Definition:
An extension of Earned Value Management (EVM) that focuses on time-related project performance.
Key Components:
- Schedule Performance Indicator: Measures efficiency against planned schedule.
- Time-Based Forecasting: Predicts completion dates using actual progress data.
- Variance Analysis: Assesses gaps between planned and actual schedules.
Use Cases/Industries:
- Construction: Tracking schedule adherence for high-rise projects.
- Energy Sector: Monitoring the timeline of a refinery turnaround project.
- IT Projects: Analyzing sprint completion trends in Agile development.
Advantages:
- Improves accuracy of project completion predictions.
- Enhances proactive schedule management.
- Integrates with EVM for holistic project assessment.
Challenges:
- Requires detailed progress tracking.
- May be difficult to implement without proper data collection.
Related Terms:
Schedule Variance, Progress Measurement, Key Performance Indicators (KPIs)
Example:
A project with an earned schedule of 10 weeks but a planned duration of 12 weeks suggests an early completion trend.
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Synonyms:
Time-Based EVM, Schedule Performance Tracking, Project Duration Forecast
