Understanding Earned Value Management is critical to your project success. It allows you to more objectively measure project performance. In this course, you will learn what is necessary to plan and manage your project utilizing Earned Value concepts. The course is designed to walk you through the process using a case study from start to finish. Several exercises are incorporated into the format to give you hands-on practice.

Earned Value is a proven method for planning and managing project performance. In addition to establishing a consistent way of planning and estimating all types of project work efforts, it provides the framework for developing consistent project management measurements across projects and industries. It is the true project performance measurement system. It is promoted and supported by the PMI College of Performance Management (PMI-CPM), it has been accepted as the American National Standard Institute (ANSI) standard and private contractors for Deportment of Defense (DoD) are now held responsible for using these techniques in their government contracts (ANSI/EIA-Standard 748).

Course Objectives

Upon successful completion of this program, students will be able to:

• List the planning elements that are essential to setting up projects for Earned Value tracking.
• Determine how to apply the appropriate completion credit rules for all types of project work efforts.
• Understand the Earned Value formulas and demonstrate how to apply them correctly.
• Demonstrate how to apply Earned Value to status current project performance and forecast project completion.

I. Defining the Project Scope

1. Project versus Product Scope
2. Decomposition
3. Work Breakdown Structures (WBS)

II. Creating the Project Baseline

1. Developing a time-scaled Network Diagram
2. Developing the Project Cost Baseline

III. Completion Credit Rules

1. Discrete Work Effort Rules
2. Dependent Task Rules

IV. Using Earned Value for Statusing

1. Earned Value elements
2. Measuring Schedule Performance
3. Measuring Cost Performance
4. Interpreting the Formulas
5. Management Overview Formulas

V. Using Earned Value for Controlling Project Performance

1. As a root cause analysis tool
2. Understanding the Language of Variances

VI. Forecasting Project Completion

1. Forecasting Terminology
2. Forecasting based on Typical Variances
3. Forecasting based on Atypical Variances

VII. Interpreting The Formulas

1. Is the project performing as planned?
2. What is the projected completion date/budget?
3. Is the project ok? Or is recovery necessary?