Earned Value Management (EVM) is a project planning and control approach that provides cost and schedule performance measurements. It compares the actual accomplishment of scheduled work and associated costs against an integrated schedule and budget plan. Its benefits include visibility into the actual progress of the project work against the budget, projections of anticipated project schedule and cost trends, and the ability to take timely corrective actions for undesired variances. EVM is considered one of the most potent and productive concepts utilized in managing today’s complex projects in private, commercial, or government environments.
Obtain knowledge in understanding and using an effective performance management system in managing technical projects effectively
Manage projects using a proven, effective performance measurement technique
Work with clients to define project objectives and develop a project plan and put it into action
Make project decisions concerning scope, cost, and schedule parameters faster, more effectively, and more confidently
Stay on top of schedules, budgets, workloads, and human resources issues and delegate practically and fairly
Learn to avoid the pitfalls of project management by quickly identifying potential project risks and mitigating them as early as possible
Project Managers
Project Controllers
Cost Controllers
Finance Professionals
Team Leaders
Project Technical
Project Sponsors / Owners
Management Criteria versus Engineering Criteria
Evolution of the Earned Value Management (EVM) Concept
The Cost/Schedule Control System Criteria (C/SCSC)
The EVM System Criteria
Performance Measurement- An Effective EVM Technique
EVM in Project Management
Understanding the Project Work Scope
Work Breakdown Structure (WBS)
Make-or-Buy Choice
WBS and Earned Value
Understanding the Project Objective
Planning the Project
Scheduling the Project
Scheduling and Earned Value
Integrating the Project Work Scope with Cost and Schedule
Earned Value CAPs
Cost Estimates and Budgets
Management Reserves
Methods Used to Plan and Measure Earned Value
Control Account Plans (CAPs)
The Performance Measurement Baseline (PMB)
Maintaining the Baseline: Managing Changes in Scope
CAPs Performance Measurement
Presentations to Project Management
Earned Value Cost and Schedule Variances
Materials and Subcontracts in EVM
Determining Factors
Cost and Schedule Results Methodology
Management Reserve or Contingency Reserve
Estimate At Completion (EAC)
The Over Target Baseline (OTB) Process
Predicting the Project’s Time Duration
Subcontractors’ Reporting
Preparing and Interpreting the Integrated Cost/Schedule Report
The EVM Reporting Formats
Calculating CPI and SPI
Using CPI and SPI to Identify Project Performance Trends
Incorporating CPI and SPI into Project Forecasting
Identifying Cost and Schedule Variances
Analyzing the Causes of Cost and Schedule Variances
Developing and Implementing Corrective Actions
Continuous Monitoring and Control
Performance Reviews and Status Meetings
Implementing Earned Value Project Control Techniques
Identifying and Assessing Project Risks
Developing and Implementing Risk Management Strategies
Using EVM to Monitor and Control Project Risks
Integrating EVM into Agile Project Management Approaches
Managing Cost, Schedule, and Performance in Agile Projects
Considerations for Applying EVM in Global Projects
Managing Cost, Schedule, and Performance in Multi-Cultural Projects
Unit 15: Conclusion and Review
Summary of Key EVM Concepts and Techniques
Review of Course Objectives
Opportunities for Further Study and Professional Development.
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