Length: 2 Days
Fundamentals of Earned Value Management Training
Fundamentals of Earned Value Management Training Course Description
Fundamentals of Earned Value Management Training teaches you how to analyze a project’s performance in terms of its baseline. We will also teach you how to track the project progress via Earned Value Management (EVM). Fundamentals of Earned Value Management will provide you a strong understanding of the EVM principals and how to use them in everyday project situations, by using software models and other practical tools.
Learn About:
- The significance and value of EVM in today’s world
- Project Management and EVM integration
- EVM Analytics
- EVM Methods
- EVM Forecasting
- ANSI-EIA industry standards on a Project
- Schedule Variances (SV)
- Cost Variances (CV)
- Variance at Completion (VAC)
- Schedule Performance Indices (SPI)
- Cost Performance Indices (CPI)
- TCPI (To Complete Performance Index)
- History and purpose of EVM
- Earned Value concepts
- The ANSI 748 criteria
- Team roles and responsibilities
- Organization
- Planning, scheduling and budgeting
- Accounting considerations
- Analysis and management reports
- Revisions and maintenance
- Common Technology
- EVM processes
- Common earned value systems
- The recurring update cycle for earned value systems
- Best practices for WBS, OBS and other structures
- Control accounts
- Work packages
- Planning packages
- The performance measurement baseline
- Optimum earned value technique
- Common drawbacks
- The earned value system implementation timeline
- Integrated Baseline Review (IBR)
- CPRs
Audience
Fundamentals of Earned Value Management training is a 2-day course designed for:
- Members of the project management office
- Project managers
- Business analysts
Learning Objectives
Upon the completion of Fundamentals of Earned Value Management Training, the attendees are able to:
- Implement the performance management baseline
- Use the Integrated Baseline Review to follow up on and document EV
- Use earned value elements and processes
- Conduct the analysis related to earned value reporting
- Understand the terminology of earned value and use it in action
- Discuss the background and goal of EVM
- Understand the concepts of earned value
- Understand the ANSI requirements
- Articulate the roles and responsibilities associated with EVM
- Master in planning, scheduling, and budgeting
- Understand accounting considerations
- Prepare analysis and management reports
- Perform revisions and maintenance
- Explain earned value processes
- Discuss typical earned value systems
- Choose best practices for WBS, OBS, and other structures
- Choose the optimum earned value technique for a work package
- Understand, estimate, and interpret Contract Performance Reports (CPRs)
Course Outline
Overview
- Earned Value Management (EVM) definition
- History and goals of EVM
- Benefits of EVM
- Elements of EVM
- EVM process
- Key EVM concepts
- EVM principles
- EVM planning process
- Preparing a Control Account Plan (CAP)
- Earned Value Management terminology
- Formulae (EV, AC, PV, CV, SV, SPI, CPI, TCPI, % start, % complete)
- Earned Value Management forecasting (ETC, EAC)
- Earned Value Management implementation & the US Federal government standards (OMB; US Senate Bills; Weapons Systems Act and so on)
- Implementing ANSI-EIA 748-c Earned Value Management industry standards (32 Criteria)
Project Management Theory, Application, and Project Controls
- Project management theory and EVM
- Project management processes
- Project life cycle
- Triple Restraints
- Project scope management
- Project scheduling
- WBS terminology
- Work Authorization Document
- Project budgeting & controls
- Budgets
- Contract budget baselines
- Over target baselines
- Undistributed budgets
- Distributed budgets
- Management Reserve (MR)
- Contingency
- Control Accounts
- Performance Measurement Baselines (PMB)
Project Performance Information
- Project budget model
- Budget questions
- Schedule questions
- Defining goals
- Scope questions
- Triple limitation
Trends and Directions
- Direction of trend
- Evaluating competences
- CPI
- Work efficiency aspects
Forecasting
- Project forecast questions
- Approximation at completion
- Variance at completion
- Request for change
- PPM Changes
Developing the Measurement Baseline
- Straight lines
- WBS
- Organizational breakdown framework
- Control accounts
Earning Method
- Earning technique tasks
- Earning technique planning
Earned Value in Action
- Generating a WBS
- Control account planning
- Performing & following up
- Report the facts
Earned Value Management System
- The System
- Sequence factor
- Task evaluations
- Loading into PMIS
Incorporating Systems and Processes
- Cost control principles
- Principles of EVMS
- ANSI / EIA-748
- List of compliance
TONEX EVM Hands-On Workshop Sample
- Defining the problem statement
- Defining the scope and objectives
- Defining the timeline and budgeting
- Defining the three main baseline
- Implementing the EVM process
- Calculating EV and costs
- Planning and controlling the project
- Calculating risks
- Analyzing the results
- Reporting the results
- Presenting the project
Fundamentals of Earned Value Management Training