Earned value management is a set of project management best practices. Simply it is a project management methodology that facilitates an objective measurement for the project performance. EVM helps in measuring the project progress, project status, project trend and project forecast.
In this 3-day workshop, participants will be introduced to the EVP concepts and how to implement the EVM as the most effective and the efficient approach for project controls and performance measurement and management.
Participants will experience creating an earned value management baseline, determining earned value from project status, calculating earned value management indices, and estimating final costs and completion date.
The workshop includes the new earned schedule method to improve schedule prediction. This workshop covers all the essential knowledge needed to apply earned value management to your projects. When completed, the participants will understand the role of control account managers (CAM), and how to determine where to place control accounts within projects. Participants will also experience how earned value data analysis provides insight into cost and schedule performance.
The AACEI (Association of Advancement for Cost Engineering International) Earned Value Professional certification (EVP) is the only industry recognized professional certification for career minded earned value management professionals. This workshop will prepare the participants for all four sections of the AACEI day long (EVP) exam. The workshop also includes a sample of (EVP) exam questions involving analysis of EVM data.
The course present the importance of project controls and how to properly measure the project performance. Using the leading method, Earned Value Management, team members can communicate the project status, progress, trend, and forecast transparently and with confidence. measure are robust and can be used both parties, clients and contractors. With clear definition of the WBS, and informed method of analysis, participants can professionally calculate each and every parameters for the project performance. Participants will apply each and every step by hand, so that they will understand the meaning of each EMV figure. Graphs will used a lot in this session in order to visually deliver the overall project performance, and how the overall budget is expensed. Participants will have the chance to work on Earned Value Professional (EVP) simulation exam in order to assess their knowledge and proficient in order to prepare for the real AACEI (EVP) exam.
By the end of the course, participants will be able to:
- Learn how to structure project scope using Work Breakdown Structure.
- Understand the relationship between the Project Manager (PM) and the Control Account Manager (CAM).
- Prepare and update an effective performance measurement report using EVM.
- Measure and explain all projects KPI and recommend onto future actions.
- Track project progress, status, trend and forecast.
- Use the best approach to forecast the project's Estimate At Completion (EAC).
- Communicate to management the real project performance measurement indicators.
- Establish a real practical measurement of project results for future decision making.
- Learn about the Earned Value Professional Exam (EVP).
- Understand the Exam contents as well as the method of preparation.
- Solve Earned Value Professional (EVP) Simulation Exam questions to gain hands to be ready for the real exam.
Anyone who deals and works with projects controls and reporting. This includes, but not limited to project/program manager, team lead, cost account manager, financial and schedule control staff, program manager, and chief project officer, project Engineer, team leader, supervisor, project administrator, technical lead, business analyst, functional manager, IT professional, product manager, and all Individuals need to learn how to control project and prepare performance measurement reports using the Earned Value Management method. In addition, those who are interested to set for the Earned Value Professional (EVP) examination offered by (The Association of the Advancement of Cost Engineering International, AACEI), this course will provide jump start and all needful to pass the EVP from the first attempt.
- Project work breakdown structure (WBS)
- Project Schedule baseline
- Project Cost Baseline and S-Curve
- Develop Project Work Package (WP)
- Assign Control Account Managers (CAM)
- Determine the different methods for measuring the Earned Value (EV)
- Calculation of Project Status by evaluating the Schedule Variance (SV) and Cost Variance( CV)
- Calculation of the Project Schedule Performance Index (SPI) and Cost Performance Index (CPI)
- Explore different methods of project forecast to calculate Estimate to complete (ETC) and Estimate At Completion (EAC)
- Take control over project by deciding on To Complete Performance Indicators (TCPI)
- Have better transparency and controls over your project performance measurement reports
- Capital Projects Expenditure (CAPEX) and Operational Expenditure (OPEX)
- What is project why project management?
- Business Culture and Structure
Earned Value Management (EVM) Fundamentals
- What is Earned Value Management (EVM)
- Earned Value (EV), Planned Value (PV), Actual Cost (AC)
- Measure & Manage Project Performance (EV, EVM, EVMS)
- How can you control Scope, Schedule, and Costs using EVM
- Budgeted Cost of Work Schedule (BCWS) is Planned Value (PV)
- Budgeted Cost of Work Performed (BCWP) is Earned Value (EV)
- Actual Cost of Work Performed (ACWP) is Actual Cost (AC)
- Traditional reporting versus reporting using Earned Value Management (EVM)
- Planning WBS, OBS, RAM
- Define Work Package (WP), Planning Package (PP), and Control Account (CA)
- Planning Performance Measurement Baseline (PMB) and Management Reserve (MR)
- Planning Control Account Package (CAP) and Control Account Manager (CAM)
- Earned Value (EV) measurement methods; Discrete Efforts, Apportioned Effort, Level of Effort (LOE)
- Prepare Schedule Baseline (PV)
- Obtain Accounting Records (AC)
- Evaluate Earned Value amount (Discrete Efforts, Apportioned Efforts, Level of Efforts)
- Develop and utilize Work Authorization (WA) and Work Authorization Documents (WAD)
EVM Analysis and Reporting
- Calculation of project status (Schedule Variance (SV) & Cost Variance (CV) )
- Calculation of project Schedule Performance Indicator (SPI) & Cost Performance Indicator (CPI)
- Calculation of Estimate To Complete (ETC)
- Forecasting methods to Calculate the Estimate At Completion (EAC)
- Calculation of Variance At Completion (VAC)
- How can we make an adjustment using To Complete Performance Indicator (TCPI)
- Delivering Project Measurement Performance Report (Status, Progress, Trend, and Forecast)
The EVMS Criteria (ANSI/EIA – 748B)
ANSI 748-B: Earned Value Management System (EVMS) 32 Criteria
- Organization: Criteria 1-5
- Planning, Scheduling and Budgeting: Criteria 6-15
- Accounting Considerations: Criteria 16-21
- Analysis and Management Reports: Criteria 22-27
- Revision and Data Maintenance: Criteria 28-32
Earned Value Certification (EVP)
- About the AACE International Certification
- Preparation for the Earned Value Professional (EVP) Exam
- Comprehensive course -In-Book Training material
- A Practical Guide to Earned Value Management (EVM)
- Completion Certificate (21 Contact Hours)
Location & Dates