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Project Management Skills #2 - Tracking Progress Using EVA
Rating: 4.5 out of 5(21 ratings)
1,248 students

Project Management Skills #2 - Tracking Progress Using EVA

How to use Earned Value Analysis to track progress and communicate it clearly with one picture
Created byGary Lloyd
Last updated 3/2021
English
English [Auto],

What you'll learn

  • After completing this course, students will be able to create a single diagram for that describes project :performance against schedule, actual cost versus budget and outlook for the remainder of the project

Course content

3 sections • 18 lectures • 2h 7m total length

  • Introduction6:40

    Explore earned value analysis to monitor project progress using graphical cost curves, compare actual cost to budget, and interpret gaps and trends to assess schedule performance.

  • Draw to the budget2:11

    Plot the cumulative budget over time for a simple house project, assigning costs to a toilet, bathroom, bedroom, and kitchen by delivery weeks to build value analysis.

  • Exercise 1:Draw the budget0:03
  • Draw the cost1:27

    Track weekly costs with earned value analysis by plotting actual costs against the budget on the same graph. Consult the downloadable spreadsheet example to compare cumulative cost and cumulative budget.

  • Exercise 2: Draw the Actual Cost0:01
  • Smooth the budget4:22

    Explore how to compare actual costs to the budget by smoothing the cost curve, using intermediate deliverables or interpolation, and set up for earned value analysis in the next lecture.

  • Draw Earned Value5:54

    Plot the earned value line on a cumulative budget graph to track whether the project is ahead or behind schedule, using the original budget as the earned value.

  • Exercise 3: Draw Earned Value0:04
  • Understanding Earned Value6:02

    Understand how earned value compares actual progress to the budget using the earned value and budget lines, revealing behind schedule trends and the importance of intermediate deliverables for forecasting.

  • Making forecasts17:43

    Use earned value forecasting to project cost and schedule, compare planned versus actual productivity, and explore base, worst, and middle-case forecasts for completing remaining work.

  • Agile and all that...23:28

    Learn how earned value analysis fits both agile and waterfall projects, using barely sufficient requirements, iterative delivery, and burn-down charts to manage budget, scope, and value.

  • Jargon buster for professional examination students10:06

    Learn the official jargon of earned value, including planned value, earned value, actual cost, schedule variance, cost performance index, and estimate at completion.

  • Summary8:16

    Learn to track project progress with earned value analysis by plotting budget, actual cost, and earned value, interpreting schedule variance, smoothing data, and forecasting against the plan.

Requirements

  • There are no prerequisites but you'll find it easier if you can use basic spreadsheet functions

Description

After completing this course, you will be able to create a single diagram for your project or program that describes:

  1. Performance against schedule
  2. Actual cost versus budget
  3. Outlook for the remainder of the project

Instead of presenting your sponsor and steering committee with a complicated mixture of milestone charts, spreadsheets, Gantt's and PERT's, you can give them one single picture whose meaning is understood in seconds. It's what they care about...THE BIG PICTURE. 

I've been using Earned Value Analysis (EVA) for over 20 years with projects of all sizes and complexity (Waterfall, Agile and Lean) and I can guarantee that from my experience, it is the best way to track and communicate project status.

In this course, I take you step-by-step through the process of creating an EVA diagram, using a very simple example. But although the example is simple, it will teach you all of the principles you need to understand to use EVA for complex projects and even programs. 

The course is delivered in a series of short videos, each one with a downloadable spreadsheet that show you how I worked through the example myslef. In addition, I have included a video that discusses how Earned Value Analysis can be applied to Agile and Lean projects.

I have also included some bonus videos from my Udemy Lean Project Management course that are not part of the EVA core course but explain some ideas and concepts that  I mention during the videos and that I think may  be of interest to you.

In my experience, a lot of people are put off using EVA because textbooks describe it using a set of barely comprehensible formulae and ratios. But the power of EVA is pictorial and that's they way you will learn it. Towards of the course is jargon buster video, just in case you need to know the "correct" formulae and ratios to quote in a professional examination.

To find out more about this course, I encourage you to watch the free introductory video which is available free. If you like what you see then sign up and take advantage of the 30-day, no questions asked, money back guarantee.

Gain your sponsor and steering committees confidence by joining me inside and starting to learn right now.

Who this course is for:

  • Target student is anyone managing a project who wants to track and communicate progress quickly and easily

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