This document provides an overview of earned value analysis for project management. It defines key earned value terms and discusses how earned value can be used to enhance project performance by providing early awareness of potential issues. The document outlines an agenda for an earned value analysis training, including introducing earned value concepts and metrics, comparing forecasting methods, defining terminology, and providing a calculation example. It emphasizes that successful earned value implementation requires establishing a work breakdown structure, cost and schedule baselines, and processes for tracking progress and costs.
This document provides an overview of earned value management (EVM) with the following key points:
1. EVM is a project control process that facilitates integrating project scope, time, and cost objectives by comparing the planned value, actual cost, and earned value.
2. EVM improves project predictability, provides early warnings of problems, and objectively assesses value delivered versus costs through structured planning and performance measurement.
3. EVM uses variances, performance indices, and forecasting to monitor project performance and status in terms of schedule, budget, and estimates to completion. Positive variances and indices above 1 indicate favorable performance while negative or below 1 need corrective action.
The document describes a case study example of how earned value management (EVM) can be used to effectively monitor and manage a project. In the case, a project was given a budget of Rs. 1 million to produce 10 units over 18 months. After 3 months, a status report showed the team was slightly behind schedule but on budget. However, by employing EVM techniques and measuring planned value, earned value, and actual costs, it was revealed that the project was significantly over budget and behind schedule. This allowed corrective actions to be taken early to get the project back on track.
This document provides an overview of earned value management (EVM) including its basic elements, performance analysis and forecasting, and key practices. EVM is an effective project management tool that illuminates the current status of a project compared to what was planned. It involves measuring, analyzing, and reporting on the scope, schedule, and cost of work performed. Critical data elements include planned value (budget), earned value (work completed), and actual cost. Variance, performance indices, and estimates are used to analyze schedule and cost performance and forecast project completion.
Earned value management is a project management technique for measuring project performance and progress. It has the ability to combine measurements of the project management triangle:
Scope
Schedule, and
Costs
In a single integrated system, Earned Value Management is able to provide accurate forecasts of project performance problems, which is an important contribution for project management.
Early EVM research showed that the areas of planning and control are significantly impacted by its use; and similarly, using the methodology improves both scope definition as well as the analysis of overall project performance. More recent research studies have shown that the principles of EVM are positive predictors of project success.[1] Popularity of EVM has grown in recent years beyond government contracting, in which sector its importance continues to rise[2] (e.g., recent new DFARS rules[3]), in part because EVM can also surface in and help substantiate contract disputes.[4]
Essential features of any EVM implementation include
a project plan that identifies work to be accomplished,
a valuation of planned work, called Planned Value (PV) or Budgeted Cost of Work Scheduled (BCWS), and
pre-defined “earning rules” (also called metrics) to quantify the accomplishment of work, called Earned Value (EV) or Budgeted Cost of Work Performed (BCWP).
EVM implementations for large or complex projects include many more features, such as indicators and forecasts of cost performance (over budget or under budget) and schedule performance (behind schedule or ahead of schedule). However, the most basic requirement of an EVM system is that it quantifies progress using PV and EV
This document provides an outline for a course on project scheduling and controls. The 3-day course will introduce key concepts in project scheduling including activity sequencing, developing project schedules, schedule updates and change control, and earned value management. Participants will learn to create effective project schedules, implement controls, evaluate metrics and prepare reports. The course aims to prepare attendees to sit for the PMI Scheduling Professional or AACE Project Scheduling Professional certifications. It will use exercises, workshops, and a case study to demonstrate scheduling skills across different project types.
Chapter 09 of ICT Project Management based on IOE Engineering syllabus. This chapter mainly focuses on cost and project, cost management, cost estimating and more related to cost and project. Provided by Project Management Sir of KU
This document provides an overview of earned value management (EVM) with the following key points:
1. EVM is a project control process that facilitates integrating project scope, time, and cost objectives by comparing the planned value, actual cost, and earned value.
2. EVM improves project predictability, provides early warnings of problems, and objectively assesses value delivered versus costs through structured planning and performance measurement.
3. EVM uses variances, performance indices, and forecasting to monitor project performance and status in terms of schedule, budget, and estimates to completion. Positive variances and indices above 1 indicate favorable performance while negative or below 1 need corrective action.
The document describes a case study example of how earned value management (EVM) can be used to effectively monitor and manage a project. In the case, a project was given a budget of Rs. 1 million to produce 10 units over 18 months. After 3 months, a status report showed the team was slightly behind schedule but on budget. However, by employing EVM techniques and measuring planned value, earned value, and actual costs, it was revealed that the project was significantly over budget and behind schedule. This allowed corrective actions to be taken early to get the project back on track.
This document provides an overview of earned value management (EVM) including its basic elements, performance analysis and forecasting, and key practices. EVM is an effective project management tool that illuminates the current status of a project compared to what was planned. It involves measuring, analyzing, and reporting on the scope, schedule, and cost of work performed. Critical data elements include planned value (budget), earned value (work completed), and actual cost. Variance, performance indices, and estimates are used to analyze schedule and cost performance and forecast project completion.
Earned value management is a project management technique for measuring project performance and progress. It has the ability to combine measurements of the project management triangle:
Scope
Schedule, and
Costs
In a single integrated system, Earned Value Management is able to provide accurate forecasts of project performance problems, which is an important contribution for project management.
Early EVM research showed that the areas of planning and control are significantly impacted by its use; and similarly, using the methodology improves both scope definition as well as the analysis of overall project performance. More recent research studies have shown that the principles of EVM are positive predictors of project success.[1] Popularity of EVM has grown in recent years beyond government contracting, in which sector its importance continues to rise[2] (e.g., recent new DFARS rules[3]), in part because EVM can also surface in and help substantiate contract disputes.[4]
Essential features of any EVM implementation include
a project plan that identifies work to be accomplished,
a valuation of planned work, called Planned Value (PV) or Budgeted Cost of Work Scheduled (BCWS), and
pre-defined “earning rules” (also called metrics) to quantify the accomplishment of work, called Earned Value (EV) or Budgeted Cost of Work Performed (BCWP).
EVM implementations for large or complex projects include many more features, such as indicators and forecasts of cost performance (over budget or under budget) and schedule performance (behind schedule or ahead of schedule). However, the most basic requirement of an EVM system is that it quantifies progress using PV and EV
This document provides an outline for a course on project scheduling and controls. The 3-day course will introduce key concepts in project scheduling including activity sequencing, developing project schedules, schedule updates and change control, and earned value management. Participants will learn to create effective project schedules, implement controls, evaluate metrics and prepare reports. The course aims to prepare attendees to sit for the PMI Scheduling Professional or AACE Project Scheduling Professional certifications. It will use exercises, workshops, and a case study to demonstrate scheduling skills across different project types.
Chapter 09 of ICT Project Management based on IOE Engineering syllabus. This chapter mainly focuses on cost and project, cost management, cost estimating and more related to cost and project. Provided by Project Management Sir of KU
The presentation discusses project control and outlines steps to improve project control systems. It introduces basic concepts of projects, project control systems, and the current lack of effective controls. The presentation proposes formalizing processes, training, clarifying roles, and improving communication, documentation, and accountability to enhance project performance monitoring and management.
The document discusses project cost management. It defines key terms like life cycle costing, value analysis, types of costs (variable, fixed, direct, indirect), and cost versus price. It also covers the processes of planning cost management, estimating costs, and controlling costs. Planning cost management establishes policies and procedures for managing project costs. Estimating costs develops an approximation of resources needed to complete project activities. Controlling costs involves monitoring and influencing changes to the project budget.
A brief introduction of Project Time Management, covering the main concepts like Activities, Project Schedule, Activity dependencies, Critical Path, Lead and Lags etc.
This document provides an overview of earned value management and budget forecasting techniques. It defines key earned value terms like planned value, earned value, actual cost, cost variance, schedule variance, cost performance index, schedule performance index, estimate at completion and more. Formulas for calculating each metric are provided. An example project is used to demonstrate how to calculate and analyze the various earned value metrics. It explains that variances indicate performance above or below plan, while indexes above 1 or below 1 also indicate performance compared to plan. The document aims to help readers understand and apply earned value management principles.
Earned value management (EVM) is a methodology that combines scope, schedule, and resource measurements to assess project performance and progress.
It is a commonly used method of performance measurement for projects.
It integrates the scope baseline with the cost baseline, along with the schedule baseline, to form the performance baseline, which helps the project management team assess and measure project performance and progress
By Er.Nikhil Raj, Senior Planning Enginner, Navig Solution Pvt Ltd
On 23 May 2012, McLachlan Lister's Anamaria Popescu made a presentation on "Extensions of Time - Avoiding the Traps or Taking Advantage of Them" in conjunction with well-known Australian law firm Holding Redlich
Earned value analysis is a technique that compares planned, earned, and actual values to analyze project performance. It uses planned value (budget), earned value (work completed), and actual costs to calculate variances and performance indexes. Variances and indexes indicate whether a project is on budget and on schedule. Earned value analysis allows project managers to forecast final costs and duration based on current performance.
Smart project management - Best Practices to Manage Project effectivelyChetan Khanzode
Best Practices to Manage project effectively.It gives overview of all five groups and ten PM knowledge areas.
Emphasis more important aspects of Project Management
This document provides an overview of project cost management for an IT project management course. It defines key cost management terms and processes including cost estimation, budgeting, and controlling costs. It discusses tools for cost estimation like analogous estimates, bottom-up estimates, and parametric modeling. It also explains earned value management (EVM) as a tool for cost control, defining terms like planned value, earned value, actual cost, and calculating values like cost performance index (CPI) and estimate at completion (EAC).
This document discusses project integration and scope management. It defines integration management as coordinating all project elements and balancing competing demands. The seven key integration processes are outlined, including developing plans, directing execution, monitoring work, controlling changes, and closing projects. Scope management aims to include all necessary work and only that work. It discusses collecting requirements, defining scope, creating a work breakdown structure (WBS), verifying scope, and controlling scope.
This document provides an overview of the project life cycle and project management. It defines a project as a unique undertaking with specific time, cost and quality constraints, compared to operational activities which are repetitive. Project management involves skills, tools and processes to successfully complete projects. The project life cycle consists of phases like initiation, planning, execution and closure to define, plan, execute and review a project. Information technology projects also follow life cycles but with phases tailored for their type of work.
This document provides an overview of project cost management. It discusses estimating costs, determining budgets, and controlling costs. Key aspects include estimating methods like analogous, bottom-up, and parametric; determining a cost baseline; using earned value formulas like CPI, SPI, ETC, and EAC to track performance; and controlling costs through variance analysis and forecasting. The goal is planning, estimating, budgeting, and controlling costs to complete projects within approved budgets.
The document discusses project cost management. It provides details on planning cost management, estimating costs, and determining the project budget. Key points include:
1) Planning cost management establishes policies and procedures for managing project costs and results in a cost management plan.
2) Estimating costs develops approximations of resource needs and uses techniques like expert judgment, analogous and parametric estimating.
3) Determining the budget aggregates activity cost estimates to establish a cost baseline.
This document provides an overview of project scheduling concepts and best practices. It discusses the purpose of a project schedule as a management communication tool [SENTENCE 1]. It covers schedule strategy, including building a schedule on paper before entering it into software. The document also discusses scheduling software options, certification in project scheduling through PMI, and tips for preparing for the PMI Scheduling Professional exam [SENTENCE 2]. Project scheduling concepts discussed include work breakdown structures, critical path method, appropriate level of detail in a schedule, and regularly updating the schedule [SENTENCE 3].
Favorite Delay Analysis Methodologies Town Hall SEIChris Carson
Presentation from a Town Hall session to discuss favorite forensic schedule analysis methodologies, based on the Forensic Analysis Recommended Practice from AACE International. The Best Practices and Guidelines for Schedule Impact Analysis project is discussing methods.
The document discusses monitoring and controlling construction projects. It describes monitoring as collecting and measuring performance information to assess results, while controlling involves taking corrective or preventive actions. The key aspects that must be monitored and controlled are project scope, time/schedule, cost, and quality. This includes tracking progress, managing changes, updating plans and documents, and identifying variances. The roles and responsibilities of the project manager, project team, client, consultants and contractors are also outlined.
A presentation proposing one method of integrating and managing a mega-project portfolio through the use of a KIM schedule without losing interproject relationships key to critical path calculation.
RCF Method-1 uses P6 as the only tool required to manage, execute and control the project schedule regardless of its daunting size. Here is a proposal on a workable method that will support accurate, quick date analysis and timely decision making.
The document provides an overview of key components for an effective project charter, including objectives, scope, deliverables, timelines, budgets, resources, risks, and measures of success. An effective charter clearly defines the project goals, how it fits strategically, what work will be done, when it will be completed, who will work on it, potential challenges, and how success will be determined. The charter establishes a shared understanding and provides essential information to ensure project alignment, buy-in, and successful delivery.
PMP Chap 7 - Project Cost Management - Part 2Anand Bobade
The document discusses project cost management processes from Chapter 7 of the PMBOK Guide. It focuses on the Determine Budget process, providing details on its inputs such as the cost management plan, scope baseline, activity cost estimates, project schedule, and risk register. Tools and techniques for Determine Budget like cost aggregation, reserve analysis, and historical relationships are also explained. Key outputs include the cost baseline, project funding requirements, and updates to project documents.
PMP Chap 7 - Project Cost Management - Part 1Anand Bobade
The document provides information about project cost management processes. It discusses estimating, budgeting, and controlling costs. Specifically, it covers the process of plan cost management, which establishes policies, procedures, and documentation for planning, managing, expending, and controlling project costs. It aims to provide guidance on how project costs will be managed throughout the project. Key aspects of the cost management plan output are described, including units of measure, level of precision, control thresholds, and reporting formats.
A gentle introduction to earned value management systems (neutral)Glen Alleman
Earned value management systems (EVMS) provide a framework for project managers to track schedule and budget performance. Key elements of EVMS include defining the scope of work, establishing a time-phased budget baseline, and periodically calculating metrics like cost and schedule variance to forecast project outcomes. While full ANSI/EIA-748 compliance requires addressing 32 criteria, a simpler approach focuses on 10 criteria like identifying tasks, establishing budgets and schedules, and recording costs to generate regular performance metrics. EVMS gives project managers visibility into whether work is on track and whether budgets need adjustment.
The presentation discusses project control and outlines steps to improve project control systems. It introduces basic concepts of projects, project control systems, and the current lack of effective controls. The presentation proposes formalizing processes, training, clarifying roles, and improving communication, documentation, and accountability to enhance project performance monitoring and management.
The document discusses project cost management. It defines key terms like life cycle costing, value analysis, types of costs (variable, fixed, direct, indirect), and cost versus price. It also covers the processes of planning cost management, estimating costs, and controlling costs. Planning cost management establishes policies and procedures for managing project costs. Estimating costs develops an approximation of resources needed to complete project activities. Controlling costs involves monitoring and influencing changes to the project budget.
A brief introduction of Project Time Management, covering the main concepts like Activities, Project Schedule, Activity dependencies, Critical Path, Lead and Lags etc.
This document provides an overview of earned value management and budget forecasting techniques. It defines key earned value terms like planned value, earned value, actual cost, cost variance, schedule variance, cost performance index, schedule performance index, estimate at completion and more. Formulas for calculating each metric are provided. An example project is used to demonstrate how to calculate and analyze the various earned value metrics. It explains that variances indicate performance above or below plan, while indexes above 1 or below 1 also indicate performance compared to plan. The document aims to help readers understand and apply earned value management principles.
Earned value management (EVM) is a methodology that combines scope, schedule, and resource measurements to assess project performance and progress.
It is a commonly used method of performance measurement for projects.
It integrates the scope baseline with the cost baseline, along with the schedule baseline, to form the performance baseline, which helps the project management team assess and measure project performance and progress
By Er.Nikhil Raj, Senior Planning Enginner, Navig Solution Pvt Ltd
On 23 May 2012, McLachlan Lister's Anamaria Popescu made a presentation on "Extensions of Time - Avoiding the Traps or Taking Advantage of Them" in conjunction with well-known Australian law firm Holding Redlich
Earned value analysis is a technique that compares planned, earned, and actual values to analyze project performance. It uses planned value (budget), earned value (work completed), and actual costs to calculate variances and performance indexes. Variances and indexes indicate whether a project is on budget and on schedule. Earned value analysis allows project managers to forecast final costs and duration based on current performance.
Smart project management - Best Practices to Manage Project effectivelyChetan Khanzode
Best Practices to Manage project effectively.It gives overview of all five groups and ten PM knowledge areas.
Emphasis more important aspects of Project Management
This document provides an overview of project cost management for an IT project management course. It defines key cost management terms and processes including cost estimation, budgeting, and controlling costs. It discusses tools for cost estimation like analogous estimates, bottom-up estimates, and parametric modeling. It also explains earned value management (EVM) as a tool for cost control, defining terms like planned value, earned value, actual cost, and calculating values like cost performance index (CPI) and estimate at completion (EAC).
This document discusses project integration and scope management. It defines integration management as coordinating all project elements and balancing competing demands. The seven key integration processes are outlined, including developing plans, directing execution, monitoring work, controlling changes, and closing projects. Scope management aims to include all necessary work and only that work. It discusses collecting requirements, defining scope, creating a work breakdown structure (WBS), verifying scope, and controlling scope.
This document provides an overview of the project life cycle and project management. It defines a project as a unique undertaking with specific time, cost and quality constraints, compared to operational activities which are repetitive. Project management involves skills, tools and processes to successfully complete projects. The project life cycle consists of phases like initiation, planning, execution and closure to define, plan, execute and review a project. Information technology projects also follow life cycles but with phases tailored for their type of work.
This document provides an overview of project cost management. It discusses estimating costs, determining budgets, and controlling costs. Key aspects include estimating methods like analogous, bottom-up, and parametric; determining a cost baseline; using earned value formulas like CPI, SPI, ETC, and EAC to track performance; and controlling costs through variance analysis and forecasting. The goal is planning, estimating, budgeting, and controlling costs to complete projects within approved budgets.
The document discusses project cost management. It provides details on planning cost management, estimating costs, and determining the project budget. Key points include:
1) Planning cost management establishes policies and procedures for managing project costs and results in a cost management plan.
2) Estimating costs develops approximations of resource needs and uses techniques like expert judgment, analogous and parametric estimating.
3) Determining the budget aggregates activity cost estimates to establish a cost baseline.
This document provides an overview of project scheduling concepts and best practices. It discusses the purpose of a project schedule as a management communication tool [SENTENCE 1]. It covers schedule strategy, including building a schedule on paper before entering it into software. The document also discusses scheduling software options, certification in project scheduling through PMI, and tips for preparing for the PMI Scheduling Professional exam [SENTENCE 2]. Project scheduling concepts discussed include work breakdown structures, critical path method, appropriate level of detail in a schedule, and regularly updating the schedule [SENTENCE 3].
Favorite Delay Analysis Methodologies Town Hall SEIChris Carson
Presentation from a Town Hall session to discuss favorite forensic schedule analysis methodologies, based on the Forensic Analysis Recommended Practice from AACE International. The Best Practices and Guidelines for Schedule Impact Analysis project is discussing methods.
The document discusses monitoring and controlling construction projects. It describes monitoring as collecting and measuring performance information to assess results, while controlling involves taking corrective or preventive actions. The key aspects that must be monitored and controlled are project scope, time/schedule, cost, and quality. This includes tracking progress, managing changes, updating plans and documents, and identifying variances. The roles and responsibilities of the project manager, project team, client, consultants and contractors are also outlined.
A presentation proposing one method of integrating and managing a mega-project portfolio through the use of a KIM schedule without losing interproject relationships key to critical path calculation.
RCF Method-1 uses P6 as the only tool required to manage, execute and control the project schedule regardless of its daunting size. Here is a proposal on a workable method that will support accurate, quick date analysis and timely decision making.
The document provides an overview of key components for an effective project charter, including objectives, scope, deliverables, timelines, budgets, resources, risks, and measures of success. An effective charter clearly defines the project goals, how it fits strategically, what work will be done, when it will be completed, who will work on it, potential challenges, and how success will be determined. The charter establishes a shared understanding and provides essential information to ensure project alignment, buy-in, and successful delivery.
PMP Chap 7 - Project Cost Management - Part 2Anand Bobade
The document discusses project cost management processes from Chapter 7 of the PMBOK Guide. It focuses on the Determine Budget process, providing details on its inputs such as the cost management plan, scope baseline, activity cost estimates, project schedule, and risk register. Tools and techniques for Determine Budget like cost aggregation, reserve analysis, and historical relationships are also explained. Key outputs include the cost baseline, project funding requirements, and updates to project documents.
PMP Chap 7 - Project Cost Management - Part 1Anand Bobade
The document provides information about project cost management processes. It discusses estimating, budgeting, and controlling costs. Specifically, it covers the process of plan cost management, which establishes policies, procedures, and documentation for planning, managing, expending, and controlling project costs. It aims to provide guidance on how project costs will be managed throughout the project. Key aspects of the cost management plan output are described, including units of measure, level of precision, control thresholds, and reporting formats.
A gentle introduction to earned value management systems (neutral)Glen Alleman
Earned value management systems (EVMS) provide a framework for project managers to track schedule and budget performance. Key elements of EVMS include defining the scope of work, establishing a time-phased budget baseline, and periodically calculating metrics like cost and schedule variance to forecast project outcomes. While full ANSI/EIA-748 compliance requires addressing 32 criteria, a simpler approach focuses on 10 criteria like identifying tasks, establishing budgets and schedules, and recording costs to generate regular performance metrics. EVMS gives project managers visibility into whether work is on track and whether budgets need adjustment.
Earning Value from Earned Value ManagementGlen Alleman
This document discusses how to create value from earned value management (EVM) using both bottom-up and top-down approaches. It emphasizes that EVM metrics like SPI and CPI do not capture the underlying statistical nature of projects, and that modeling this requires stochastic modeling and Monte Carlo simulation. It also stresses that creating value from EVM requires relating budgets to work, measuring progress objectively, and relating cost, schedule, and technical performance.
A simple example of Earned Value Management (EVM) in actionPlanisware
The team was tasked with planting 600 trees over 5 days but encountered difficulties on the first day. They planted 70 trees which was 30 less than planned. Costs were higher than expected at $350 due to needing a machine to remove stones. Earned value was $203 but the budgeted cost was $290, resulting in negative schedule and cost variances. If performance does not improve, the project will exceed its budget and deadline. The key EVM metrics - schedule variance, cost variance, estimate at completion and budget at completion - were calculated to assess progress and risks to the project.
This document summarizes Insight Web Services & Portal Integration. It discusses C/S Solutions' products for business intelligence and project management tools. Key points include that C/S Solutions has been in business since 1993, their tools are used on most government programs, and their wInsight product has over 40,000 users worldwide in industries like aerospace, IT, and government. Sample customers are listed and screenshots of the desktop and web applications are provided. The benefits of using their portal solution for integration and collaboration are also highlighted.
Earned value analysis is a project monitoring technique that compares the planned value, earned value, and actual cost of a project. Planned value refers to the budgeted cost of planned work, earned value is the budgeted cost of work actually completed, and actual cost is the real cost of completed work. Variances between these three values can identify if a project is over or under budget and ahead or behind schedule. Tracking variances over time allows project managers to determine the health of a project and take corrective actions if needed.
The document provides an overview of earned value analysis (EVA) training. It defines EVA as a project management technique for monitoring cost and schedule performance by comparing actual and budgeted resources. The training will cover what EVA is, why it is used, how EVA metrics like cost variance, schedule variance and estimate at completion are calculated, and examples of how EVA is applied. Attendees will learn how EVA can identify if a project is over budget or ahead of schedule so corrective actions can be taken.
This document discusses integrating risk management with earned value management. It provides several key steps:
1. Physically connect risk management tasks to the integrated master schedule and work breakdown structure to ensure risks are planned and tracked.
2. Start by identifying risks and owners, then analyze probability and impact to determine mitigation owners and plans.
3. Track risk status using the same processes as earned value, such as percent complete. Analyze impacts and make control decisions based on integrated data.
The goal is to ensure risks are planned like any other task and progress is measured alongside cost and schedule performance to aid management decisions. Monte Carlo analysis can also model schedule risk using probability distributions.
The document provides an overview of earned value management (EVM) as a tool for measuring employee and project performance. It defines key EVM concepts like budgeted cost of work scheduled, budgeted cost of work performed, and actual cost of work performed. The document uses examples to demonstrate how to calculate EVM metrics like schedule variance, cost variance, schedule performance index, and cost performance index to assess if a project is on budget and on schedule. It highlights how EVM provides a more integrated approach than traditional performance measurement methods.
Earned Value Management is an important topic for PMP and PMI ACP Exam. Since the questions related with Earned Value Management are based on formulas so with practice, these concepts can be mastered and these questions can be answered confidently in the exam.
This document provides an overview of earned value management (EVM) concepts in 5 easy pieces:
1. Define planned value using a credible schedule
2. Measure physical percent complete for work periods
3. Calculate earned value as planned value multiplied by percent complete
4. Use earned value variables to calculate performance indices
5. Take corrective actions based on performance index analyses
This presentation is from the free online course, which i delivered in February 2013.
*If you downloaded before the 8th August, please download again the correct file* -Feel free to download and share. -Denise
Project Controls Expo 13th Nov 2013 - "From Cost Plan To Bid Evaluation To Co...Project Controls Expo
The Cost Plan - Work Breakdown Structure
What is a Cost Plan ? Cost Plan is the Estimate for the project based on the Scope of Work Measured Trade Elements
The Cost Plan has a Cost Work Breakdown Structure (CWBS) To Mirror The Project Scope of Work.
Typical CWBS for an Industrial/Infrastructure Project:
Level 1 - The Project
Level 2 - Phase/Stage - Separable Portions
Level 3 - Area /Facility – Construction Zones
Level 4 - Resource - Trade Based Activities
Level 5 - Resource Trade Based Elements - Units of Measure and Pricing
Track Project Performance - Earned Value ManagementBaroness PM
Earned Value Management (EVM) is a project management methodology that tracks project performance and forecasts future performance. It integrates the scope baseline, schedule baseline, and cost to provide performance measurements. EVM uses three building blocks - planned value, earned value, and actual cost - to calculate variances and performance indexes that measure project schedule and cost. Variance analysis and forecasting allow project managers to monitor current performance and predict future outcomes.
Introduction
Overview of Key Performance Indicators ( KPI )
What Is The Earned Value Management ?
Why Project Managers Use EVM ?
Earned Value Management Terms and Formulas
Planned value (PV)
Earned value (EV)
Actual cost (AC)
Variance
Schedule Variance ( SV )
Cost Variance ( CV )
Performance Index
Schedule Performance Index (SPI)
Cost Performance Index (CPI)
Example ( Case Study )
Project Forecasting
Budget at Completion (BAC)
Estimate at Completion (EAC)
Estimate to Complete (ETC).
Variance at Completion (VAC)
To Complete Performance Index (TCPI)
This webinar was presented by Stephen Jones, Chair of the APM Planning, Monitoring and Control SIG and Simon Taylor, Vice-Chair of the same SIG on Thursday 11th December 2014.
Earned value management is a project control process based on a structured approach to planning, cost collection and performance measurement.
Earned value helps us manage a project by:
providing data to enable objective measurement of project status;
providing a basis for estimating final cost;
predicting when the project will be complete;
supporting the effective management of resources;
providing a means of managing and controlling change.
Earned value provides information which enables effective decision making by knowing:
what has been achieved of the plan;
what it has cost to achieve the planned work;
if the work achieved is costing more or less than was planned;
if the project is ahead of or behind the planned schedule.
Good planning leads to good project execution and good management information.
IS EARNED VALUE + AGILE A MATCH MADE IN HEAVEN?
Increasing the Probability of Program Success requires by connecting the dots between EV and Agile Development.
Presented at
The Nexus of Agile Software Development and
Earned Value Management, OSD-PARCA,
February 19 – 20, 2015
Institute for Defense Analysis, Alexandria, VA
Alexander Joy Cartwright IV has over 20 years of experience managing complex projects in the defense and aerospace industries. He has extensive skills in project management, master planning, scheduling, and earned value management. Throughout his career, he has worked on large programs for major government contractors and developed integrated master schedules, plans, and cost controls.
This document discusses project cost management principles and processes. It explains that IT projects often experience cost overruns and provides examples. The key processes for managing costs are estimating costs, determining budgets, and controlling costs. Estimating involves developing cost approximations, while determining budgets allocates the estimate to work items to establish a baseline. Controlling costs involves monitoring performance against the baseline and approving changes. Earned value management is presented as a technique to integrate scope, time and cost data to track project performance.
project control using earned value analysis - Part 01 waleed hamdy
Project control using earned value analysis - Part 01
Mission of the projects control division
Why the earned value management?
Establishment of the Performance Measurement Baseline
EVM Analysis & Forecasting
Mitigation And Performance Recovery Using Earned ValueChris Carson
This paper discusses the practical use of Earned Value metrics and calculations in monitoring and controlling schedule slippage, and, more importantly, in identifying appropriate mitigation plans to regain time.
1. Earned value management (EVM) metrics can help identify specific trades or scopes of work contributing to schedule slippage and poor performance. This allows for targeted mitigation strategies.
2. To effectively use EVM for schedule compression, the baseline schedule needs to be thoroughly coded to allow export and analysis of performance data by trade or work type.
3. Exporting schedule data to a spreadsheet enables pivot tables and charts to examine historical performance trends for each trade. This highlights which trades need additional resources or management to meet goals for schedule compression.
How to build a credible performance measurement baseline (v5)Glen Alleman
The document provides guidance on establishing a credible performance measurement baseline (PMB) in 8 steps:
1) Build a work breakdown structure (WBS)
2) Define program events
3) Define significant accomplishments
4) Define accomplishment criteria
5) Develop work packages
6) Identify interdependencies between work packages
7) Assemble an integrated master schedule (IMS)
8) Iteratively tune the IMS considering risk, mitigation activities, and past performance.
Following these 8 steps ensures the PMB includes the right work in the right order, work that can be measured against technical performance measures, sufficient resources, and risk retirement tasks embedded in the IMS.
This document provides an overview of project cost management processes including estimating costs, determining budgets, and controlling costs. It defines key terms like planned value, earned value, actual costs, and gives examples of how to calculate variances, performance indices, estimates to complete, and variance at completion. Methods for estimating costs like analogous, bottom-up, and parametric estimating are described. The importance of integrating cost, schedule and scope management is emphasized.
This document defines the key deliverables and tasks for quantifying the value of a project. Deliverable 3D involves quantifying the project value by determining the benefits to customers and the organization. This includes calculating the cost of poor quality using baseline data and estimating savings. Project benefits are documented in the project benefit document and summarized in the project charter and final presentation.
This document outlines the steps to quantify the value of a project in Deliverable 3D. It defines cost of poor quality (COPQ) and explains how to calculate savings from a project, including hard savings from expense reductions and revenue growth, and soft savings from increased capacity or avoided costs. Benefits should be documented in the project charter, presentation, and final report to complete Deliverable 3D. Quantifying value helps prioritize projects and shows expected returns from improvements.
This document discusses monitoring and controlling projects, including:
1) Tracking project work against plans using tools like earned value management and identifying changes for integration control.
2) Verifying project scope is completed as planned and controlling scope changes.
3) Monitoring project schedules using tools like tracking Gantt charts and addressing delays.
4) The challenges of schedule control and keeping projects on time.
In defining a project accounting system for an organisation, the needs of both project management and the finance function have to be met. However their needs differ. By combining project and programme management techniques with financial and management accounting methods, a more holistic approach to capturing metrics is possible. Analysis of this will enable focused effort to improve project efficiency and effectiveness.
The document provides information about cost management processes according to PMBOK 5. It includes definitions and explanations of processes for planning cost management, estimating costs, determining budgets, and controlling costs. Key aspects covered are cost estimation techniques, calculating estimates at completion, variance analysis using earned value management, and establishing cost baselines and performance measurement.
Webinar - Slimme besluitvorming over project-portfolio’s in asset managementStork
Het maken van de juiste project keuzes is doorslaggevend voor succes, ook in asset management. Het uitstellen van besluiten of het nemen van verkeerde besluiten door complexiteit of ontbrekende data, heeft grote impact op uw team en de projectresultaten. Ook u heeft hier dagelijks mee te maken.
Het tijdig nemen van de juiste besluiten is daarom onderwerp van ons webinar over besluitvorming rond Capex en Opex projecten in asset management. Alles doen is niet mogelijk, niets doen is geen optie: hoe bepaalt u het juiste portfolio? Welke projecten verdienen prioriteit en welke hebben minder impact?
Stork en Flightmap delen hiervoor een methodische aanpak.
This document provides an overview of project cost management. It discusses estimating, budgeting, and controlling costs so the project can be completed within the approved budget. Key aspects covered include developing cost estimates using various techniques, determining an authorized cost baseline by aggregating estimates, and monitoring costs against the baseline using earned value management. Formulas for calculating important metrics like cost and schedule variance, cost performance index, and estimate at completion are also presented to aid in cost control.
Earned value analysis (EVA) is a project management technique for measuring project performance and progress. It objectively compares the planned cost and schedule of a project to its actual cost and progress by integrating measurements of scope, schedule and cost. EVA allows project managers to forecast a project's final cost, completion date and variances in a timely manner to identify risks and take corrective actions if needed. Project managers use EVA by setting a performance measurement baseline, measuring actual work progress and costs, and calculating variances to analyze schedule and cost performance.
Project monitoring and control involves collecting data on project performance and using it to control the project and ensure it stays on track. Key aspects of monitoring include what to monitor (inputs, outputs, time, costs, quality), when to monitor (regularly and at milestones), and how (meetings, reports, Earned Value Analysis). Earned Value Analysis compares the budgeted cost of work performed, actual cost of work performed, and budgeted cost of work scheduled to calculate cost and schedule variances, helping project managers identify issues. Other techniques for monitoring and control include critical ratios and re-planning as needed to correct deviations from the project plan.
The document outlines an M&E training to be held at the Travellers Beach Hotel. The training will cover methods of data collection, organization, analysis, reporting and presentation of M&E results. Key topics will include project control tools like Gantt charts, milestone charts, and earned value analysis which compares planned to actual performance to monitor project progress. The overall goal is to help participants explore best practices for monitoring and evaluating projects.
Program Management 2.0: Work Breakdown StructureJohn Carter
From a course titled Program Management 2.0, this presentation pulls together a suite of tools for creating a Work Breakdown Structure - which is very helpful for tracking the true project a project is making. It lends itself to also communicate the earned value of a project - so teams and managers can see what is done, and what is left to do.
The document discusses various techniques for evaluating projects and programs, including cost benefit analysis and cash flow forecasting. It describes how to develop a business case to justify a project, including outlining the proposed project, market assessment, benefits, costs, risks, and management plan. Cost benefit analysis is explained as identifying and quantifying in monetary terms the expected costs and benefits of a project to determine if benefits exceed costs. Cash flow forecasting considers the timing of costs and revenues over the lifetime of a project or system. Key metrics like net profit, payback period, and return on investment are defined for evaluating and comparing different project options.
STREETONOMICS: Exploring the Uncharted Territories of Informal Markets throug...sameer shah
Delve into the world of STREETONOMICS, where a team of 7 enthusiasts embarks on a journey to understand unorganized markets. By engaging with a coffee street vendor and crafting questionnaires, this project uncovers valuable insights into consumer behavior and market dynamics in informal settings."
In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.
[4:55 p.m.] Bryan Oates
OJPs are becoming a critical resource for policy-makers and researchers who study the labour market. LMIC continues to work with Vicinity Jobs’ data on OJPs, which can be explored in our Canadian Job Trends Dashboard. Valuable insights have been gained through our analysis of OJP data, including LMIC research lead
Suzanne Spiteri’s recent report on improving the quality and accessibility of job postings to reduce employment barriers for neurodivergent people.
Decoding job postings: Improving accessibility for neurodivergent job seekers
Improving the quality and accessibility of job postings is one way to reduce employment barriers for neurodivergent people.
Seminar: Gender Board Diversity through Ownership NetworksGRAPE
Seminar on gender diversity spillovers through ownership networks at FAME|GRAPE. Presenting novel research. Studies in economics and management using econometrics methods.
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
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1. Elemental Economics - Introduction to mining.pdfNeal Brewster
After this first you should: Understand the nature of mining; have an awareness of the industry’s boundaries, corporate structure and size; appreciation the complex motivations and objectives of the industries’ various participants; know how mineral reserves are defined and estimated, and how they evolve over time.
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This is not all inclusive, just a sample of EV major terms