Earned Value Management

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Duration: 1 Day Overview: Attendees will understand the power of using Earned Value as a practical control and monitoring technique designed to provide added value and insight to their overall project control process and appreciate the steps necessary to implement an effective EV system in their organisation. Using Earned Value techniques in a practical business oriented manner adds significant additional information and power to project control process. This course outlines the techniques and processes needed to implement EVM in an effective and practical manner. Target Audience: This workshop is designed for project manager and planners who would like to introduce or expand Earned Value usage in the organisation or learn to use Earned Value as part of their professional development plans. . This includes Functional Managers, Project Managers, Project Leaders, Project Engineers, Project Office Staff, and others. Key Participant Benefits: You can differentiate yourself from other project managers by learning to use Earned Value Management practices and becoming a change agent in your organisation. Earned Value can also help you by giving you a personal system to ‘manage with the lights on’ on your projects. Key Business Benefits The use of Earned Value Management to track project status is a “best practice” in numerous organisations. This course will assist you to implement earned value management and to take full advantage of this powerful tool to minimise project progress surprises, identify issues as early as possible, and to forecast your project completion effectively. Research shows that many projects that reach ‘crisis’ stage often could have been corrected much earlier if they had been using Earned Value Management techniques. At Course Completion: After completing this course, students will be able to: Establish the planning foundation for Earned Value Management Understand the key EVM factors, terminology, calculations Conduct EVM analysis and implement changes based on analysis Analyse resource needs for management, including planning for an EVM program/project linked to risk Outline: Expand All Module 1: Introduction An overview of Earned Value Decomposing the project scope using the Practice Standard for Work Breakdown Structures Module 2: Setting the Baseline The WBS Dictionary Developing a Time Phased Budget Setting the performance management baseline Developing the Performance Management Baseline (PMB) Time phasing work packages Assigning Costs Definition of key elements of Earned Value Assigning objective measures of performance Percent Complete, Apportioned Effort, Level of Effort Module 3: Earned Value Management Calculations and Interpretation Accumulating and reporting project cost and performance data Adjusting actual cost data to align with performance measures Analysing the performance data Analysing Performance Forecasting ‘At Completion’ Understanding and interpreting EV data TCPI and Trends Maintaining the performance baseline The 20% stability rule Course Wrap Up