Measures are important because people tend to do what is measured. The balanced scorecard encourages the measurement of four main areas—financial, process, learning, and growth—framed overall in the customer's perspective. Project managers have traditionally focused on time more than cost simply because the customer typically focuses on time as the priority. Now financial measures are more important, due to Sarbanes-Oxley reporting and accounting requirements. Thus financial reporting at the project level now becomes important as a part of the earned value process, truly integrating cost and time.
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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.