There are two areas where diligence is important on Projects – (1) Planning and (2) Execution. Let’s assume that planning is done as well as possible and we are now in the midst of running the project. What I often find is that projects turn yellow just before a deadline is due when the PM realizes they won’t hit the date. This is usually less than one week away which really doesn’t give the team much wiggle room to take action and correct the problem. That is why I am a big fan of leading indicators.
The one I think works best is what I call “schedule earned value” which gauges the progress of a project against its ability to meet the commitment. In the simplest definition earned value tracks how much work is performed (earned) against how much time or resources is used (burned) to determine trending. Read the Complete Article