Project Management - How to: Earned Value Management

Name: Project Management - How to: Earned Value Management
Rating: 4.5 (22 reviews)

Understanding of Earned Value Management is a critical contributor to project success.

Created byJamal Moustafaev, BBA, MBA, PMP

Last updated 8/2023

English

English [Auto],

What you'll learn

Simple EVM calculation in order to understand the basic mechanisms
Simple and Complex real-life EVM examples

Course content

1 section • 5 lectures • 42m total length

Introduction6:52
Explore earned value management basics, including key variables and formulas, through simple and real-life examples, accompanied by an exercise and an Excel spreadsheet.
Overview of Earned Value Management (EVM)7:51
Learn earned value management as a reliable project execution reporting method, with plan value, actual cost, and earned value, and compute schedule variance, cost variance, SPI, and CPI.
EVM real-life example6:51
Learn the fundamentals of earned value management through a primitive chair-building example, calculating planned value, actual cost, and earned value to assess schedule and budget performance using SV and CV.
EVM complex example - Part 1/210:51
Explore earned value management through a detailed complex example that ties planned work, cumulative progress, budgets, and actual costs to assess project performance.
EVM complex example - Part 2/210:12
Explore earned value management by analyzing schedule variance and cost variance, and track performance with SPI and CPI to forecast the project’s final cost using three EAC formulas.

Requirements

Knowledge of Project Management

Description

Embark on a transformative online course led by Jamal, a highly experienced project management consultant with 25 years of industry expertise. Throughout this comprehensive training, Jamal shares his deep insights gained through the development and utilization of various earned value management models across multiple projects.

This course takes you through the essentials of Earned Value Methodology. You will gain a clear understanding of Planned Value (PV), Actual Cost (AC), and Earned Value (EV), along with the formulas to calculate them:

PV = Planned Quantity x Planned Cost
AC = Actual Quantity x Actual Cost
EV = Actual Quantity x Planned Cost

By exploring straightforward examples based on an imaginary project, you'll grasp the concepts of Schedule Variance and Cost Variance. These scenarios include projects that are behind schedule but on budget, on schedule but significantly over budget, both behind schedule and over budget, and ahead of schedule and under budget.

Building upon this foundation, you will delve into a more complex, real-life example. You'll be presented with a scenario involving a construction company tasked with excavating a trench and extracting 1,000 cubic meters of sand within a ten-day timeframe, while adhering to a budget of $5,000.

The course concludes with an exercise that challenges you to fill out the second part of the EVM table for the "Digging a Trench" project, reinforcing your understanding of Earned Value Management.

Jamal's engaging teaching style, practical examples, and hands-on exercises will empower you to effectively apply Earned Value Management techniques in your projects. Gain the skills to monitor project progress, identify schedule and cost variances, and make informed decisions based on data.

Join us now for a transformative learning experience in Earned Value Management, guided by Jamal, a renowned expert in the field of project management.

Who this course is for:

Project and program managers who run projects and have to report performance metrics to executives and stakeholders
C-level executives who have to be able to understand EVM reports
Functional department directors and managers also need to read status reports with EVM information in them
“Technical resources” whose work is crucial to the project success
Professionals who are not certified project managers but manage projects anyways