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Introduction to Earned Value Management - Management by Exception
July 12, 2008 | Author: admin | Filed under: Cost Management
Introduction to Earned Value Management - Management by Exception (#6 in the series Introduction to Earned Value Management)
By Global Knowledge
Management by exception requires that there be a plan; a prediction of how a project should unfold. An exception is any process that is not going according to plan (that is, over budget or behind schedule).
Management by exception uses the guiding principle that managers should concentrate their energies on fixing the most serious problems first. In an EVM project, problems are defined as performance results that are not the same as the planned results.
Management by exception is greatly simplified by EVM because exceptions are so clearly highlighted by routine performance monitoring relative to a highly structured performance baseline. The more severe the discrepancy, the higher is its priority for management attention.
This information was drawn from Global Knowledge’s Earned Value Management course.
This article was originally published in Global Knowledge’s Business Brief e-newsletter. Global Knowledge delivers comprehensive hands-on project management, business process, and professional skills training. Visit our online Knowledge Center at www.globalknowledge.com/business for free white papers, webinars, and more.
© Copyright 2008, Global Knowledge. All rights reserved.
Related Articles
- Introduction to Earned Value Management - EVM Project Planning
- The Project Organization and Management By Exception
- Exception Management - The Strengths of Prince2™
- Introduction to Earned Value Management - The Role of EVM: Monitoring Projects
- Introduction to Earned Value Management - Milestones: The Key to EVM
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