Join Aileen Ellis for an in-depth discussion in this video What do we need to use earned value?, part of Project Management: Calculating Earned Value.
Often I've been asked to help organizations…set up an Earned Value system.…This idea is not as simple as it sounds.…To truly use Earned Value Management…an organization needs several vital items in place…on each of its projects.…First we need to have a Work Breakdown Structure.…Do you have a project plan that identifies the work…to be accomplished?…Does your project plan break down the work…into manageable components?…Are these components small enough in size…that you can get real visibility…into the work required for the project?…Do you organize the work in a Work Breakdown Structure?…Second, we need to have a project schedule.…
Do you know when each element of work should be accomplished?…Is the work logically sequenced?…Do you understand the relationship…between the work products?…Third, we need a project budget.…Does the project plan identify costs…down to the work package level?…Have you assigned a cost to each of these components…in your Work Breakdown Structure?…Fourth, we need a measurement system…for tracking Earned Value.…
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- What is earned value management?
- Who uses EVM?
- Determining budget at completion, planned value, and earned value
- Calculating schedule and cost variance as well as schedule and cost performance index
- Forecasting future costs
- Computing TCPI for project success
- Exploring limitations of EVM<br><br>
- The PMI Registered Education Provider logo is a registered mark of the Project Management Institute, Inc.