Project Earned Value Analysis
What is Project Earned Value Analysis?
Project Earned Value Analysis is a project management technique that allows you to track the cost and schedule performance of a project. It provides a method to measure and forecast the project's progress based on the budgeted and actual costs, as well as the planned and actual duration.
What are the types of Project Earned Value Analysis?
There are three commonly used types of Project Earned Value Analysis:
Planned Value (PV): This represents the budgeted cost of the work scheduled to be completed up to a particular point in time.
Earned Value (EV): This represents the estimated value of the work actually performed up to a specific date.
Actual Cost (AC): This represents the actual cost incurred for the work completed up to a particular date.
How to complete Project Earned Value Analysis
To complete Project Earned Value Analysis, follow these steps:
01
Define the project scope and create a work breakdown structure (WBS) to identify all the project tasks and their associated costs.
02
Develop a project schedule and assign budgeted costs to each task based on the planned effort and resources required.
03
Track the actual costs and duration for each task as the project progresses.
04
Calculate the Planned Value (PV), Earned Value (EV), and Actual Cost (AC) at regular intervals to measure the project's performance.
05
Compare the PV, EV, and AC to assess the cost and schedule variances.
06
Analyze the variances to identify the root causes of deviations from the planned performance.
07
Take corrective actions based on the analysis to bring the project back on track and ensure it aligns with the planned budget and schedule.
08
Continuously monitor and update the Project Earned Value Analysis throughout the project lifecycle to stay informed about its progress and make informed decisions.
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Questions & answers
How do you measure EV performance?
In theory, electric car economy can be calculated by using a car's battery capacity and its official range. For example, an electric car with a 40-kWh battery pack and a 100-mile range would have an economy/consumption figure of 2.5 miles/kWh.
How do you plot EVM in Excel?
Earned Value Management in Excel Enter basic project information in SETTINGS. Enter Plan information in PLAN sheet. Enter Actual work performed in ACTUAL sheet. Enter Actual Cost in ACTUAL_COST sheet. View EVM sheet for the output calculations.
Can Microsoft Project do EVM?
Earned value management (EVM) and earned value project / performance management (EVPM) are synonymous terms for EVA. Using earned value analysis with Microsoft Project is a powerful method of project control. In this article, you will learn how to determine earned value and the corresponding key performance indicators.
How do you make an earned value chart in MS project?
To be able to use EVM in Project, you first need to perform the following steps: Produce a properly structured project schedule. Assign resources. Set hourly rates for resources. Pre-work project baseline set. Ensure project progress is being tracked regularly and accurately. Set project status date correctly.
How do you calculate PV and EV in project management?
Calculating earned value Planned Value (PV) = the budgeted amount through the current reporting period. Actual Cost (AC) = actual costs to date. Earned Value (EV) = total project budget multiplied by the % of project completion.
How do you create an earned value analysis?
The 8 Steps to Earned Value Analysis Determine the percent complete of each task. Determine Planned Value (PV). Determine Earned Value (EV). Obtain Actual Cost (AC). Calculate Schedule Variance (SV). Calculate Cost Variance (CV). Calculate Other Status Indicators (SPI, CPI, EAC, ETC, and TCPI) Compile Results.
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