Applying the earned value method to projects: benefits and pitfalls to avoid

You're a project manager and your company asks you to implement a new method for tracking the progress of your project: the earned value method. You read the procedure, start to implement the process with the project planner and cost manager, and you tell yourself that this method is extraordinary, because it will enable you to completely manage your project.

STOP. It's time to pause and be realistic. First of all, the earned value method can never be used to pilot your project, because to pilot a Formula 1 car, you need a steering wheel. In this case, all you get is a speedometer and a tachometer. The earned value method presents you with the state of your project, it's an indicator; in no way does it provide you with the levers to maintain or correct the trajectory to reach your destination. What's more, for the indicator to provide a faithful representation of the reality of the situation at a given moment in time, it is essential to have calibrated the meter correctly, and to have ensured that you are indeed in the range of values in which the meter provides relevant information.... The aim of this data sheet is precisely to give you the keys to making the best use of this method.