Mastering Earned Value Management

Earned Value Management to enhance project success

What you'll learn

Allocate Costs to the Project Activities to Support Earned Value Management and Analysis

Identify the Earned Value Parameters and Apply these on Projects

Determine the project schedule and cost status using the EVM parameters and method

Determine the costs at completion

Add probability aspects to the Project Evaluation and make objective decisions

Requirements

Understanding of Basic PM Principles

Basic knowledge of statistics

Description

Short Course Description:The online course “Master Class in Earned Value Management” provides the tools and techniques to evaluate the project's project performance related to schedule and cost. Based on the financial parameters and estimations we can evaluate the financial performance of the project and provide the project manager with objective information to make the necessary decisions and implement measures.Earned Value Management is a method developed to better understand project progress. The classical approach to project follow-up, based on schedule and cost, does not provide a good understanding and leads to wrong interpretations.Earned Value Management was introduced to better understand the progress by introducing the concept of “earned value”. With this new concept, it is possible to estimate the expected end date of the project and the final cost.Many years of experience with Earned Value Management and its application in many projects have proven successful and have positively impacted project success.You can use the certificate of the course to claim the training hours for your certification application or to claim PDUs when you are PMI certified. You can claim 35 hours or 35 PDUs based on the talent triangle, this means:Technical: 20Strategic & Business: 10Leadership: 5Provider: De Ceuster Academy @ APraCom, s.r.o.ContentThe Need for Earned Value ManagementDefining Earned Value ParametersProject Budgeting and the Missing LinoActivities and Allocating CostsProject Status and the Schedule and Cost VariancesSchedule and Cost Performance IndicesDifferent Estimates at CompletionChallenging the Project ManagerIntroducing Earned Schedule ManagementEarned Value Management and Three-Point EstimationsUsing Earned Value Parameters for Project EvaluationEvaluation of EVM and ConclusionsFinal Project “Gorillas in the Mist”Course Final ReviewLearning OutcomesAt the end of the course, the participants will be able to:Explain why Earned Value Management is Necessary to Report Project Progress EffectivelyDefine the Three Basic Earned Value Parameters PV, EV, and ACDescribe the “Missing Link” between the Project Schedule and the S-curveDetermine the Way to Allocate Costs over ActivitiesDetermine the Project Schedule and Cost Positions using the Schedule Variance, the Cost Variance, the Schedule Performance Index, and the Cost Performance IndexCalculate the Different Estimates at CompletionChallenge the Project Manager over the Project StatusExplain the Issue with Schedule Variance and the Reason for Earned Schedule ManagementApply the Principles of Three Point Estimation on the Estimates at CompletionInterpret the Earned Value Parameters for Project EvaluationEvaluate Earned Value Management and its LimitationsApply Earned Value Management on Projects

Overview

Section 1: Introduction

Lecture 1 introducing the course

Lecture 2 Content of the EVM Course

Lecture 3 Learning Outcomes of the EVM Course

Section 2: Lesson 1: The Need for Earned Value Management

Lecture 4 1.1 Content of Lesson 1

Lecture 5 1.2 Learning Outcomes of Lesson 1

Lecture 6 1.3 The Project Julia from Activities to Precedence Diagram

Lecture 7 1.4 Project Julia Arrow Diagram

Lecture 8 1.5 Project Julia: Forward Pass

Lecture 9 1.6 Project Julia: Backward Pass

Lecture 10 1.7 Project Julia: Slack and Critical Path(s)

Lecture 11 1.8 Project Julia: Gantt and Budget in ES Position

Lecture 12 1.9 Project Julia: Gantt and Budget in LS Position

Lecture 13 1.10 Project Julia: Gantt and Budget in Planned Start Position

Lecture 14 1.11 Critical Path Position of the Project

Lecture 15 1.12 The Project Cost Baseline and the S-curve

Lecture 16 1.13 The Project Budget

Lecture 17 1.14 The Budget and Cost Situations

Lecture 18 1.15 Comparing the Money spant with the Cost Baseline or S-curve

Lecture 19 1.16 Evaluating the Real Situation

Section 3: Lesson 2: Defining the Earned Value Parameters

Lecture 20 2.1 Content of Lesson 2

Lecture 21 2.2 Learning Outcomes of Lesson 2

Lecture 22 2.3 Defining the Planned Value and the S-curve

Lecture 23 2.4 Defining Earned Value

Lecture 24 2.5 Defining Actual Cost

Lecture 25 2.6 Evaluating the Schedule Position of the Project

Lecture 26 2.7 Evaluating the Cost Position of the Project

Lecture 27 2.8 The Nine Schedule and Cost Positions in a Graph

Lecture 28 2.9 Project "Widgets": PV, EV, and AC

Section 4: Lesson 3: Project Budgeting and the Missing Link

Lecture 29 3.1 Content of Lesson 3

Lecture 30 3.2 Content of Lesson 3

Lecture 31 3.3 Origin of Earned Value Management

Lecture 32 3.4 The Missing Link: Deliverables and the Cost Curve

Lecture 33 3.5 What Happens during Project Execution

Section 5: Lesson 4: Activities and Cost Allocation

Lecture 34 4.1 Content of Lesson 4

Lecture 35 4.2 Learning Outcomes of Lesson 4

Lecture 36 4.3 Activities and Cost Allocation

Lecture 37 4.4 Level of Effort Activities

Lecture 38 4.5 Earned Value Management and Level of Effort Activities

Lecture 39 4.6 Principles of Cost Allocation over the Duration of the Activities

Lecture 40 4.7 Cost Loading for Activities with a Duration up to 2 Periods

Lecture 41 4.8 Cost Loading for Activities with a Duration > 2 Periods

Lecture 42 4.9 Overview of Cost Loading for Short and Long Duration Activities

Section 6: Lesson 5: Project Status and Schedule and Cost Variances

Lecture 43 5.1 Content of Lesson 5

Lecture 44 5.2 Learning Outcomes of Lesson 5

Lecture 45 5.3 The Basic Earned Value Parameters

Lecture 46 5.4 Some Examples of Schedule and Cost Positions

Lecture 47 5.5 Defining the Schedule Variance

Lecture 48 5.6 Defining the Cost Variance

Lecture 49 5.7 Schedule and Cost Variances as Percentages

Lecture 50 5.8 Project "Widgets": Schedule and Cost Variances

Section 7: Lesson 6: Schedule and Cost Performance Indexes

Lecture 51 6.1 Content of Lesson 6

Lecture 52 6.2 Learning Outcomes of Lesson 6

Lecture 53 6.3 The Advantages of Defining Performance Indexes

Lecture 54 6.4 Overview of the Performance Indexes and Use

Lecture 55 6.5 Defining the Schedule Performance Index

Lecture 56 6.6 Defining the Cost Performance Index

Lecture 57 6.7 Defining the Cost Schedule Index

Lecture 58 6.8 Project "Widgets": Calculating the SPI, CPI, and CSI

Section 8: Lesson 7: The Different Estimates at Completion

Lecture 59 7.1 Content of Lesson 7

Lecture 60 7.2 Learning Outcomes of Lesson 7

Lecture 61 7.3 Estimates at Completion and Project Evaluation

Lecture 62 7.4 Principle of Extrapolatiopn

Lecture 63 7.5 Estimating the Expected Duration of the Project by Extrapolation

Lecture 64 7.7 Estimating the Final Costs by Extrapolation

Lecture 65 7.6 Formula to Calculate the Revised Total Duration of the Project

Lecture 66 7.8 Defining the Different Estimates at Completion

Lecture 67 7.9 The Project Manager's Estimate

Lecture 68 7.10 The Mathematical Estimate

Lecture 69 7.11 The CPI - based Estimate

Lecture 70 7.12 The CSI - based Estimate

Lecture 71 7.13 Defining the 3-period CPI

Lecture 72 7.14 Defining the Weighted CPI

Lecture 73 7.15 The To-Complete-Performanc-index

Lecture 74 7.16 The Variance at Completion

Lecture 75 7.17 Project "Widgets": Calculating the Estimates at Completion

Section 9: Lesson 8: Challenging the Project Manager

Lecture 76 8.1 Content of Lesson 8

Lecture 77 8.2 Learning Outcomes of Lesson 8

Lecture 78 8.3 The Project Manager Knows it All?

Lecture 79 8.4 The Project Manager in Charge of the Project

Lecture 80 8.5 The PM and Reporting Financial Status

Lecture 81 8.6 The Project Manager and the Schedule

Section 10: Lesson 9: Introducing Earned Schedule Management

Lecture 82 9.1 Content of Lesson 9

Lecture 83 9.2 Learning Outcomes of Lesson 9

Lecture 84 9.3 Schedule Variance Schortcoming

Lecture 85 9.4 Introducing Time-based Schedule Variance

Lecture 86 9.5 Finding the Time for which PV = EV

Lecture 87 9.6 Calculating the Time Variance

Section 11: Lesson 10: Earned Value Management and Three-point Estimates

Lecture 88 10.1 Content Lesson 10

Lecture 89 10.2 Learning Outcomes Lesson 10

Lecture 90 10.3 Why Introduce PERT and 3Point Estimation to EVM?

Lecture 91 10.4 Probability Distributions for PERT and 3Point Estimation

Lecture 92 10.5 The Beta Distribution

Lecture 93 10.6 The Triangular Distribution

Lecture 94 10.7 The Normal Distribution

Lecture 95 10.8 The PERT and the 3Point Formulas

Lecture 96 10.9 Applying the PERT and 3Point Formulas on the EACs

Lecture 97 10.10 Application of PERT and 3Point on "Widgets""

Lecture 98 10.11 Probability Curves for the EACs

Section 12: Lesson 11: Using Earned Value Parameters for Project Evaluation

Lecture 99 11.1 Content Lesson 11

Lecture 100 11.2 Learning Outcomes Lesson 11

Lecture 101 11.3 The Project, the Business Case, and the Statement of Work

Lecture 102 11.4 The Original Financial Parameters of the Business Case

Lecture 103 11.5 The Profit and Loss of Contracts and SoW

Lecture 104 11.6 Project "Arbogast": The Original Estimates

Lecture 105 11.7 Project "Arbogast": Effect of Schedule on the Financial Parameters

Lecture 106 11.8 Project "Arbogast": Effect of Costs on the Financial Parameters

Lecture 107 11.9 Project "Arbogast": Effect of Schedule and Cost on the Financial Parameters

Lecture 108 11.10 The Project Manager and the Viability of the Project

Lecture 109 11.11 The Project Manager, the Sponsor, and the Stakeholders

Section 13: Lesson 12: Evaluation of EVM and Conclusions

Lecture 110 12.1 Content of Lesson 12

Lecture 111 12.2 Learning Outcomes of Lesson 12

Lecture 112 12.3 Possible Issues with EVM

Lecture 113 12.4 Getting the Correct Data and Information

Lecture 114 12.5 What Data Should be Collected?

Lecture 115 12.6 Possible Issues with the EVM Parameters

Lecture 116 12.7 Possible Issues with EV - Case 1

Lecture 117 12.8 Possible Issues with EV - Case 2

Lecture 118 12.9 Possible Issues with EV - Case 3

Lecture 119 12.10 Possible Issues with AC

Lecture 120 12.11 Validity of Schedule and Cost Information

Section 14: Lesson 13: Final Project "Gorillas in the Mist"

Lecture 121 13.1 Content of Lesson 13

Lecture 122 13.2 Content of Lesson 13

Lecture 123 13.3 Introducing the Final Project "Gorillas in the Mist""

Lecture 124 13.4 Project "Gorillas in the Mist": Precedence, Duration, and Cost

Lecture 125 13.5 Creating the Precedence Diagram

Lecture 126 13.6 Forward Pass, Backward Pass, Slack, and the Critical Path

Lecture 127 13.7 Gantt Chart in ES and LS

Lecture 128 13.8 Finding the Planned Start for all Activities

Lecture 129 13.9 EV and AC Information from Start till Period 7, and Graph of PV, EV, and AC

Lecture 130 13.10 Schedule and Cost Variance over Time

Lecture 131 13.11 SPI, CPI, and CSI over Time

Lecture 132 13.12 Estimates at Completion over Time

Lecture 133 13.13 PERT and 3Point Estimates over Time

Project Managers,Program Managers,Financial Manager dealing with Projects,Project Sponsors and Stakeholders