Performance reviews compare cost performance over time, schedule activities or work packages overrunning and under running budget (planned value), milestones due, milestones met, technical performance, and risk threats.
Performance reviews are meetings held to assess the status and progress of schedule activities, work packages, or control accounts, and are typically used in conjunction with one or more of the following performance-reporting techniques:
• Variance analysis. Variance analysis as used in EVM compares actual project performance to planned or expected performance. Cost and schedule variances are the most frequently analyzed, but variances from plan in other areas of the project can be of equal or greater importance.
• Trend analysis. Trend analysis examines project performance over time to determine if performance is improving or deteriorating. Graphical analysis techniques are valuable for understanding performance to date and for comparison to future performance goals in the form of BAC versus EAC and completion dates.
• Earned value performance. The earned value technique compares the baseline plan to actual schedule and cost performance.
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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.