Earned Value Management (EVM) Training

Earned Value Management (EVM) Training

Earned Value Management (EVM) Training Course

Earned Value Management (EVM) Training covers the theory, principals, techniques, and applications of EVM. You will become familiar with the challenges and methods engaged in setting up a baseline and attaining correct, timely, and effective information to quantify project performance with EVM.

Participants will benefit from applicable discussions with each other and under our instructor’s coaching. This hands-on training course introduces you to multiple strong performance metrics and logical tools that can assist you to identify if the objectives of a project are met.

TONEX Earned Value Management (EVM) Training is fun and will be delivered in the form of interactive presentation. It includes lectures, labs, practical exercises, individual and small group activities, and hands-on workshops. The participants are encouraged to bring in their own sample project to work on in the class, or they can simply use the real-world case studies provided by our instructors.

Learn about

• Highly effective project control system
• Breakdown structures
• Network diagrams
• Schedules
• Budgets
• Gantt charts
• Budgeted cost for work scheduled (BCWS)
• Budgeted cost for work performed (BCWP)
• Actual cost of work performed (ACWP)
• Budget at completion (BAC)
• Estimate at completion (EAC)
• Cost variance (CV)
• Schedule variance (SV)
• Variance at completion (VAC)

Audience

Earned Value Management (EVM) Training is a 2-day course designed for:

• Project Management Professionals (PMPs)
• Project managers
• Functional managers
• Business leaders
• Mid-level managers

Training Objectives

Upon the completion of Earned Value Management (EVM) Training, the attendees are able to:

• Use EVM to control their project
• Specify work development in a more objective way within and crosswise projects
• Accurately relate cost, schedule and technical accomplishment
• Connect time-phased budgets to particular tasks and/or statements of work to generate a useful and accurate baseline
• Provide managers with knowledge at a practical level of summarization
• Arrange an action plan and generate an immediate effect to their organization’s capability to successfully control project

Course Outline

Overview

• What Is EVM?
• Understanding projects and project management?
• Understanding EVM
• Why use EVM in the first place?
• Looking at the great things about EVM
• Other project management methodologies
• How to make a great start

Basic Elements of Earned Value Management

• Descriptions of the basic EVM components
  • Planned value
  • Earned value
  • Actual cost
• Derivations of the basic EVM components
  • Planned value
  • Earned value evaluation techniques
  • Earned value
  • Actual Cost

Managing Projects with EVM

• Measuring earned value from an initial baseline
• Collecting status information
• Calculating earned value
• Analyzing variance
• Understanding and calculating variances
• Setting thresholds
• Analyzing out-of-tolerance variances
• Using EVM for project monitoring and control
• Identifying risks
• Managing the critical path
• Forecasting final project costs
• Applying EVM to specific types of projects
• Cost-reimbursable projects
• Fixed-price projects

EVM Performance Analysis and Forecasting

• Schedule analysis and forecasting
  • Schedule variance
  • Schedule performance index
  • Time estimate at completion
• Cost analysis and forecasting
  • Cost variance
  • Cost performance index
  • To-complete performance index
  • Estimate at completion
  • Variance at completion
  • Estimate to complete
• Management by exception

Establish a Performance Measurement Baseline

• Decompose work scope to a manageable level
• Allocate clear management responsibility
• Derive time-phased budget for each work task
• Choose earned value measurement techniques for all tasks
• Sustain integrity of performance measurement baseline throughout the project
• Evaluate performance against the baseline
• Document resource usage during project execution
• Accurately measure the physical work progress
• Credit earned value based on earned value methods
• Estimate and anticipate cost/schedule performance
• Report performance issues to take action

Everyday EVM

• Tracking the project life cycle
• Proposal
• Planning
• Execution
• Closeout

Introducing EVMS

• What Is ANSI/EIA-748?
• Seeing what makes up an EVMS
  • People
  • Processes
  • Tools
• When EVMS is necessary?
• Required reports

Effective Project Management through Technology

• Planning and scheduling software
• Earned value software
• Analytics/intelligence software
• Risk management software
• Integrated program management software

Clarifying EVM

• Myth 1: EVM is hard
• Myth 2: EVM is costly
• Myth 3: EVM sounds backward
• Myth 4: EVM is only for U.S. government projects
• Myth 5: only very large government contractors use EVM
• Myth 6: Only aerospace and defense companies benefit from EVM

Tips to Succeed with EVM

• Get organizational buy-in
• Define project management processes
• Implement the processes into the culture
• Maintain a coherent business rhythm
• Practice severe risk/reward management
• Assisting EVM in your organization
  • Determining a focal point
  • Launch a center of quality
  • Establish a project management office
  • Train the project management team

TONEX EVM Sample Hands-On Workshop

• Define a project (it can be an organizational project or chosen from the real-world examples provided by TONEX instructors)
• Define objectives
• Define vision and mission
• Specify the desired results, timing, and budget
• Define the baseline
• Develop the milestones
• Develop the schedule
• Estimates the costs and expenses
• Implement EVM
• Report the outcome
• Discussions

Earned Value Management (EVM) Training