Briefly describe the important differences between Earned Value Management and Earned Schedule. Why is Earned Schedule gaining acceptance in project management circles?

Question

What will be an ideal response?

Answer 1

One key difference between Earned Value Management and Earned Schedule is the units used in their basis; Earned Value Management uses the project budget in dollars (or other units of money) as the point of reference while Earned Schedule uses time as the point of reference. The attraction of using time is that classic Earned Value calculations express schedule slippage in terms of dollars. This leaves the project manager with the unenviable task of translating dollar amount to weeks to provide the client with a true indication of how far behind or ahead the project is. The second key difference between the two systems has to do with the accuracy and precision as the project nears completion. As project expenditures rise to approach the planned cost, the ability to measure the lateness of a project disappears. For this reason, Earned Schedule, which uses data already being collected by Earned Value systems, is an increasingly attractive option for project management and progress reporting.