Planning to Execution Earned Value Risk Management Tool

This study presents a proof-of-concept software application capable of producing risk-based estimates for project costs and schedules, tracking project performance against baseline plans, and providing real-time updates for cost and schedule at completion. Current budget and schedule estimation practices within the Department of Defense DOD are often performed by different personnel across several software tools. Market research of existing commercial off-the-shelf COTS project planning and tracking software shows that tools commonly used by many industries require additional software packages and user training to perform uncertainty analyses. A modeling and simulation experiment demonstrates how using minimum and maximum duration estimates can result in baseline project plans that greatly underestimate and overestimate the project schedule, respectively. The prototype software application integrates the planning and execution tracking of projects. It accounts for uncertainty within the various activities in a project, thus creating more realistic baseline plans. During project execution, the prototype software application shortens the project status feedback cycle, identifies any activities that go over cost or schedule, and guides management action by determining which activities have the greatest impact on the outcome of the project. It is easier to use when compared to current planning and execution tracking software applications.