Definition:
The method of tracking task completion against the baseline schedule.
Key Components:
- Percent Complete: Measures work completed relative to total scope.
- Earned Value Management (EVM): Combines cost and schedule data for performance analysis.
Use Cases/Industries:
- Construction: Tracking the percentage of structural work completed.
- Energy Sector: Monitoring installation progress of wind turbines.
- Software Development: Measuring sprint completion in Agile projects.
Advantages:
- Provides real-time insights into project performance.
- Helps forecast potential delays.
- Enables corrective actions before significant impacts occur.
Challenges:
- Requires accurate reporting mechanisms.
- Can be influenced by subjective estimations.
Related Terms:
Key Performance Indicators (KPIs), Schedule Variance, Earned Value
Example:
A construction project used EVM to identify that only 40% of planned work was completed when 50% was scheduled, signaling a potential delay.
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Synonyms:
Performance Tracking, Project Monitoring, Schedule Adherence
