284 Part IV: Controlling Your Software Project into (Apache web server tutorial)
284 Part IV: Controlling Your Software Project into it. Your project should create value to your stakeholders, and throughout the project you should periodically evaluate the value of your project. Discovering the Earned Value Management Formulas In this section you discover the meaning of each of these EVM terms, as well as how to calculate the formulas. Please keep in mind that there are many other terms and formulas related to EVM; we just focus on the most basic ones. If you re looking form more information about EVM, check out A Practical Guide to Earned Value Project Management by Charles I. Budd and Charlene S. Budd (Management Concepts). Memorizing formulas when you understand what they mean is better than memorizing them in a void. After you understand the main concepts, you will be better off. For our example, say your imaginary company has been contracted to create a software program that can be used in vehicles to alert drivers to oncoming radar. In fact, the software can automatically bring the car down to the correct speed limit. The program can be positioned to preconfigured settings to recognize whether the driver should be driving the city speed limit or the highway speed limit. You have budgeted $120,000 for the cost of the project and you are in the third month of the 12-month project. You ve done a great job on all your project planning, communication planning, scope management, and schedules, and you ve won awards for your risk management plan; now, it s time to report the status of the costs and schedule for the project to your sponsor and stakeholders. Just keep in mind that you are comparing planned results to actual results. During the project planning process, you determined what you expected the costs and schedule to be at particular points in time, and now you are figuring out whether your cost and schedule plans were accurate. The following is an explanation of some of the basic earned value terminology: Planned value (PV): Planned value refers to how much you planned for particular activities to cost during a certain stretch of time. You created these estimates when you started your project planning. Planned value is the cost for activities that you expected you and your team would have completed as of a particular time period, and it answers the
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