Earned Value Management (EVM) Training
Earned Value Management (EVM) Training covers the theory, principals, techniques, and applications of EVM.
What is EVM?
Earned Value Management (EVM) is a method used to track the development and status of a project and anticipate its prospective future performance.
In fact, EVM is a project management approach for quantifying project performance and progress. In a single integrated system, Earned Value Management is capable to offer precise predictions of project performance issues, which is a crucial input for good project performance. It is therefore considered a Performance Management technique.
What is Performance Management?
Performance management is the incorporating process of planning, managing, and controlling project performance. Progress is measured in regards to cost, schedule and technical performance. It involves methods and metrics for demonstrating and analyzing progress within the three (cost, schedule and technical) baselines of a project.
EVM Basic Elements:
- Planned Value
- Planned value (PV) is also known as Budgeted Cost of Work Scheduled (BCWS). PV or BCWS is the total cost of the work planned as of a reporting date.
- Actual Cost
- Actual cost (AC) is also known as Actual Cost of Work Performed (ACWP). AC or ACWP is the total cost taken to finish the work as of a reporting date.
- Earned Value
- Earned value (EV) is also known as Budgeted Cost of Work Performed (BCWP). EV or BCWP is the total cost of the work completed/performed as of a reporting date.
Earned Value Management Glossary
- Earned Value Management Systems = incorporated project management method
- It is the management process that combines work scope with schedule and budget resources
- A performance management baseline is set up
- Work development is articulated as “earned value” – a yardstick
- Important schedule and cost alterations are isolated and reported to the project manager for corrective action
- Generates a set of metrics that offer precise cost and schedule amounts at the end before the project is 20% complete
- EVMS is not a particular system or tool set, but instead, a series of standards that lead the management control system
The Elements of the 32 Guidelines of the EIA-748 Standard in EVMS
- Planning, Scheduling and Budgeting
- Accounting Considerations
- EVMS Analysis and EVMS Management Reports
- Revisions and Data Maintenance
Some of the Well-Known Organizations Using EVM:
- Project Management Institute (PMI)
- Society of Cost Estimating and Analysis
- Defense Acquisition University
- Federal Acquisition Institute
What are the Benefits of EVM?
- Preventing scope deviation
- Enhancing interaction and clarity with stakeholders
- Reducing risk
- Profitability assessment
- Project anticipation
- Effective responsibility
- Performance tracking
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
What Will You Learn?
Below are the main topics covered in this training (more details can be found HERE):
- Basic Elements of Earned Value Management
- Managing Projects with EVM
- EVM Performance Analysis and Forecasting
- Establish a Performance Measurement Baseline
- Everyday EVM
- Introducing EVMS
- Effective Project Management through Technology
- Clarifying EVM
- Tips to Succeed with EVM
- TONEX EVM Sample Hands-On Workshop
Earned Value Management