This document discusses how Earned Value Analysis (EVA) can help project managers track project progress and costs to avoid cost overruns. EVA compares planned work, actual work completed, and actual costs to calculate variances. It uses three values - Planned Value (PV), Earned Value (EV), and Actual Costs (AC) - along with formulas to determine Schedule Variance, Cost Variance, and other metrics. Regular EVA reporting prevents projects from going significantly over budget or behind schedule without the project team's knowledge. The author argues that waiting until milestones to evaluate progress can be too late to course-correct struggling projects.
This was one of my most recent powerpoint presentation. I worked in a small group with 2 other partners. The presentation lasted 1 hour followed by a group discussion.
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.
#Measuring Project Performance - Earned Value Management System# By SN PanigrahiSN Panigrahi, PMP
#Measuring Project Performance Earned Value Management System# By SN Panigrahi,
Essenpee Business Solutions,
Earned Value Analysis (EVA) ,
Budget At Completion (BAC),
Planned Value (PV),
Earned Value (EV),
Actual Cost (AC),
Scheduled Variance (SV),
Cost Variance (CV),
CPI, SPI, EAC, ETC, TCPI, VAC
This was one of my most recent powerpoint presentation. I worked in a small group with 2 other partners. The presentation lasted 1 hour followed by a group discussion.
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.
#Measuring Project Performance - Earned Value Management System# By SN PanigrahiSN Panigrahi, PMP
#Measuring Project Performance Earned Value Management System# By SN Panigrahi,
Essenpee Business Solutions,
Earned Value Analysis (EVA) ,
Budget At Completion (BAC),
Planned Value (PV),
Earned Value (EV),
Actual Cost (AC),
Scheduled Variance (SV),
Cost Variance (CV),
CPI, SPI, EAC, ETC, TCPI, VAC
Develop a network schedule for your project using either the arrow.docxkhenry4
Develop a network schedule for your project using either the arrow diagramming method or the precedence method. Also, your project schedule should illustrate float/slack for each activity.
Table 1.1. Project Tasks details
Activity
Predecessor
Anticipated Resources
Added Resources
Duration
Early start date
A (Retirement and social security benefits)
None
$126
$50
One year
1/1/2019
B (Audit & risk evaluation)
A
$118
$25
11 months
2/1/2019
C (Equipment Maintenance)
B
$121
$30
8 months
2/1/2019
D (Training & Development)
A, B
$109
$25
One year
1/2/2019
E (Logistics, appraisals & rewards)
D, C
$118
$30
One year
1/2/2019
Precedence Diagramming Method:
ES
Duration
EF
Activity Legend
LS
Float/slack
LF
LS= Late start Dependency
LF= Late Finish
ES= Early start
EF= Early finish
F= Float/Slack
08/09/2019
1 year 7 months
03/04/2021
Activity B Audit & Risk Evaluation
12/19/2020
2 months
Resources=$25
03/04/2021
07/25/2019
11 months
06/22/2020
Activity C Equipment & Maintenance
08/1/2019
4 months
Resources=$30
12/22/2020
12/27/2019
8 months
08/05//2020
Activity A Retirement & social security
Resources =$50
03/05/2020
3 days
03/8/2020
07/31/2019
2 months
09/23/2019
Activity E Logistics, Appraisals & Rewards
08/10/2019
2 days
Resources=$30
08/12/2019
03/22/2019
1 month
04/09/2019
Activity D Training & Development
03/22/19
5 days
Resources =$25
03/28/2019
5 Activities with 6 dependencies
Running head: EVM PAPER 1
EVM PAPER 1
EVM Paper
Mary Krenisky
Joe Scott
BUS 419
August 27, 2018
EVM Paper
In the current project, additional resources are added at in each work activity to complete the work packages in a quickly. The resources are added to these activities to reduce the slack that may originate if the project is accomplished based on planned resources only. An earned value analysis has to be performed to keep track of a project’s performance. This type of assessment gives a general review about the performance of a project along the chosen course. It has been noted that after adding more resources for the achievement of the ventures successfully, the slack time has been decreased and the work is going on faster than planned.
Earned value management is employed in different forms to determine the performance of the projects. By using this technique, the cost, schedule and, scope of the project are integrated that in turn aids the team of project administration to calculate and evaluate fulfillment and growth of the plan (Usmani, n.d.). The measurements of earned value are utilized by all managers of the projects. There are three main components of earned value management which are
• Actual cost
• Earned value
• Planned value
Planned value
It is the value of a task to be accomplished in a specified time. Overall planned value is known as ‘Budget at completion.’ Planned value also acts as a project’s baseline (Usmani, n.d.).
Actual cost
Actual cost denotes the quantity of money which is i.
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Your Projects May Be Robbing You Blind
1. How Your Projects May Be
Robbing You Blind
Ed Kozak
expenditures). It also lets the project
One former client once remarked in a manager compute Percentage
Completion of the project as well as
workshop I was giving about Earned
Value Analysis “This is powerful stuff if forecast what the final cost of the project
applied correctly. I know our IT would be if spending rates continued at
department sure would benefit big time their current pace. The ability to
by using EVA. I personally believe they correctly use EVA rests on the ability to
intentionally do not want folks to correctly understand three variables, PV,
measure the earned value of their EV, and AC (referred to as BCWS,
projects for fear that top management BCWP, and ACWP in older texts) that
will crack down on them. What they do the project manager has to derive. All
not finish by year end is simply carried other numbers are calculated from these
over to the next year. They basically three variables using very simple
have an unlimited budget.” formulas.
This is a powerful statement and, Planned Value, or PV, simply is the
unfortunately, it isn’t rare to hear estimated cost of all of the work
something of this nature. Many scheduled to have been done by a
organizations are unaware of the fact it’s specific date, known as Status Date. For
possible to track and control costs example, if the project manager is
frequently and on a regular basis during preparing a monthly report to submit to a
a project and not have to wait until some client the Status Date would coincide
major milestone is reached months into with the most recent date reports were
the project to see how the budget is generated with the accounting system.
faring. As that person mentioned to in Planned Value is obtained from the
the quote above, that process is known budget estimate for the project that was
as Earned Value Analysis. created and agreed to (i.e. Baselined)
before the project began. This number it
never changes unless the scope changes
Earned Value Analysis and a new budget estimate is created and
baselined. In Earned Value Analysis,
Earned Value Analysis, or EVA, is a your original, baselined estimate is
method that lets a project manager called the BAC, short for Budget At
compare progress (work scheduled to be Completion.
done versus work actually done) and
costs (budget estimates versus actual It is understood that there are probably
going to be differences between what