What Is It?
In Earned Value Management (EVM) process we evaluate the progress in elaboration of project deliverables. BSC process is the only process of balanced evaluation of all aspects, which are relevant in successful project realization: customer, finances but also processes and people.
Who Does It?
Project manager is the second choice. Best process owner is the one responsible for quality management (QM) or EVM process.
Why Is It Important?
EVM provides progress information; QM informs us about the deviations in processes pinpointing possible reasons. Human Resource Management (HRM) measures people’s attitude towards work and their expectations. We must balance all in a reasonable, explainable way to project sponsors and customers.
What Are the Steps?
Verify the strategy of your company, that of your customer. Set the goals in various perspectives relevant to your project. Define their mutual importance. For each perspective Choose the indicators and the target values which defines their achievement. Collect the real data, compare with target value and assess the degree of objectives achievement. Evaluate the results and propose the improvements. Repeat this process periodically.
What Is the Product?
It takes some time to evaluate the strategies, choose the right perspectives and to balance between them. Certain effort costs the individual objectives, measures and the target values in each perspective. Set for data collection and collect simultaneously for all perspectives. Assess each target achievement and balance measures and objectives along with relative value.
How Do I Ensure That I Have Done It Right?
Agree the value of each perspective with your sponsor and with customer. Assure the measurability of objectives: choose right targets and assure that the suitable data may be collected and evaluated. Analyze and if possible, avoid interdependent objectives.