These are standards that are used in the earned value process.
1. Performance management. Performance management is an approach to managing projects that relies on actual performance of a project against project goals and objectives, and against actual costs incurred.
2. Task definition. Tasks must be defined in a WBS dictionary (see below) and structured in the schedule to align milestones with %complete determinations. WBS. The WBS is a structured outline of work, defined by the company to control project management. A generic WBS describes each task in a key project business process, e.g., new product development process, as a company exercise. The generic WBS controls all project work; if a project takes on a task that is not covered in the generic WBS, the WBS is modified to accommodate the new task.
3. WBS dictionary. The data dictionary is a detailed definition of each task to control the work and provide a basis for each team member to see what is expected in each project task assignment.
4. WBS indexing. Indexing is a project coding system that allows cost capture and reporting earned value data.
5. Organization. The organization of the project team is an important factor in the success of an earned value system. The team member roles are delineated in terms of tasks in the WBS of the project.
6. Control account. Accounts are structured around project tasks and project codes so that each team member can record actual work in terms of hours on each project task. Time sheets are integrated into project management software so that actual costs are calculated in real time and reported in earned value reports.
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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.