Monitoring the project performance and objectively understanding its status requires to have benchmarking tools, performance metrics and analytical tools to determine if we are on the right track to achieve goals and objectives for which it was undertaken. Earned Value Management (EVM) is a project performance management system that helps to link your scope, schedule and cost together, quantitatively understand the status and performance trends of the project, proactively forecast how the project future performance will look like at any point of time, and thus helping you to take informed decisions in order to bring the project on track in case of any deviations.
This interactive and highly engaging workshop provides participants with the main concepts and methods of Earned Value Management (EVM) in Project Management context. It helps participants understand the role of Earned Value Management (EVM) in monitoring and understanding project performance using several indicators, formulas and tools, understanding project performance trends, forecasting project’s future performance, and making informed decision to correct and eliminate any project variances, thus helping the project reach its intended goals and objectives on time, within budget and meeting the requirements successfully.
- Understand the importance of Earned Value Management(EVM) in monitoring and controlling project performance.
- Master the main Earned Value Management Elements and indicators (PV, EV, AC SV, CV, SPI, CPI).
- Use Earned Value Management to monitor the Performance and understand the project Status.
- Forecast the project’s future based on current performance indicators.
- Understand projects trends and use To Complete Performance Index (TCPI) to bring back the project on track.
- Master and apply advanced Earned Value Management tools and techniques.
- Set and apply an Earned Value Management System (EVMS) across your projects.
WHO SHOULD ATTEND EARNED VALUE MANAGEMENT WORKSHOP?
This course is designed for executives, directors, functional managers, project/program managers, PMO staff, business analysts, team leaders and supervisors who want to learn the principles of Earned Value Management (EVM) and how to apply them effectively to monitor, forecast, and control project performance.
Session 1: Earned Value Management(EVM) Overview
- What is a Earned Value Management(EVM)?
- Role of Earned Value Management,
- Relationship between Earned Value Management(EVM) and Other Project Management Processes,
- Linking Scope, Schedule, and Cost Performance using Earned Value Management(EVM),
- Importance of Earned Value Management(EVM) in monitoring performance, understanding trends and forecasting project future,
- Case Study.
Session 2: Project Management Review
- Project Planning Processes,
- Project Scope Statement and Work Breakdown Structure,
- Project Schedule,
- Project Budget,
- Monitoring and Controlling Processes,
- Understanding Performance and Controlling it,
Session 3: Basic Elements of Earned Value Management(EVM)
- Key Components of Earned Value Management,
- Budget at Completion (BAC),
- Planned Value (PV),
- Earned Value (EV),
- Actual Cost (AC),
- Schedule Variance (SV) and Schedule Performance Index(SPI),
- Cost Variance (CV) and Cost Performance Index (CPI)
Session 4: Establishing a Performance Measurement Baseline
- Estimating time and cost for Work Packages in the WBS,
- Developing your Performance Management Baselines (PMB):
- Scope Baseline
- Schedule Baseline
- Cost Baseline
- Developing your time Phased Budget,
- Determining Planned Value (PV),
- Examples of PV,
Session 5: Measuring and Analyzing Performance against the Baseline
- Project Reviews as the basis for monitoring and controlling projects,
- Earned Value management formulas,
- Variance tolerances and thresholds,
- Understanding the Variances,
- Analyzing project performance,
- Case Study,
Session 6: Trends and Forecasting
- Understanding the Project trends,
- Estimate at Completion (ETC) and Estimate to Completion (ETC),
- Calculating Estimate to Complete (ETC) for schedule and budget,
- Calculating Estimate at Completion (EAC) for schedule and budget,
- Calculating To Complete Performance Index (TCPI),
- Case Study,
Session 7: Advanced Earned Value Management (EVM) applications
- EVM Advanced Indicators,
- Variance Analysis Reports,
- Management Reports based on EVM,
- Reserves and Earned Value Management,
- Earned Value Management advanced tools and templates,
- Earned Value Management Systems (EVMS),
- Case Studies,
Session 8: Implementing Earned Value Management (EVM)
- Requirements to implement Earned Value Management (EVM),
- Earned Value Management (EVM) Gap Analysis,
- Earned Value Management (EVM) Compliance,
- Roles and Responsibilities in Earned Value Management(EVM),
- Earned Value Management (EVM) Implementation and Execution,
- Integrated Baseline Review (IBR),
- Challenges to implement Earned Value Management (EVM),
Comprehensive Practical Case Study,
Wrap-Up and Closing Remarks,