In case you missed last week’s post - click here
Before you start reading, do us a favour and let your team know about the blog that takes your day from 0 to 100% 🔋.
Tweet, share and forward using #pathscape.
Tag us @pathscape_app on Twitter, @pathscape.app on IG.
The 50-50 rule aka Earned Value Technique (EVT) is a method of measuring the progress of a project in terms of both cost and schedule. This technique involves comparing the amount of work that has been completed to the amount of work that was planned to be completed at a given point in time, and using this information to calculate the project's earned value.
The earned value of a project is determined by multiplying the percentage of work that has been completed by the total planned value of the project. For example, if a project has a planned value of $100,000 and 50% of the work has been completed, the earned value of the project would be $50,000.
The earned value technique is useful for project managers because it provides a clear and objective measure of a project's progress. By comparing the earned value to the actual cost and schedule of the project, project managers can quickly and easily determine whether the project is on track, ahead of schedule, or behind schedule.
Additionally, the earned value technique can be used to predict the future performance of a project. By comparing the earned value to the planned value of the project, project managers can estimate the cost and schedule performance of the project in the future. This information can be used to make informed decisions about how to allocate resources and adjust the project plan as needed.
Overall, the earned value technique is a valuable tool for project managers. It allows them to quickly and easily measure the progress of a project, determine whether it is on track, and make informed decisions about how to allocate resources and adjust the project plan. By using the earned value technique, project managers can ensure that their projects are completed on time and within budget.
Like this post? Do us a favour and forward it to a friend or your team, follow us on Twitter and Instagram.
