Cost schedule control is used to measure project performance and, by tradition, uses the dollar value of work as the metric. As an alternative, resource person hours/day can be used in cases where the project manager does not directly manage the project budget. Actual work performed is compared against planned and budgeted work expressed in these equivalents. These metrics are used to determine schedule and cost variances for both the current period and cumulative to date. Cost and resource person hours/day are not good objective indicators with which to measure performance or progress. While this is true, there is no other good objective indicator. Given this, we are left with dollars or person hours/day, which we are at least familiar working with in other contexts. Either one by itself does not tell the whole story. We need to relate them to one another.
One drawback that these metrics have is that they report history. Although they can be used to make extrapolated predictions for the future, they primarily provide a measure of the general health of the project, which the project manager can correct as needed to restore the project to good health.
Figure 10.7 shows an S curve, which represents the baseline progress curve for the original project plan. It can be used as a reference point. You can compare your actual progress to date against the curve and determine how well the project is doing. Again, progress can be expressed as either dollars or person hours/day.
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What you need to know about… Project Management Made Easy! Project management consists of more than just a large building project and can encompass small projects as well. No matter what the size of your project, you need to have some sort of project management. How you manage your project has everything to do with its outcome.