Earned Value Management (EVM) Courses
Earned Value Management (EVM) Courses: EVM is a management approach that provides all levels of management with early visibility into cost and time related problems. It is a systematic project management process used to find variances in projects based on the comparison of worked performed and work planned.
Many organizations determine project success by how well a project adheres to the predetermined baselines for scope, budget and timeline. But the Earned value management approach provides organizations with a more structured approach for tracking progress against these baselines and categorizing project success.
EVM is used on the cost and schedule control and can be very useful in project forecasting. In other words it helps define more accurately where stakeholders are in a project as well as calculate its successful completion.
The basic principle of EVM is that the value of the piece of work is equal to the amount of funds budgeted to complete it.
- Planned value: This is the approved budget for the work scheduled to be completed by a set date.
- Earned value: This is the approved budget for the work actually completed by the specified date.
- Actual costs: The costs actually incurred for the work completed by the specified date.
Indicators used to measure a project’s schedule and cost performance, include:
- Schedule variance (SV): This is a measure of the difference between the work that was actually done against the amount of work that was planned to be done. This clearly shows is the project is on schedule or not.
- Cost variance (CV): This is the measure of the difference between the amount that was budgeted for the work meant to be done and the amount that was actually spent for the work performed. Thus this shows if the project is on budget or not.
- Schedule performance index (SPI): This is the ratio between the budget that is approved for the work that is performed to the budget that is approved for the work that was planned in the first place. This is a relative measure of the project’s time efficiency.
- Cost performance index (CPI): This is the ratio between the approved budgets for the work that is performed to the budget that was actually spent for the stipulated work. It is a relative measure of the cost efficiency of the project and can be used to estimate the cost of the remainder of the task.
Depending on the length and complexity of the project managers and stakeholders should start to receive actionable data after performing about six months of earned value analysis. This is roughly the amount of time it takes for trends to become apparent.
After six months project managers have a pretty good idea on whether you are starting to zero in on execution, and if you are moving in the right direction with your earned value, your cost performance index and schedule performance index.
Tracking this data allows teams to forecast future performance on the project.
Earned Value Management (EVM) Courses
Tonex offers Earned Value Management (EVM) Training, a 2-day course that covers the theory, principals, techniques, and applications of EVM.
Who Should Attend
- Project Management Professionals (PMPs)
- Project managers
- Functional managers
- Business leaders
- Mid-level managers
—Earned Value Management Workshop (2 days)
Why Choose Tonex?
— For over 30 years Tonex, while presenting highly customized learning solutions, has worked with organizations in improving their understanding and capabilities in topics often with new development, design, optimization, regulations and compliances that, frankly, can be difficult to comprehend.
— Ratings tabulated from student feedback post-course evaluations show an amazing 98 percent satisfaction score.
–Reasonably priced classes taught by the best trainers is the reason all kinds of organizations from Fortune 500 companies to government’s most important agencies return for updates in courses and hands-on workshops
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