Earned Value Management
Course Type: Non - Certification
Duration: 2 Days
Professional Development Unit (PDU): 14
Availability: In-House Training | Public Training
Course Overview
Has Earned Value baffled you?
Are you trying to implement Earned Value on your projects or in your organization?
The current project management landscape reflects a strong move towards using Earned Value techniques. Organizations all over the world are standardizing on Earned Value as a tool for controlling and reporting on their projects, with a view to improving project delivery.
On your project, what deliverables should have been produced so far? What costs were spent in acquiring the existing deliverables? How do you know whether or not a project is on the path to success if you don't have any benchmarking tools in place? This course introduces you to several powerful performance metrics and analytical tools that can help you determine whether project goals and objectives are being met.
You'll learn how to use Earned Value Management, a highly effective project control system that uses measurement tools like breakdown structures, network diagrams, schedules, budgets, and Gantt charts to ensure that things are on track. Your ability to report on progress and project status will greatly impact your reputation as a project leader.
If a project falls off target, the project leader is responsible for maintaining a tight focus on tasks that add to the value of a project and establishing a framework for keeping team members and other stakeholders aligned with project objectives.
This unique course is driven by the Bridgit Group’s “Under Surveillance™” Earned Value Management Game. This interactive training game is exciting, refreshing but makes the Penny Drop on the so-called fuzziness of Earned Value.
Course Outline
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Introductions
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Project Management: With and Without EV
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Traditional Management: Without EV
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The universal problem of projects running late and over budget
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Earned Value Practice - Under Surveillance
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The three elements of Planned value, Earned value and Actual costs
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Using Schedule variance and Cost variance to measure if a project is running on time and on budget
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Calculating the Schedule performance index (SPI) and Cost performance index (CPI)
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Using Earned Value to forecast the Estimate at completion (EAC) and the “To complete performance index” (TCPI)
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Exercises on calculating and interpreting EV parameters
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Calculating Earned Value at a work package level, or at a project level for the overall project
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Setting the performance measurement baseline (PMB)
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Applying universal EVM principles to your organization
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Calculating SV, SPI, CV, and CPI at a work package level and a project level
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Interpreting the results
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Applying Earned Value Management
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Using EV graphs to report on project performance
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Adjustments to EV as a project draws near to completion
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Using scheduling software to generate EV tables and graphs
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Understand the ANSI Standard criteria
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Earned Value Management System (EVMS)
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Earned Value and Change Management
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Earned Value Management Systems ANSI/EIA-748-A-1998* (Known as 748A)
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EVM Standard – Planning, Scheduling, and Budgeting
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Learning Outcome
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Understand the key terms and concepts of EVM.
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Gain a solid, technical understanding of EVM.
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Describe the interactions that exist between the various knowledge areas that support specific EVM Techniques.
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Feel confident to apply EVM due to intense practice in the simulation.
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Understand how to apply EVM at the workplace.
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Understand the principles of ANSI/EIA-748-A-1998* (Known as 748A)
Target Audience
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Executives
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Project Managers
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Cost Engineers
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Schedulers
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Project Administrators
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Project – Financial Accountants
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Program Managers
