Earned Value Management

Earned Value Project Management

COURSE DESCRIPTION:
Earned Value is a technique for defining and establishing project scope, schedule and cost, and managing them as the project develops in a way that allows accurate prediction early on the final cost and delivery date. Learn how to use the earned value method to establish a realistic project baseline, and the strategies used to effectively monitor, measure, and control cost and schedule. Find out how to calculate a range of estimates-atcompletion (EAC) and apply effective methods for keeping your project budget and schedule on target. Learn how to set project standards and metrics to measure project success and how they can be used to accurately forecast project results. Hands-on exercises demonstrate how a simple, yet scalable form of earned value can be used on all projects, of any size.

BENEFITS ACHIEVED:
At the end of this course, students will be able to: 1. Understand why Earned Value is a better measure of project performance than traditional cost and schedule measurements. 2. Create a Work Breakdown Structure (WBS) for a complex project and determine management control points within the WBS. 3. Understand how to set up Work Packages and Control Accounts 4. Develop criteria for an Earned Value system. 5. Define different means of measuring progress on projects and understand which ones to select for their projects. 6. Calculate Earned Value variances and efficiency factors. 7. Evaluate the status of a project using Earned Value. 8. Be able to calculate three different project Estimates at Completion and use them to predict where the project will actually finish compared to the baseline plan.

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Earned Value Management

Module 1: Earned Value Basic Concepts The history of EVM Basic concepts of EVM Definitions of EVM terms EVM formulas Estimates at Completion To Complete Performance Index List of EVM tools

Module 2: The WBS Developing the WBS Work Packages and Control Accounts Developing a WBS for an EVM system

Exercise

Module 3: Project Planning Using EVM The activity list Developing the project schedule The Integrated Master Schedule Planning schedule exercise

Exercise

Module 4: Measuring Progress Methods of progress measurement Identifying the most effective method for projects Performance measurement exercise

Exercise

Module 5: Control Account Plans and PMB Control Account Plans Performance Measurement Baseline Exercise on defining CAPS Develop a Control Account Plan (CAP) Analyze performance and calculate Earned Value data

Exercise

Project Auditors LLC

www.ProjectAuditors.com 800-545-1340

Earned Value Management

Module 6: Monitoring and Forecasting Using SPI and CPI to identify problems Using EAC, ETC, and TCPI as forecasting tools Prepare a project analysis for the CIO with earned value metrics, including o A range of estimates at completion (EACs) o Two To Complete Performance Indices

Exercise

Module 7: EVM Criteria The 32 EVM criteria Exercise on identifying the 12 criteria that are most effective in your organization
Exercise

Module Summary 10 steps to Earned Value Case Study

Exercise

Module 8: The Integrated Baseline Review and OMB-300 Reporting The Integrated Baseline Review Objectives and benefits IBR Processes Practical Considerations Compliance reporting: the Office of Management and Budget Exhibit 300 Report Q & A on the Integrated Baseline Review and OMB Exhibit 300 reporting

Exercise

Textbook
Earned Value Project Management, Quentin W. Fleming & Joel M. Koppelman, Project Management Institute, 3nd edition, 2005. Note: this course textbook is recommended reading by the PMI for anyone planning to take the Project Management Professional (PMP ) examination.

Prerequisites
This is an advanced topics course in project management. The students should have a basic understanding of project management methodologies prior to taking the course.

Duration
2.5 days This class qualifies for 20 PDUs

Project Auditors LLC

www.ProjectAuditors.com 800-545-1340