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  • Earned Value Management: by Matt Stehling

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    The document defines key terms and formulas used in earned value management. It explains how to calculate budget at completion, actual cost, earned value, planned value, schedule variance, cost variance, schedule performance index, cost performance index, estimate at completion, estimate to completion, and variance at completion. Formulas are provided for each metric along with descriptions of where to find the necessary data to perform the calculations, such as the project management tool (PMT), time and cost estimate, earned value worksheet, and project schedule. Groundwork steps are also listed, such as having an updated project schedule and tasks in the PMT that are in sync with the statement of work and time and cost estimate.

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    The document defines key terms and formulas used in earned value management. It explains how to calculate budget at completion, actual cost, earned value, planned value, schedule variance, cost variance, schedule performance index, cost performance index, estimate at completion, estimate to completion, and variance at completion. Formulas are provided for each metric along with descriptions of where to find the necessary data to perform the calculations, such as the project management tool (PMT), time and cost estimate, earned value worksheet, and project schedule. Groundwork steps are also listed, such as having an updated project schedule and tasks in the PMT that are in sync with the statement of work and time and cost estimate.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPTX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pptx, pdf, or txt
    15 views16 pages

    Earned Value Management: by Matt Stehling

    Uploaded by

    Nat Tikus
    The document defines key terms and formulas used in earned value management. It explains how to calculate budget at completion, actual cost, earned value, planned value, schedule variance, cost variance, schedule performance index, cost performance index, estimate at completion, estimate to completion, and variance at completion. Formulas are provided for each metric along with descriptions of where to find the necessary data to perform the calculations, such as the project management tool (PMT), time and cost estimate, earned value worksheet, and project schedule. Groundwork steps are also listed, such as having an updated project schedule and tasks in the PMT that are in sync with the statement of work and time and cost estimate.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PPTX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pptx, pdf, or txt
    of 16

    EARNED VALUE MANAGEMENT

    By Matt Stehling

    Terms & Formulas


    Budget at Completion: How much did we budget for the total project effort.

    Formula*: Total Billable Hours * Blended $ Rate Per Hour


    Where to find the data: - Time & Cost Estimate - Statement of work
    * Denotes that you can just take the total amount of the project from the
    documents above or calculate it yourself using the formula

    Terms & Formulas


    Actual Cost (AC): as of today, what is the actual cost incurred for the work accomplished.

    Formula: Actual Billable Hours Spent * $ Blended Rate


    Where to find the data: - PMT - Time & Cost Estimate

    Terms & Formulas


    Earned Value (EV): as of today, what is the estimated value of the work actually accomplished

    Formula: Actual % Complete * Planned Value (PV)


    Where to find the data: - PMT - Time & Cost Estimate - Project Schedule

    Terms & Formulas


    Planned Value (EV): as of today, the estimated value of of the work planned to be done.

    Formula: BAC * Planned % Complete


    Where to find the data: - EV Worksheet - Project Schedule

    Terms & Formulas


    Schedule Variance (SV): Negative is behind schedule; Positive is ahead of schedule

    Formula: EV-PV
    Where to find the data: EV Worksheet

    Terms & Formulas


    Cost Variance (SV): Negative is over budget; Positive is under budget

    Formula: EV-AC
    Where to find the data: EV Worksheet

    Terms & Formulas


    Schedule Performance Index (SPI): We are (only) progressing at __ percent of the rate originally planned.

    Formula: EV / PV
    Where to find the data: EV Worksheet

    Terms & Formulas


    Cost Performance Index (CPI): We are getting $___ worth of work out of every $1 spent. Funds are or are not being used efficiently. Formula: EV / AC Where to find the data: EV Worksheet

    Terms & Formulas


    Estimate at Completion (EAC): What do we currently expect the total project to cost (a forecast)?

    Formula: AC + (BAC-EV)/CPI
    Where to find the data: EV Worksheet

    Terms & Formulas


    Estimate at Completion (EAC): What do we currently expect the total project to cost (a forecast)?

    Formula: AC + (BAC-EV)/CPI
    Where to find the data: EV Worksheet

    Terms & Formulas


    Estimate to Completion (ETC): What do we currently expect the remaining project work to cost?

    Formula: EAC AC
    Where to find the data: EV Worksheet

    Terms & Formulas


    Variance at Completion (VAC): How much over or under budget will we be at the end of the project?

    Formula: BAC EAC


    Where to find the data: EV Worksheet

    Worksheet
    For use by PMs open

    The Ground Work


    Must-have a Project Schedule Must-have PMT tasks in sync with schedule Must-have project team updating PMT Must-have PMT Task groups that are in sync with Statement of Work and Time & Cost Estimate

    QUESTIONS?

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