Join Bonnie Biafore for an in-depth discussion in this video Setting up a project to track earned value, part of Advanced Microsoft Project.
- You have some setup to do before you can track a project's earned value. You need a baseline, the status date for work that's complete and actual values for what's completed. You might also want to tell Project how you want it to calculate earned value. You need a baseline in place for earned value because it compares your baseline, that is what you planned to do with what actually happened. To set the baseline, you go to the Project tab. In the Schedule section, click the down arrow for Set Baseline and choose Set Baseline on the drop down menu.
The first time around, you can choose whatever baseline you want. Here it's set to baseline, but you have ten others to choose from. I'm just gonna keep it at baseline. The other thing is, you wanna set the baseline for the entire project. That option is automatically selected. All you have to do is click OK. Now before we move on, let's go back and click Set Baseline again and choose Set Baseline on the drop down menu. This time through, Baseline chose the date that it was saved.
When I click the down arrow, that's how I tell which Baselines have values. If I've saved one of those baselines, it's going to have that Last Saved On date in the list. Well here we've got just the baseline, so I'm gonna click Cancel. You also have to have a status date through which work is complete. That's also on the Project tab. Go to the status section and there's a label Status Date. Well right now, it shows a calendar with the letters NA which means there is no status date yet.
Click that button and I'm gonna enter a status date of 4/7/2017. When I click OK, the status date shows up in the ribbon and that's how I know what the status date is. Project also has a couple of options that control how it calculates earned value. Let's go take a look at those. So we're gonna head to the File tab and click Options. In the Project Options dialogue box, we wanna go to the Advanced category and then scroll down to the bottom.
The section you want to look at is Earned Value options for this project. Let's take a look first at the baseline for earned value calculation. It's set to the default baseline, which is the one that we just set. But if you have other baselines set, you could choose which one you want. We only have the one so I'm gonna leave that at it is. The other option is the Default Task Earned Value method. You have two choices here. When I click the down arrow, you can have Percent Complete and remember, that means the percent of duration that's complete or you can choose Physical Percent complete.
Now Physical Percent complete is good if you wanna use a different definition of complete. For example, some companies do all or nothing. A task is either complete or it isn't. You use zero percent until the task is done and then you switch to 100 percent. Another alternative is zero percent for unstarted, 50 percent for in progress and 100 percent for truly complete. Remember, if you choose Physical Percent complete, you're gonna have to add that field to a table and type in the values for every task.
For simplicity, I'm just gonna leave it as Percent Complete. Go ahead and click OK. These steps are what you have to do before you can look at earned value in a project.
Viewers will then learn how to customize fields and generate cool graphical and visual reports. Finally, the course shows how to share various customizations and configurations as well as best practices for managing multiple projects.
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- Recalculating duration, work, and units for assignment changes
- Adding, removing, and replacing resources
- Defining part-time resources
- Setting cost rates
- Accounting for overtime costs
- Working with earned value
- Exchanging data with other programs
- Customizing fields and reports
- Sharing customizations
- Sharing resources and linking tasks between projects