To do Earned Value, we need a well-defined scope; we need a WBS and a detailed schedule. It is essential we have ways to measure progress and analyze the status of the project, and we need to forecast the future. By using Earned Value techniques, we put emphasis in all of those areas. In many cases Earned Value can be viewed as a framework that shows how the different pieces of project management fit together. Even if it is overkill for our project, it still shows the importance of planning, execution and control. There are concepts and portions of earned value that can and, in fact, must be used on any project.
Earned Value is not a software product or tool. It is a collection of management practices that are used to establish and maintain a performance measurement baseline from which to measure and analyze performance, identify variations to the baseline and forecast the project outcome. Earned Value effectively integrates the work scope of a project or program with the schedule and cost elements for optimum program planning and control to support project management decisions-making.
- Course duration: 1 day;
- Teaching method: interactive;
- Location: TotalSoft Training Center or at the clients’ HQ ( > 5 participants);
- Course format: 40% theory, 60% practice;
- The course addresses: Project Managers, Business Analysts, Risk Managers, Cost Control Engineers;
- You will learn: Earned Value Fundamentals.
- Allow you to assess the status of any kind of project in terms of cost, schedule and scope, forecast ultimate project outcomes, and more objectively measure project performance.
- Understand how to establish an effective project baseline and monitor project progress against known expectations.
- Bring the complex subject of Earned Value Management into a simple and structured manner so that it could be applied to any project, of any size, and in any industry.
- Help managers manage more effectively by giving them the tools to know where the real project problems are, predict future performance, and make hard decisions with factual data.
Earned Value Management System (EVMS) Overview
- EVMS Principles
- History of EVMS
- ANSI Standard 748
- Why use an EVMS
Earned Value Fundamentals
- Project Management with and without Earned Value
- Earned Value definitions
- Earned Value examples:
- Planning, actuals and progress
- Earned Value calculations
- Variances and indices
- Forecasting and estimate-at-completion (EAC) calculations
Earned Value and Change Management
- Approved scope changes
- Budget shifts
- Contingency and management reserve distribution
- EAC modifications
How does a tool like PRISM supports Earned Value
- Physical progress methods
- Cost and progress settings
- Standard methods
- Non-standard methods