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Fundamentals of Project ManagementEarned Value BasicsModerator Denise Rodriguez Project Insight Marketing Denise. Rodriguez projectinsight.com www.projectinsight.net 2014 Core Performance Concepts
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How to fill out earned value basics
How to fill out earned value basics
01
Define the project's scope and objectives.
02
Break down the project into smaller tasks or work packages.
03
Assign a budget and schedule to each task.
04
Track and record the actual cost and progress of each task.
05
Calculate the earned value for each task using the formula: Earned Value = % Complete * Budget.
06
Compare the earned value to the actual cost to determine if the project is on track or not.
07
Analyze the earned value data to identify any variances and their causes.
08
Take corrective actions to address any negative variances and bring the project back on track.
09
Continuously monitor and update the earned value data throughout the project's lifecycle.
10
Use the earned value metrics to communicate the project's performance to stakeholders.
Who needs earned value basics?
01
Project managers who want to measure the performance and progress of their projects.
02
Project team members responsible for tracking and reporting project costs and progress.
03
Executives and stakeholders who need to make informed decisions based on accurate project data.
04
Organizations and government agencies that require earned value management for project oversight and compliance.
05
Anyone involved in project management or interested in understanding the financial health of a project.
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What is earned value basics?
Earned value basics is a project management technique that helps to measure a project's performance and progress.
Who is required to file earned value basics?
Typically, project managers or project management teams are responsible for filing earned value basics.
How to fill out earned value basics?
Earned value basics are filled out by inputting data on planned value, actual cost, and earned value for a project.
What is the purpose of earned value basics?
The purpose of earned value basics is to analyze and monitor a project's performance in terms of cost, schedule, and scope.
What information must be reported on earned value basics?
Earned value basics report on planned value, actual cost, earned value, cost variance, and schedule variance among other metrics.
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