Tightening the Purse Strings and Getting Value for Money
It may be the rough state the economy is in or it could be pure coincidence, but in this issue of Project Times we feature two articles focusing on the financial and value aspects of projects. Then again it’s an area that’s always worth taking a look at, especially since we all want our projects to be successful and on budget. Right?
In EVM: Project Management with the Lights On!, Brian Egan makes the point that project managers should be aware of the progress and status of their projects at all times. He also maintains that a benefit of Earned Value Management (EVM) is that it is basic cost accounting that extracts valuable information from work you’re routinely doing, so there are no major additional costs.
The importance of tracking actual costs and resource usage on a project depends upon the project, according to Tom Clark. In Why Track Actual Costs and Resource Usage on Projects, he says that in some cases tracking the actuals is not worth the effort involved. In other cases, however, he believes tracking actual costs and resource usage is an essential component of the project control function.
Our bloggers are back with their own distinctive views. Agree or disagree, your opinion matters to us, the bloggers and your fellow readers. Please share them through commenting at the bottom of each blog. Also place your vote with this issue’s poll question regarding PM education.
And finally, please enjoy this edition of Project Times.