Discover how earned value analysis shows the status of a project in terms of schedule and budget.
- [Voiceover] Earned value analysis evaluates…how much a project has earned…based on work that's been completed.…In other words,…a project earns value by completing work.…Government projects typically require…earned value analysis.…Even if it isn't required,…earned value analysis is helpful…because basic project measures…can be deceiving.…Suppose 50% of your project's duration…has come and gone,…and 50% of the budget has been spent.…
Sounds like things are right on track.…However, if only 25% of the work is complete,…you have a problem.…You have to finish 75% of the work,…but with only 50% of the duration…and 50% of the money left.…I don't know about you,…but I wouldn't count on that happening.…Earn value analysis can uncover problems like that…because of the way it looks at work…and cost over time.…It presents your schedule and budget…in monetary terms.…
That means you see all aspects…of your project's performance…in the same unit.…Of course,…costs are already in monetary terms,…but you also measure work in terms…of money by calculating how much it costs…
Bonnie Biafore has always been fascinated by how things work and how to make things work better. In this course, she explains the fundamentals of project management, from defining the problem, establishing project goals and objectives, and building a project plan to managing team resources, meeting deadlines, and closing the project. Along the way, she provides tips for reporting on project performance, keeping a project on track, and gaining customer acceptance.
- Defining the components of a project
- What it takes to be a project manager
- Using project management software like Microsoft Project
- Managing project scope, budget, and schedule
- Managing project resources, including people
- Managing project risk
- Initiating a project
- Identifying and managing stakeholders
- Identifying requirements and deliverables
- Developing a project plan
- Building a project schedule
- Assigning resources to tasks
- Understanding the critical path
- Running the project
- Managing teams
- Monitoring performance
- Closing a project
Skill Level Beginner
1. Getting to Know Project Management
2. Exploring Project Management Knowledge Areas
3. First Things First
How to develop requirements4m 19s
4. Developing a Project Plan
5. Building a Project Schedule
6. While You Run the Project
7. Working with Teams
8. Monitoring and Controlling Progress and Performance
9. Closing a Project
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