How can EVM help you manage project scope?
Managing project scope is one of the most critical aspects of software project management. It involves defining and controlling what is and is not included in the project deliverables, as well as how changes are handled. A common challenge for project managers is to avoid scope creep, which occurs when the scope expands beyond the original plan without proper authorization, documentation, or budget adjustment. Scope creep can lead to delays, cost overruns, quality issues, and stakeholder dissatisfaction.
One of the tools that can help you manage project scope effectively is earned value management (EVM). EVM is a methodology that integrates scope, schedule, and cost data to measure and monitor project performance. EVM allows you to compare the actual work completed (earned value) with the planned work (planned value) and the actual cost incurred (actual cost) at any point in time. By using EVM, you can track the variance between the earned value and the planned value (schedule variance) and the earned value and the actual cost (cost variance), as well as the ratio of the earned value to the planned value (schedule performance index) and the earned value to the actual cost (cost performance index).