minus the EV, modified by a performance factor (often the CPIC). This approach is most often used when current variances are seen as typical of future variances. Formula: EAC = AC + ((BAC - EV) / CPI)
Earned Value Management (EVM)
Virtual Team
What is Virtual Team?
A Virtual Team – also known as a Geographically Dispersed Team (GDT) – is a group of individuals who work across time, space, and organizational boundaries with links strengthened by webs of communication technology. They have complementary skills and are committed to a common purpose, have interdependent performance goals, and share an approach to work for which they hold themselves mutually accountable.
Geographically dispersed teams allow organizations to hire and retain the best people regardless of location
Reasons for Virtual Teams
Reasons for virtual teams center around the differences in time and space for team members.
- Team members may not be physically collocated.
- It may not be practical to travel to meet face-to-face.
- Team members may work different shifts
- organization-wide projects or initiatives
- alliances with different organizations, some of which may be in other countries
- mergers and acquisitions
- emerging markets in different geographic locations
- the desire of many people and government organizations for telecommuting
- the continuing need for business travel and information and communications technologies available to support this travel
- a need to reduce costs
- a need to reduce time-to-market or cycle time in general (the increasing velocity in business)
- Best employees may be located anywhere in the world.
- Workers demand personal flexibility.
- Workers demand increasing technological sophistication.
- A flexible organization is more competitive and responsive to the marketplace.
- Workers tend to be more productive – less commuting and travel time.
- The increasing globalization of trade and corporate activity.
- The global workday is 24 vs. 8 hours.
- The emergence of environments which require inter-organizational cooperation as well as competition.
- Changes in workers’ expectations of organizational participation.
- A continued shift from production to service/knowledge work environments.
- Increasing horizontal organization structures characterized by structurally and geographically distributed human resources.
- Not every type of project is suitable for a virtual organization.
- Not everyone can perform well in a virtual team environment, the members should be self motivated and able to work independently.
- The team member should be able to communicate clearly.
- Result-orientation, unless the person shows clear results.
- Managers of virtual teams also need to pay much more attentions to maintaining clear goals, performance standards, and communication rules.
- Building and maintaining trust between the team members.
- Include face-to-face time if at all possible.
- Keep the Project Visible.
- Avoid or Reduce Communications Delays.
- Keep Team Members Visible.
- Augment Text Only Communications.
- Use Computer Supported Cooperative Work Technologies Where Possible.
- Establish Ground Rules or Group Norms.
- Take Time Out for Self-assessment.
- Recognize People.
- Learn from Experience.
- Networked Teams consist of individuals who collaborate to achieve a common goal or purpose; membership is frequently diffuse and fluid.
- Parallel Teams work in short term to develop recommendations for an improvement in a process or system; has a distinct membership.
- Project or Product-Development Teams conduct projects for users or customers for a defined period of time. Tasks are usually nonroutine, and the results are specific and measurable; team has decisionmaking authority.
- Work or Production Teams perform regular and ongoing work usually in one function; clearly defined membership.
- Service Teams support customers or the internal organization in typically a service/technical support role around the clock.
- Management Teams work collaboratively on a daily basis within a functional division of a corporation.
- Action Teams offer immediate responses activated in (typically) emergency situations.
- Secure a project-based idea conducive to collaboration.
- Build a business plan to include the team vision, purpose and goal.
- Identify critical players to support the project.
- Select people who can contribute their core competencies to the project.
- Enlist their service.
- Establish an initial meeting with members to lay down the groundwork, set guidelines and processes.
- Strategically align all members to the projects goal.
- Set a timeline.
- Monitor activities and progress.
Four major roles to be fulfilled for effective virtual team meetings:
- Owner: defines objectives and outcomes; works with facilitator to develop agenda and action items.
- Participant: prepares for meeting; participates fully.
- Facilitator: matches technology to the goals of the meeting; tests the technology prior to the meeting; responsible for meeting process (similar to face-to-face role).
- Technologist: serves the meeting; should increase productivity. If technology is complex, a separate facilitator, or “technographer” is sometimes used to focus solely on the technology (is typically not a team member).
Five activities for all virtual meetings:
- Selecting the appropriate technology and type of interaction (real time or asynchronous), given the purpose of the meeting; match the technology to specific agenda items and facilitation goals.
- Manage the agenda, the participants, and the technology.
- Leverage the agenda and use of technology to maximize recall, the opportunity to contribute, motivate, and reduce social pressure.
- Make use of social protocols and best practices for selected technology.
- Facilitating the effective use of technology; have a backup or contingency plan.
IT Project Manager Jobs
Company: Cubic Art Technologies
Website: www.cubic-art.com
Job Location: Abu DhabiJob
Title: Project Manager
Job Details:
Education: At least a graduate, if not a Masters, in Computer Sciences from a recognized local or foreign institution.
Experience: A minimum of 3 years experience in an organization, whichhas dealt with international and local clients within thescope of the information technology services. The candidate would have to show a track record in termsof achieving internal and external targets. The candidate would have to show a track record ofeffectively managing resources and meeting deadlines Experience leading three or more enterprise-scalesolution engagements - at architecture and design levels.
Example responsibilities include: developing solutionsframework, authoring of architecture design documents, andtechnical oversight for custom engagement involvingmultiple developers Prior experience working within Professional Services,Solutions or consulting environment strongly desired Experience with workflow, document archival, businessmessaging are a pluss The ideal candidate will have strong software developmentexperience.
Skills: Ability to supervise a number or professionals fromvarying backgrounds and disciplines Highly adept at project management skills. Able to maintain client relationships. Leadership/Coordination Role, Experience with MicrosoftProject, Rational Rose. Able to create technical and design documents andcontribute in coding of applications. Knowledge of n-tier development. Strong interest in latest technological developments.
Responsibilities: The Project Manager is responsible for managing allsoftware projects under their domain. The PM is responsible for advising the Management ondecisions related to particular project(s) to ensure thatthe best decisions are taken. The PM will be responsible for interacting with clientsto ensure that best-of-breed solutions are delivered tothe client. The PM is responsible for ensuring that projects areexecuted with the specified time line for that particularproject. The PM is also responsible for ensuring that projects areexecuted with in the specified budget. Analyze and Design Application and Databases. Define Project Scope. Design Applications. Develop Information to be Documented. Monitor and Adjust Project Plan. Oversee Project Staff. Perform Analysis for Application Development. Provide Customer Service and Support. Provide Data Assurance. Provide Database Client and User Services. Troubleshoot Problems.
Email your CV to job@cubic-art.com with "Jobs123.com" in the subject line
