The Terms Value Added and Earned Value Management, Essay Example

Introduction

A value-added approach offers a team a number of options to create an environment that is practical yet grounded in the team’s core values. A value-added strategy also engages individual employees in the strategic direction of the organization and how each person might provide his or her own contribution to the team that will be productive and successful in achieving the desired goals and objectives. Earned value management, on the other hand, is largely structured towards a project management environment that has a number of set goals in place, such as cost and timely scheduling of all required tasks.

Analysis

A value-added strategy is essential to the success of the team environment and its ability to meet the desired objectives in an effective manner. Therefore, this process is critical to the team’s growth and productivity throughout the course of a project. Earned value management is a more structured approach to managing the team and in regulating the costs associated with the project, as well as the ability to perform the tasks according to schedule. This is a critical component of the project management process and enables an organization to be effective in achieving its project management goals within the target budget and timeframe. This method also enables the team to utilize its own core values in the execution of the project from start to finish.

Conclusion

The creation of a project management environment that embraces change and progress requires a high level of support for value-added methods to ensure that all team members are actively contributing at a high level. The project management team must also perform its goals and objectives for the project in a timely and cost effective manner at all stages of the project.