Earned Value in Projects

Earned Value Management is an excellent method to follow-up and estimate projects. The method gives an up-to-date evaluation of the project´s status in relation to budget and schedule.


Earned Value in Projects

 

 

Earned Value Management is an excellent method to follow-up and estimate projects. The method gives an up-to-date evaluation of the project´s status in relation to budget and schedule.
•    Are we ahead or behind schedule right now?
•    When is the project estimated to be completed?
•    Are we above or below budget right now?
•    How will the final cost correlate to the planned budget?
•    How effectively do we utilize our resources?
To maximize the benefits of Earned Value Management it is important that the method is used correctly. This course provides a thorough overview of principles and best practices. The theory sections are alternated with discussions and exercises.

 

Learning objectives
On completion of this course the participants will be able to:
•    Understand the benefits of Earned Value Management (EVM)
•    Be able to calculate the project status towards variations and index plan
•    Be able to calculate the projects estimated time and cost using different approaches
•    Know how EVM-data is best presented toward stakeholders using reports, S-shaped curve or as trend analysis
•    Know the essential conditions for successful implementation of EVM

 

Contents
•    Earned Value Management – Background, benefits and concept
•    Key concepts: Estimated value, Earned value and Actual cost
•    Variations – deviations from the original plan
•    How to calculate index ratios - SPI, CPI
•    How to make predictions - EAC, ETC
•    What actions are necessary if the project is behind schedule? (TCPI)
•    How to communicate project status to project stakeholders
•    How to present EVM as a report, a S-shaped curve or as a trend report
•    Proper data is essential but difficult - How to best measure earned value in different situations

 

Target audience
The course is designed for those who work as a project manager, senior project manager or line manager

Prerequisites
Experience from project based work

Duration and class size
The length of the course is 1 day and the maximum number of participants is 12.

PDU Rewards
8 PDUs (Professional Development Units) will be awarded upon successful completion of the course.

Learning situation
This course is based on theoretical instructor-led lessons given in a classroom environment.