S12 Earned Value Management

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Roland Berberich

My teaching slides for MAN471 Fundamentals of Project Management. After leaving XJTLU I am sharing my slides for free.

Agenda
• What is EVM?
• Why and how can we use it?
• EVM in Practice
03.10.2019 Fundamentals of Project Management 2

What is EVM
03.10.2019 Fundamentals of Project Management 3

What is EVM
Earned
Value
Management
A comparative Analysis of the status
of the Project with the Baseline
Used for tracking and controling
Simple Maths but big implications
03.10.2019 Fundamentals of Project Management 4

What is EVM
• Objective Performance Measurement
• Fully transparent
• Allows comparing different Projects
• Allows prognosis based on actual data
03.10.2019 Fundamentals of Project Management 5

What is EVM
• Can be very costly
• Project Experience mandatory
• Requires PM Maturity
• Needs clearly defined Scope and Tasks
03.10.2019 Fundamentals of Project Management 6

Why and How to use EVM
03.10.2019 Fundamentals of Project Management 7

Why and How to use EVM
Project Management Institute (Ed.), 2011. Practice standard for earned value management, 2nd ed.
Project Management Institute, Newtown Square, Pa.
03.10.2019 Fundamentals of Project Management 8

Why and How to use EVM
• EV: Actual budgetary completion
• PV: Planned budgetary completion
• AC: Actual Cost of work
• BAC: Planned Budget at Completion
• EAC: Estimated Budget at Completion
03.10.2019 Fundamentals of Project Management 9

Why and How to use EVM
Schedule Variance: SV
SV=EV-PV
A figure below 0 indicates a delay
A figure over 0 indicates we are ahead of schedule
03.10.2019 Fundamentals of Project Management 10

Why and How to use EVM
Cost Variance: CV
CV=EV-AC
A figure below 0 indicates we are over budget
A figure over 0 indicates we are under budget
03.10.2019 Fundamentals of Project Management 11

Why and How to use EVM
Other figures:
CPI=Cost Performance Index
CPI= EV/AC
ETC: Estimate to Complete
ETC= (BAC-EV)/CPI
EAC = AC + ETC
03.10.2019 Fundamentals of Project Management 12

EVM in Practice
Larson, Erik W., and Clifford F. Gray. Project Management: The Managerial Process. 5th ed. The McGraw-
Hill/Irwin Series Operations and Decision Sciences. New York: McGraw-Hill Irwin, 2011.
We are over budget!
CV = EV – AC = 200 – 340 = -140
We are behind schedule!
SV = EV – PV = 200 – 300 = -100
ETC = (BAC – EV)/CPI = (400 – 200)/ (200/340)
ETC = 200 X 1,7 = 340
03.10.2019 Fundamentals of Project Management 13

Sources
Fleming, Q.W., Koppelman, J.M., 2005. Earned value project management, 3rd ed.
Project Management Institute, Newtown Square, PA.
Larson, E.W., Gray, C.F., 2017. Project Management: The Managerial Process, 7th
ed, The McGraw-Hill series operations and decision sciences. McGraw-Hill
Education, New York, NY.
Project Management Institute (Ed.), 2011. Practice standard for earned value
management, 2nd ed. Project Management Institute, Newtown Square, Pa.
Webb, A., 2003. Using earned value: a project manager’s guide. Gower, Aldershot,
Hants, England ; Burlington, VT, USA.
United States Government Accountability Office, 2013. NASA Earned Value
Management Implementation across Major Spaceflight Projects Is Uneven.
CreateSpace Independent Publishing Platform.
03.10.2019 Fundamentals of Project Management 14

This document provides an example of using earned value management formulas to analyze the status of a house building project. The project is 18 months into a 36 month schedule but has only completed 50% of the work, while spending 80% of the budget. Formulas are used to calculate cost variance, schedule variance, cost performance index, schedule performance index, estimate to complete, and variance at complete. The analysis shows the project is over budget and behind schedule based on its current performance.

Project Management-Important Equations

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This document provides important equations for calculating key project management metrics like earned value, schedule variance, cost variance, account variance, schedule performance index, and cost performance index. It defines each metric and how to calculate it using variables like earned value (EV), planned value (PV), and actual cost (AC). It also explains what a value less than 0 for schedule variance and cost variance indicates, and that a SPI and CPI greater than 1.0 means the project is ahead of schedule and under budget.

PROJECT HEALTH MONITORING BY EARNED VALUE ANALYSIS

G K, BE,MS,ISTQB Certified Expert

Abstract— Execution of engineering projects are tracked against critical metrics such as safety, quality, delivery cost and inventory. Earned value is a key parameter that helps in assessing delivery (schedule) and cost. Static shows that 70% of projects are over budget behind schedule, 52% of all projects finish at 189% of their initial budget and some, after huge investments of time and money, are simply never completed. The rest of this paper gives a perspective on monitoring project health by Earned value analysis.

Performance Evaluation of Construction Projects by EVM Method, Using Primaver...

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Most of the construction projects are exposed to time and cost overruns due to various factors and this is a major problem. As a solution to this, the Earned Value Management (EVM) method is considered. EVM is a powerful and well-known method used in monitoring and controlling the project. EVM gives an early indication that either project is delayed or not and the project is either over budget or under budget at any particular day by tracking it. Thus, it helps to improve the management control system of a construction project, to detect and control the problems in potential risk areas and to suggest the importance and purpose of monitoring the construction work. This paper explains the main parameters of the EVM system involved in the calculation of time and cost for construction projects. In this study, the Primavera P6 software is used to deals with the project monitoring process of a seven-storeyed (G+6) faculty building whose construction is in progress at Istanbul, Turkey. A comparison between the planned progress of construction activities and actual progress is performed and the analysis results are interpreted. This case study justifies the benefits of using EVM for project cash flow analysis and forecasting.

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This document outlines a project charter for implementing an ERP system at Symbiosis Institute of Management Studies from February 2022 to November 2022. The goal is to integrate various departments like admissions, academics, administration, and exams onto a common platform for improved management and efficiency. Key deliverables will include linking different departmental systems to a single management information system with single-point access. The project aims to improve overall institute management and is estimated to save $897,654 with costs of $453,218. Stakeholders include students, faculty, directors, and departments. Risks include data mishandling and server downtime hindering facilities.

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This document discusses an S-curve, which plots planned value, earned value, and actual cost over time to monitor the schedule and cost status of a project. It provides instructions on how to set up an S-curve using budget and progress data. An example S-curve chart and calculations are shown to illustrate how schedule and cost variances are determined from the S-curve lines. The document notes that while commonly used for construction monitoring, the S-curve is one of several tools and should be used together with other schedule and cost controls.

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.

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The document provides an overview of earned value management and earned value analysis concepts. It defines key earned value terms like planned value, earned value, actual cost, budget at completion, schedule variance, cost variance, schedule performance index, cost performance index, and estimate at completion. Examples are provided to demonstrate how to calculate and interpret these metrics. The summaries help project managers track project schedule and cost performance to identify potential problems early and estimate final costs.

iEVM (Integrated Earned Value Management) An approach for integrating quality...

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This document proposes a new model called integrated earned value management (iEVM) that aims to address limitations in how traditional earned value management (EVM) accounts for quality in projects. Specifically, EVM treats quality as implicitly part of scope but iEVM would explicitly include quality as a fourth factor integrated alongside time, scope and cost. The model utilizes the concept of cost of quality to more accurately monitor, control and predict projects, especially complex IT projects where rework is common and can impact earned value calculations.

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EVM Without Quality is Unsuitable for Software Project & Program Management

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This document discusses limitations of traditional Earned Value Management (EVM) for software projects and proposes an improved EVM approach called integrated Earned Value Management (iEVM) that accounts for quality factors. Traditional EVM focuses only on scope, schedule and cost but does not consider quality, which can significantly impact software projects through rework. The document presents a case study comparing traditional EVM and iEVM analyses, finding that iEVM provides more accurate forecasts by incorporating rework costs and delays caused by quality issues. It concludes that iEVM improves on traditional EVM for software projects by increasing visibility of quality status, effort, and costs.

COST CONTROL AND TRACKING OF A BUILDING BY EARNED VALUE METHOD

International Journal of Technical Research & Application

Earned Value Management (EVM) is a technique that forecasts the project giving an early warning of cost & schedule. It not onely measures the project performance but also measure the progress of the schedule. It is an effective tool to measure cost, schedule & performance of the project. The EVA is useful in various fields such as IT, Industries and Construction companies etc. The value of Earned Value Analysis (EVA) is dependent on two key areas i.e. Precise Cost information and pragmatic progress of project. If these two key areas are efficient then benefit of the project will definitely get valued. This paper summarizes the evolution, basic terminologies of Earned value Analysis and effective use of it in the construction industries by MS Project. There are many ways to implement EVA in the construction project. MS Project is a tool to determine the EV and its parameters in an efficient way with accuracy and within time constraints.

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This document summarizes Charles Fain's professional experience and accomplishments from 2004-2010, including various projects completed in his professional and university career. It outlines his professional development goals, including obtaining his PMP certification in May 2010. It provides an experience pyramid showing his career progression from individual contributor to project/program lead. It identifies his strengths in areas like process improvement, business analysis, and project management, as well as his professional development objectives.

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This document discusses earned value analysis and calculations. It begins by defining earned value as measuring physical performance against a detailed plan to allow prediction of final costs and schedule. It describes how earned value provides three key pieces of data: planned value, earned value, and actual costs. The benefits highlighted include early warning of performance issues and forecasting required funds. It then explains how to calculate earned value and how baselines affect the calculations. Key performance indices like SPI and CPI are also introduced.

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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.

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This document discusses financial management in construction projects. It begins by defining financial management and its importance in construction. It then describes a case study of a construction project to build a hostel building in Osmania University, Hyderabad. Primavera software is used to plan, schedule, and track the project by defining activities, assigning relationships between activities, setting a baseline schedule and budget, and using earned value analysis to monitor progress. The results found the project is on schedule but over budget, and Primavera allows effective financial and work management of construction projects.

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This document presents three business intelligence project case studies. Case 1 shows a project with costs covered and a benefit/cost ratio over 200% within 5 years, making it feasible. Case 2A has a benefit/cost ratio below 200% in 5 years, making it not feasible. Case 2B increases revenue, resulting in a benefit/cost ratio over 200% in 5 years, making it feasible. The cases demonstrate the impact of costs, revenues, and benefit/cost ratios on a project's feasibility.

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The document provides a summary of Amit Hankare's CV. It outlines his 11+ years of experience in construction project management, including currently managing MEP projects for DB Reality and previous roles at Lodha, Indiabulls, and Fairwood Project Management. It details 3 current projects he is managing and his responsibilities, which include project planning, budgeting, vendor selection, quality/safety, and post-project facility management. It also lists his educational qualifications of a B.E. in Electrical & Power and ongoing MBA, and confirms his availability for new positions.

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This document provides an overview of a quantitative study examining the contribution of Earned Value Management (EVM) to project success on external projects under contract. The study tested hypotheses about the relationship between EVM principles and project success, and whether that relationship differs for fixed-price versus cost-plus contracts. Key findings included that EVM principles positively predict project success, and that fixed-price contracts may benefit more from EVM than cost-plus contracts. The study contributes to understanding how EVM can improve project planning and control for different contract types.

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This lecture discusses project closure and lessons learned. It begins by defining project closure as completing all work, delivering to the customer, reassigning resources, and capturing lessons learned. Project termination is defined as when a project is stopped before completion and lessons are still captured. The lecture emphasizes that project success is multidimensional and depends on stakeholders. It stresses conducting lessons learned reviews and using professional organizations to facilitate continuous learning and development. The lecture concludes by examining risk management approaches like identification, assessment, response planning, and continuous monitoring of risks.

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S12 Earned Value Management

1. Earned Value Management

2. Agenda • What is EVM? • Why and how can we use it? • EVM in Practice 03.10.2019 Fundamentals of Project Management 2

3. What is EVM 03.10.2019 Fundamentals of Project Management 3

4. What is EVM Earned Value Management A comparative Analysis of the status of the Project with the Baseline Used for tracking and controling Simple Maths but big implications 03.10.2019 Fundamentals of Project Management 4

5. What is EVM • Objective Performance Measurement • Fully transparent • Allows comparing different Projects • Allows prognosis based on actual data 03.10.2019 Fundamentals of Project Management 5

6. What is EVM • Can be very costly • Project Experience mandatory • Requires PM Maturity • Needs clearly defined Scope and Tasks 03.10.2019 Fundamentals of Project Management 6

7. Why and How to use EVM 03.10.2019 Fundamentals of Project Management 7

8. Why and How to use EVM Project Management Institute (Ed.), 2011. Practice standard for earned value management, 2nd ed. Project Management Institute, Newtown Square, Pa. 03.10.2019 Fundamentals of Project Management 8

9. Why and How to use EVM • EV: Actual budgetary completion • PV: Planned budgetary completion • AC: Actual Cost of work • BAC: Planned Budget at Completion • EAC: Estimated Budget at Completion 03.10.2019 Fundamentals of Project Management 9

10. Why and How to use EVM Schedule Variance: SV SV=EV-PV A figure below 0 indicates a delay A figure over 0 indicates we are ahead of schedule 03.10.2019 Fundamentals of Project Management 10

11. Why and How to use EVM Cost Variance: CV CV=EV-AC A figure below 0 indicates we are over budget A figure over 0 indicates we are under budget 03.10.2019 Fundamentals of Project Management 11

12. Why and How to use EVM Other figures: CPI=Cost Performance Index CPI= EV/AC ETC: Estimate to Complete ETC= (BAC-EV)/CPI EAC = AC + ETC 03.10.2019 Fundamentals of Project Management 12

13. EVM in Practice Larson, Erik W., and Clifford F. Gray. Project Management: The Managerial Process. 5th ed. The McGraw- Hill/Irwin Series Operations and Decision Sciences. New York: McGraw-Hill Irwin, 2011. We are over budget! CV = EV – AC = 200 – 340 = -140 We are behind schedule! SV = EV – PV = 200 – 300 = -100 ETC = (BAC – EV)/CPI = (400 – 200)/ (200/340) ETC = 200 X 1,7 = 340 03.10.2019 Fundamentals of Project Management 13

14. Sources Fleming, Q.W., Koppelman, J.M., 2005. Earned value project management, 3rd ed. Project Management Institute, Newtown Square, PA. Larson, E.W., Gray, C.F., 2017. Project Management: The Managerial Process, 7th ed, The McGraw-Hill series operations and decision sciences. McGraw-Hill Education, New York, NY. Project Management Institute (Ed.), 2011. Practice standard for earned value management, 2nd ed. Project Management Institute, Newtown Square, Pa. Webb, A., 2003. Using earned value: a project manager’s guide. Gower, Aldershot, Hants, England ; Burlington, VT, USA. United States Government Accountability Office, 2013. NASA Earned Value Management Implementation across Major Spaceflight Projects Is Uneven. CreateSpace Independent Publishing Platform. 03.10.2019 Fundamentals of Project Management 14

15. THANK YOU

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