Project management basics tell us to check for "on time" and "on budget" - these are relatively easy things to do unless you are working in a basket case environment where time and cost tracking is next to impossible.
However, this simple analysis does not tell us:
1) How much work has been done on the project?
2) Are you going to complete the work on time and on budget? (just because you are on time and on budget now does not mean you will be in the future!)
3) How well are you doing against plan?
4) How well are you going to perform in the future?
These seemingly semantic differences can mean the world over the long term - both on the project and for the organization overall.
Earned Value Analysis provides guidance on some of these questions - the value delivered on the project and its future trajectory. This presentation provides an introduction to Earned Value Analysis. This short and sweet overview to Earned Value Analysis can help you get started and then you can get in-depth with Earned Value Analysis guide referenced below.
Good Read!
