Managing Projects Using Earned Value
Earned-value analysis is the most effective method for measuring project performance. This course will cover techniques and best practices in applying earned-value analysis. This course will begin with a review of earned-value terminology and calculations. Moving on, this course will then describe the required elements of a project plan that makes doing earned-value analysis possible. The effective development of a Work Breakdown Structure (WBS) will be discussed, including identification of deliverables, control accounts and work packages. The preparation of the project schedule and budget using the WBS will also be explained. With the development of an integrated project plan linking the WBS, schedule and budget, the use of earned-value analysis is very easy to implement as a control tool for the project. Additionally, this course will reference and discuss examples of actual earned-value use on projects and class participants will take part in many earned-value analysis practice exercises.
WHO SHOULD ATTEND
This course is intended for people who are leading or actively participating on project teams where earned-value analysis is or will be used. Attendees should have some basic project management knowledge and experience.
COURSE FEATURES
Upon completion of this course, participants will be able to:
• Discuss techniques and best practices of using earned value on projects
• Explain why measuring project performance is important
• Explain the terminology and calculations used in EVA
• Prepare an integrated project plan that includes a WBS, budget, schedule and PV curve
• Utilize performance-reporting techniques to determine progress for project activities
• Determine project status using EVA information
• Determine estimate-at-completion for project using EVA
COURSE OUTLINE
Importance of Performance Measurement
• Individual Exercise #1: Analyze Cost Curves
• Performance Reporting Techniques
• Evolution of Earned-Value Analysis
Earned-Value Terminology
• PV, AC and EV defined
• CV and SV defined
• SPI and CPI defined
• SPI and Critical Path Scheduling
• Individual Exercise #2: Interpreting EV Data
Progressing Techniques
• Common Progressing Techniques
• Individual Exercise #3: Determine Progressing Technique to Use
• Team Exercise: List Examples of Progressing Techniques for Projects
Project Cost Forecasting
• Estimate-at-Completion Formulas
• To-Complete Performance Index (TCPI)
Why EVA Doesn't Work
Preparing the Project Plan
• Scope the Project using a Work Breakdown Structure
• Steps in developing the Project Schedule
Project Planning Exercises
• Exercise: Develop Scheudle for Heaven Acres Project
• Review Heaven Acres Schedule Solution
• Exercise: Establish the Project PV Graph
• Review project PV Graph Solution
Monitoring Project Results
• Reporting Results
• Use of Adjusted Actual Cost Information
• Exercise: Monitoring Project Results and Forecasting - Design Phase
• Exercise: Monitoring Project Results and Forecasting - Construction Phase
Use of Earned-Value When Resources Don't Record Time
Duration: 4 sessions
Time: 8:00 - 11:00 AM EST
2:00 - 5:00 PM EST
6:30 - 9:30 PM EST
Earn: 12 PDUs