Earned value management

  Everyone can easily visualize and understand how a project will appear through 4D planning making it an effective communications tool for project management to present a project and its components to project clients and stakeholders. The efficiency generated through 4D planning can streamline the overall costs base of various project components to increase work efficiency capacity and reduce or eliminate unnecessary project liabilities. 4D planning allows project teams to easily determine a more efficient and logical approach in planning their various project efforts to maximize their on-site efficiency and effectively reduce or eliminate project liabilities to help eliminate last-minute on-site design revisions and work re-scheduling to speed a project's overall completion. 4D planning involves sharing time-related information that is associated with the different components of a project into one information model.   4D planning can bring all project teams together t...

  Earned value management is a management practice generally used in different industries to accurately determine the progress and performance of their projects with an organization's capital outlay to develop that project. It is used widely by both public and private industries to control their project outcomes with the right planning, costing, and project performance measurement. By planning the entire phases of a project and the effective monitoring of all its aspects, earned value management increases the efficiency of a project to positively influence affirmative outcomes. The earned value management system allows project management teams to monitor the ongoing performance of their project through comparisons of its forecasted performance against its actual performance. Earned value management is a management system to keep projects on course in their schedules and in line with its planned budgets to avoid cost overruns in its planned budgets. It is a form of project ma...