Join Aileen Ellis for an in-depth discussion in this video Fence project EVM summary, part of Project Management: Calculating Earned Value.
Wow! That was a lot of calculations…for one $400 fence.…I hope you found the example useful.…When I was managing large projects…as a government contractor,…often at our monthly review I was only allowed…to present two slides on each project.…One slide was about risk.…The other slide was about Earned Value.…Usually when I presented my Earned Value slide,…I was not allowed to use any numbers.…
Looking at the Earned Value slide,…I always began by looking at my Earned Value,…not my Planned Value,…not my Actual Cost,…but I always began looking at the Earned Value.…If we compare the Earned Value, the red line,…to the Planned Value, the blue line,…we see the Earned Value line is lower.…This means we have completed less work than planned.…This means we are behind schedule.…The difference between the two lines…tells us the schedule variance.…
Next, I looked at the Earned Value line, the red line,…and compared it to the Actual Cost line, the green line.…We see the Earned Value line is lower, much lower…than the Actual Cost line.…
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- Identify the fundamentals of calculating budget at completion, planned value, earned value, and actual cost.
- Recognize the steps to forecast estimate at completion.
- Determine the steps in calculating BAC, PV, EV, and AC.
- Break down how to calculate CV and CPI.
- Examine the elements of forecasting EAC.
- Explore the steps involved in forecasting ETC and VAC.