Earned Value Management
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Duration: 1 day
Description: Earned Value Management (EVM) is a well-known project management technique that can be used to track project progress. It is probably one of the most mature project management techniques that measures project performance in an objective manner. Early EVM research showed that the areas of planning and control are significantly impacted by its use. More recent research studies have shown that the principles of EVM are positive predictors of project success.
EVM is not new. The genesis of EVM occurred in industrial manufacturing in early 1900s. The concept took root in US Dept. of Defense in 1960. Its overview was included in PMI’s Guide to the Project Management Body of Knowledge (PMBOK® Guide) in 1987. EVM received greater attention by publicly traded companies in response to the Sarbanes-Oxley (SOX) Act of 2002. Now, it is a very well recognized project management tool to measure project performance.
Even though EVM is not a new project management technique, many project managers struggle to implement it successfully in their projects. The most significant challenges to implement EVM are:
- Gaining support from sponsors and stakeholders to implement EVM,
- Accurately gathering data for actual cost, and
- Determining earning rules to calculate Earned Value.
During this presentation, the instructor will share some of the simple but effective methods used to successfully implement EVM. This course also provides opportunity to learn several EVM metrics such as Schedule Variance, Cost Variance, Schedule Performance Index, Cost Performance Index, Estimate to Complete, Estimate at Completion etc., in an easy and fun manner. This presentation also offers tips for using EVM to communicate project status and key issues to stakeholders, thereby gaining their support rather than a barrage of questions.
In this dynamic course, experienced project managers will have an opportunity to share their personal experiences (both challenges and rewards) to implement EVM in their projects and analyze what worked and what didn’t. At the same time, this course would be a great learning experience for less experienced project managers who are looking for tips and tricks to implement EVM in their projects. The course will also provide several opportunities for attendees to participate in exercises and discussions.
Effective EVM is one of the most important project management tools a project manager can employ to increase the likelihood of project success. Since EVM is still not widely used, this could be a significant competitive advantage to those who implement it in their projects.
Course Objectives: After completing the course, attendees will be able to
- Explain the benefits and basic concepts of Earned Value Management (EVM).
- Gather data and apply earning rules for EVM.
- Learn how to gain support from sponsors and stakeholders to invest in EVM.
Who Should Attend: This course is ideal for a project manager or anyone on a project team. This may include project/program managers, portfolio managers, PMO leaders, executives, project sponsors, change agents, project team members, business/systems analysts and other project stakeholders.
PDUs: 7 PDUs (Strategic: 0, Leadership: 0, Technical: 7)
Course Delivery: Variable
Course Material: RefineM will prepare and provide the necessary training course material for all attendees.
About RefineM's Instructors: RefineM's instructors are experienced and certified in project management and Agile and bring real-world experience to their instruction. Our instructors not only teach concepts, we also provide insights and hands-on experience. And we don’t waste time. Our training is focused and hard-hitting. We offer practical targeted training in just the key topics that will make the most impact.