London, UK - February 2002 - NOWECO, the distributor of management software presents a great reading by Steve Wake for everybody who is interested in project management. It is on Earned Value Analysis, the standard methodology of project controlling.
Cost and schedule are two critical factors which decide on the success of projects. Management of project costs and schedule needs a methodology to collect reliable information at each stage of the project. First put to serious in 1967 by the US Military Earned Value Analysis was used as a means of project controlling. Now Earned Value Analysis is recognised as best practice. Steve Wakes book "E.V.A. Earned Value Analysis" explains all details on Earned Value Analysis with a great sense of humour and a deep inside knowledge. The language avoids any academic tone and is easy to understand.
Steve Wake s a project management consultant and author. He actively champions the use of Best Practice Earned Value Project Management and BS6079 "Guide to Project Management." Steve Wake is Chairman at the Special Interest Group SIG "Earned Value" in the UK. He believes that "the vast majority of project management theory, solutions and methodologies are over-complex and over engineered to the benefit of the consultant and to the detriment of customers."
The core message of Earned Value Analysis is quite simple: A comparison of actual cost with budgeted cost in a project leads to wrong results as this comparison implies that the effort behind the actual cost and the budgeted costs are the same. This is mostly not the case. That means that when actual cost are 10% below budgeted cost and actual effort is 20% below budgeted effort the project moves along a dangerous path. Earned Value is the amount of budget you can claim, representing completed work, without reference to actual costs. In the example this are 80% of the budget. However, already 90% of the budget were spent.
Steve Wake describes in his book the Earned Value Analysis by point at this issue. He explains the methodology of Earned Value Analysis. And he makes clear that there is more than the peak of an iceberg above the waterline which is made visible through Earned Value Analysis. The major part of the iceberg is below the waterline which is less visible. The book is a must for all project managers and project controller.
NOWECO distributes the book "Earned Value Analysis" in English language by Steve Wake. It consists of 88 pages. Anybody interested in a German translation made by NOWECO can purchase a German translation as electronic book (pdf format).
On further information please contact:
Andreas E. Fiedler
60311 Frankfurt am Main