Earned Value Management


Advanced Earned Value ManagementEarned Value Management (EVM) allows you to take full control of your project and turn reactive unplanned interventions into proactive planned interventions. EVM is a systematic process used to calculate cost and schedule variances on projects by comparing work planned and work performed.

To find out more about this course, select from the following categories of information as outlined below:

Course Overview:
Earned Value (EV) and Earned Schedule (ES) techniques are used to forecast a project’s final cost and end date, and the results can be used to implement mitigating actions to bring a deviating project back on track. This EVM course teaches delegates the necessary skills to use advanced EV and ES principles on their projects to generate quantitative performance data for project decision-making.  This course covers the material in the Association for the Advancement of Cost Engineering’s (AACE) Earned Value Management Professional certification, as well as the Project Management Institute’s (PMI) Practice Standard for Earned Value Management. The course materials and examples can be customised for specific industries e.g., construction, engineering, strategy implementation, ICT etc.
Course Format:
Delegates attend 2 class based sessions over 2 consecutive days and includes extensive in-class work on EV and ES problems and calculations. The course includes many short exercises and on the second day, 2-3 hours are spent on a typical project that requires different EV measurement methods and contracts.  The ultimate aim of this exercise is to determine the EV and ES for this project, and to determine what corrective actions are required where the analysis of the EV results show current or potential problems. Delegates receive a certificate of attendance at the end of the course.
Course Syllabus:
The topics covered in this course are as follows: Day 1:

 

 

  • A brief history of the origins of earned value.
  • The development of the WBS and its use in the EVM process.
  • Structuring the project budget for EV use. This includes the allocation of cost over time and the principles of a cost loaded project schedule and the project cost flow.
  • 6 methods of project progress measurement:
    • Units complete
    • Incremental milestones
    • Start/Finish methods
    • Supervisor/Resource Opinion
    • Cost Ratio
    • Weighted or Equivalent Units
  • Descriptive EV methods:
    • Earned Value (EV)
    • Actual Cost (AC)
    • Planned Value (PV)
    • Schedule Performance Index (SPI)
    • Cost Performance Index (CPI)
    • Cost Variance (CV)
    • Schedule Variance (SV)
  • EV forecasting:
    • 5 methods of Estimate at Completion (EAC) calculations
    • Variance at Completion (VAC)
    • To Complete Performance Index (TCPI)

Day 2:

  • Measuring Productivity and Productivity Index (PI).
  • Using EV on variable budgets.
  • Contracting methods and the associated EVM methods.
  • Time and Cost integration, and scheduling for EVM.
  • Work contours and their effect on EVM.
  • Analysing the Critical Path with EV.
  • Late start schedules and EV.
  • EV reporting and dashboards.

Earned Schedule.

Who should attend this course?
  • Project Managers
  • Project Planners
  • Project Controllers
  • Cost Engineers
  • Project Schedulers
  • Project Accountants
  • PMO Managers
Training Quality Assurance

ProjectLink has been reviewed and approved as a provider of project management training by the Project Management Institute (PMI). This course carries 14PDU’s for PMI® certification holders.

Course Benefits:
  • Course file with all the course notes and exercises.
  • A certificate of attendance.
  • Earn 14 Professional Development Units (PDUs) for maintaining a PMI certification.
Prerequisites:
  • The course involves many calculations and it is recommended that attendees have at least secondary school-level mathematics.
  • Prior exposure to earned value management techniques.
  • Delegates must bring a scientific calculator to the course.
Course Duration:
2 full days (08:30 to 16:30)