There are different methods and models of EVM that can vary in complexity, accuracy, and applicability. How do you evaluate and compare different EVM methods and models to choose the best one for your project? Here are some key aspects to consider.
The first thing to consider is the scope and scale of your project and how it affects the level of detail you need in your EVM model. For example, if your project is large, complex, and involves multiple stakeholders, you may need a more sophisticated EVM model like the ANSI/EIA-748 standard or IPMR2 format. On the other hand, if your project is small, simple, and has a clear scope, you may opt for a simpler and more flexible EVM model like the 50/50 rule or the earned schedule.
Imagine a project as a big puzzle. EVMS is like instructions for building that puzzle. EVMS has 4 key steps: Plan the puzzle of all the pieces (WBS). Put the people together to build it (OBS). Break down the project into phases with checkpoints (Control Accounts). Figure out how long each phase takes and how much it costs (Schedule & Budget). This plan is your starting point (PMB). Track your progress: measure how much you've completed (Earned Value) and Actual Costs. Compare your plan to reality: track (Performance Analysis). Check if things are costing more or taking longer than expected (Variances). Adjust your plan if needed: Update your timeline and budget if things change. Control changes carefully
Consider the quality and availability of the data you need to implement your EVM model. If you have reliable and timely data on the actual work done, the planned work, and the budget, you can use a more accurate EVM model which could be the earned value analysis or the earned value performance index. If you have limited or unreliable data, you may need to use a more approximate and subjective EVM model including the percent complete or the earned value progress indicator.
If you need to forecast the future performance, cost, and schedule of your project, a more advanced and robust EVM model could be the right option like the to-complete performance index or earned value management at completion. A more straightforward EVM model, the cost variance or the schedule variance for examples, could be more compatible if you only need to report the current status and variance of your project.
What are the stakeholder expectations and requirements for your EVM model. For projects funded by a government agency or a large organization, your EVM model may need to comply with certain standards. Options can include ANSI/EIA-748 standard or the IPMR2 format. However, for self-funded projects or ones that have more flexibility, a more customized EVM model can be compatible like the earned schedule or earned value progress indicator.
What are the trade-offs and limitations of your EVM model? Weigh the pros and cons of each EVM model and decide which one suits your project best. More comprehensive EVM model may gain more accuracy and precision, but may also incur more costs and efforts in collecting and analyzing the data. On the other hand, a simpler and more flexible EVM model may save time and resources, but could sacrifice some accuracy and precision.
Consider the evaluation criteria and tools you use to compare different EVM models. You can use some quantitative criteria, such as the mean absolute error, the mean absolute percentage error, or the root mean square error, to measure the accuracy and precision of different EVM models. Qualitative criteria, including the ease of use, the adaptability, or the stakeholder satisfaction, can also be used to assess the suitability and applicability of different EVM models. Moreover, you can use some tools, such as the EVM calculator, the EVM dashboard, or the EVM comparison chart, to visualize and compare different EVM methods and models.
The goal of comparing EVM models is to find the one that best fits your project’s needs and helps you effectively manage scope, schedule, and cost.