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Using Earned Value Management Concepts to Improve Commercial Project Performance R. Scott Brenton, PMP, PRIMP/SP, MVP Principal Solutions Consultant Lewis Fowler, LLC www.lewisfowler.com Welcome to

How to fill out using earned value management

How to fill out using earned value management?

1. Determine the project's planned value (PV), which represents the total value of the work planned to be completed at a specific point in time.
2. Calculate the actual cost (AC) by tracking and recording the actual expenses incurred during the project.
3. Calculate the earned value (EV), which represents the value of the work actually completed at a specific point in time.
4. Determine the schedule variance (SV) by subtracting the planned value from the earned value (SV = EV - PV).
5. Calculate the cost variance (CV) by subtracting the actual cost from the earned value (CV = EV - AC).
6. Calculate the schedule performance index (SPI) by dividing the earned value by the planned value (SPI = EV / PV).
7. Calculate the cost performance index (CPI) by dividing the earned value by the actual cost (CPI = EV / AC).
8. Analyze the schedule variance, cost variance, schedule performance index, and cost performance index to assess the project's progress and performance.

Who needs using earned value management?

1. Project managers: Earned value management provides project managers with valuable insights into a project's overall performance, allowing them to make informed decisions and take necessary corrective actions.
2. Project team members: By using earned value management, project team members can stay updated on the project's progress, understand individual tasks' value, and assess their productivity.
3. Stakeholders: Earned value management helps stakeholders, such as clients, investors, and senior management, assess the project's performance, cost-efficiency, and adherence to the planned schedule. This information enables them to make informed decisions and allocate resources effectively.
4. Organizations: Implementing earned value management at the organizational level allows companies to improve project performance, identify trends, and enhance resource allocation processes. It promotes better project planning, control, and management.
5. Government agencies: Many government agencies require the use of earned value management for their projects to ensure transparency, accountability, and cost control. It helps these agencies monitor public funding and guarantee the successful completion of public initiatives.

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What is using earned value management?

Earned value management is a project management technique that measures project performance by comparing the amount of work planned versus what was actually accomplished.

Who is required to file using earned value management?

Organizations or project managers who are working on projects that require precise tracking of budget, schedule, and scope performance.

How to fill out using earned value management?

To fill out earned value management, project managers need to track the planned value, earned value, and actual cost of the project tasks.

What is the purpose of using earned value management?

The purpose of using earned value management is to provide project stakeholders with a clear, objective measurement of project progress and performance.

What information must be reported on using earned value management?

Information such as planned value, earned value, actual cost, schedule variance, cost variance, and other project performance indicators must be reported when using earned value management.