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Presentation Relating to Earned Value

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Presentation Relating to Earned Value

  1. 1. Earned Value Management is for the management of “projects” • A contract or a budget is a “project” • A project has specific scope of work • A project requires authorized budget • A project requires a master schedule
  2. 2. Earned Value is 3 dimensional Planned Value 1. What work has been authorized? (from PMS) 2. What is the budget for the work authorized? Earned Value 3. What work has been accomplished? (from PMS) 4. What was the budget for work accomplished? Actual Costs 5. What are the actual costs for the EV?
  3. 3. 1) Scope the entire project before... You must define 100% of the project scope, using a Work Breakdown Structure (WBS).
  4. 4. 3) Integrate all project processes You must decompose the project scope into manageable cells which integrates scope + schedule + resources
  5. 5. 4) Plan and schedule the project Earned value management requires scheduling: 1. A formal Project Master Schedule (PMS) 2. Vertical traceability (PMS to all schedules) 3. Horizontal relationships linked (CPM)
  6. 6. 5) Identify the measurement metrics You must define how you will convert Planned Value into Earned Value
  7. 7. 6) Plan and schedule the project Earned value management requires scheduling: 1. A formal Project Master Schedule (PMS) 2. Vertical traceability (PMS to all schedules) 3. Horizontal relationships linked (CPM)
  8. 8. 7) Identify the measurement metrics You must define how you will convert Planned Value into Earned Value
  9. 9. 8) Form a project baseline You must establish a time-phased performance measurement baseline made up from CAPs, providing the basis for measuring project performance.
  10. 10. 9) Record project direct costs You must inform the project managers what they have spent…to compare against the Earned Value ---the trend is to weekly measurement…of hours---
  11. 11. 10) Measure project performance EVM requires 3 dimensional measurement: • Planned Value • Earned Value • Actual Costs • EV – PV = Schedule Variance (SV) • EV ÷ PV = Schedule Performance Index (SPI) • EV – AC = Cost Variance (CV) • EV ÷ AC = Cost Performance Index (CPI)
  12. 12. 11) Periodic estimates at completion You must periodically estimate a statistical “range” of final cost results, based on earned value performance data ---which provides the “early warning”---
  13. 13. 12) Manage all changes to the project You must manage all changes to the project, either approving or rejecting each change and incorporating the approved changes into a revised project baseline.
  14. 14. The “rewards” from the use of Earned Value Management
  15. 15. # 1 You join a select group of projects which are predicting their final results from the 15% 20% completion point... ...in time to make a difference.
  16. 16. # 2 You will employ a “single” management control system to provide enterprise-wide data on all capital projects ---the CPI is the common metric on any project---
  17. 17. # 3 You will use an “integrated” management control system to combine the project’s technical + time + resources
  18. 18. #4 You will employ “Management by Exception” (MBE) principles to monitor performance against the approved baseline ---the “CPI” and “SPI” constitute the exceptions---
  19. 19. # 5 You will know your project’s true “cost efficiency” the Cost Performance Index(e) based on actual performance ---the CPI never completely recovers!!!---
  20. 20. # 6 You will know the project’s Schedule Performance Index (SPI) to isolate & quantify & manage the work scheduled...but not performed
  21. 21. # 7 You can use Earned Value Management data to monitor the remaining effort within management’s expectations
  22. 22. Earned Value provides fundamental Project Management You can practice good project management without EVM, you cannot practice EVM effectively without good project management”

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