Introduction:
Earned Value Management (EVM) is a project planning and control approach that provides cost and schedule performance measurements. It compares the actual accomplishment of scheduled work and associated costs against an integrated schedule and budget plan. Its benefits include visibility into the true progress of the project work against the budget, projections of anticipated project schedule and cost trends, and the ability to take timely corrective actions for undesired variances. EVM is considered to be one of the most powerful and productive concepts utilized in managing today’s complex projects in private, commercial, or government environments.
Targeted Groups:
- Project Managers
- Project Controllers
- Cost Controllers
- Finance Professionals
- Team Leaders
- Project Technical
- Project Sponsors / Owners
Course Objectives:
At the end of this course the participants will be able to:
- Obtain knowledge in understanding and using an effective performance management system in managing technical projects effectively
- Manage projects using a proven, effective performance measurement technique
- Work with clients to define project objectives and develop a project plan and put it into action
- Make project decisions concerning scope, cost and schedule parameters faster, more effectively and more confidently
- Stay on top of schedules, budgets, workloads, and human resources issues and delegate practically and fairly
- Learn to avoid the pitfalls of project management by quickly identifying potential project risks and mitigate them as early as possible
Targeted Competencies:
- Value Techniques
- Budget Analysis
- Life Cycle Costing
- Project Management
Course Content:
Unit 1: Introduction to Earned Value Management (EVM):
- Management Criteria versus Engineering Criteria
- Evolution of the Earned Value Management (EVM) Concept
- The Cost/Schedule Control System Criteria (C/SCSC)
- The EVM System Criteria
- Performance Measurement- An Effective EVM Technique
- EVM in Project Management
Unit 2: Scope of The Project:
- Understanding the Project Work Scope
- Work Breakdown Structure (WBS)
- Make-or-Buy Choice
- WBS and Earned Value
Unit 3: Plan and Schedule The Project:
- Understanding the Project Objective
- Planning the Project
- Scheduling the Project
- Scheduling and Earned Value
Unit 4: Estimate and Budget Project Resources to Form Control Account Plans (CAPs):
- Integrating the Project Work Scope with Cost and Schedule
- Earned Value CAPs
- Cost Estimates and Budgets
- Management Reserves
Unit 5: Establish The Earned Value Project Baseline:
- Methods Used to Plan and Measure Earned Value
- Control Account Plans (CAPs)
- The Performance Measurement Baseline (PMB)
- Maintaining the Baseline: Managing Changes in Scope
Unit 6: Monitoring Performance Against the Baseline:
- CAPs Performance Measurement
- Presentations to Project Management
- Earned Value Cost and Schedule Variances
- Materials and Subcontracts in EVM
Unit 7: Final Cost and Schedule Forecasting:
- Determining Factors
- Cost and Schedule Results Methodology
- Management Reserve or Contingency Reserve
- Estimate At Completion (EAC)
- The Over Target Baseline (OTB) Process
- Predicting the Project’s Time Duration
Unit 8: EVM Reporting:
- Subcontractors’ Reporting
- Preparing and Interpreting the Integrated Cost/Schedule Report
- The EVM Reporting Formats
