A few words about earned value analysis

Surprisingly, there are projects in which the situation is not monitored until the last stages, when there is little that can be done in order to invest on time and stay within budget.
It is much easier to keep a strict track of the status of the project from the very beginning, and not at the end, in this case, it will be much easier to cope with the problems of the project and return the project to the intended framework.
With the help of earned value analysis, the project manager can compare the work performed with the planned work at any time, thereby determining whether the project is on time and on budget. The method allows to predict the final cost of the work, the timing of their completion and the path for the optimal completion of the project. Such an analysis warns of problems in the early stages of their occurrence.
 
Earned value analysis is one of the tools to manage a successful project.
This method allows the project manager to measure actual cost without referring to the main financial report and schedule.
AEO measures the progress of a project and, based on this data, the project manager can predict the total cost of the project and the date of completion of the work. Earned value is often referred to as the budgeted cost of work performed. By measuring Budgeted Cost of Work Performed, the project manager calculates performance indexes or cost metrics, based on which conclusions are drawn about whether how the project is developing compared to the original plan. By applying these indices to the work ahead, the project manager can predict how the project will develop in the future, provided that the cost indicators do not fluctuate.
The method is based on a simplified project model, and calculations are made using only four simple arithmetic operations, such an analysis is used by many project managers and government agencies around the world. The method is so flexible that it can be applied to any type of project from multi-million dollar defense projects to small IT projects. Earned value analysis can be performed at any stage of the workflow and can be used by both the customer and contractor.
Effective use of the method requires a disciplined approach to collecting project cost and progress data and timely processing of updated data. The goal of this approach is to detect any deviation as soon as possible and give enough time to assess whether the deviation is harmful to the project and take corrective action if necessary.

It is known that if there are delays or budget overruns at the beginning of the project life cycle, then the project will continue to be out of plan. In turn, the use of earned value analysis provides an opportunity to correct the situation, even if the backlog is only one hour, and using Planner Office to track and analyze earned value projects will become even easier.