may find it comforting to memorize formulas until they understand. . Planned Value ; How much you have actually spent by now (in dollars or hours called. Good news here: PMI has simplified PMP EVM calculation to very ideal situations! When the cumulative budget of estimated project costs are plotted graphically over time, they usually result in the shape illustrated, which is sometimes called an "S" curve, since it looks like an inclined "S.". Achieved more than what planned) example: by end of week 4, the SPI EV/PV US3000/US4000.75 (behind schedule) Cost Variance (CV) difference between PV and AC, to tell whether the project work is under / on / over budget CV EV AC If the project is over. The Budgeted Cost of Work Performed is determined by summing the earned value for the work actually accomplished, shown in gray shading. System) Therefore: Schedule Variance Schedule Performance Index 40 /.8 The above example illustrates the concept of determining the Planned Value by summing the dollar values of the work scheduled for accomplishment at the end of period "X". The thing to remember is that.
Project Budget: The most basic cost control technique is to develop a project budget and then track spending against.
The basic premise of earned value management (EVM) is that the value of a piece of work is equal to the amount of funds budgeted to complete.
As part of EVM, you use the following information to assess your schedule and.
Performance Assessments and Root Cause Analyses (parca).
Puritan Value System
Time Management Effectively reducing stress
These are included here for your reference only. I will never run a project without at least applying EVM principles if not having an informal or formal EVM tracking system in place. You can also look at these at the total project level and for lower levels of the WBS. Earned value management (EVM) bases on the concept that i) work completed will deliver value and ii) the value delivered equals the budget put into the work. You could monitor project costs and sound the alarm if the percent of dollars spent exceeds the percent completion estimated for the project. Physical Measurement directly transform the physical measurement of the amount of work completed into EV example : building 10 houses each has a value of US1000 expected to be completed in 10 weeks in proportion, earned value of 3 house built is US3000 Percentage Complete directly transform the percentage.
Specifying Management Information
The Greening of management