Earned Value Analysis in Project Management — an Easy Cheat Sheet 🡆 http://bit.ly/2m7tH2i
- 1. S C H E D U L E B U D G E T Earned Value Management Forecasting EARNED VALUE ANALYSIS in Project Management Monitoring and measuring the project's cost, schedule, and work performed against the project management plan at any given point in time, forecasting the project's completion date and final cost, and analyzing variances in the schedule and budget as the project proceeds. KEY PARAMETERS PERFORMANCE MEASUREMENT METRICS Performance Variances Performance Indexes PERFORMANCE FORECASTING METRICS BUDGET AT COMPLETION EARNED VALUE COST VARIANCE COST PERFORMANCE INDEX ESTIMATE COMPLETION ESTIMATE COMPLETE VARIANCE AT COMPLETION TO-COMPLETE PERFORMANCE INDEX SCHEDULE PERFORMANCE INDEX SCHEDULE VARIANCE BAC No formula Total budget for the project ACTUAL COST PLANNED VALUE AC No formula Actual cost of completing the work component by a given point in time. CV CV = EV – AC Variance measuring actual performance to date (or during the period) against what's been spent. SV SV = EV – PV Variance measuring how much behind or ahead of schedule at given point in time. CPI CPI = EV / AC Measure of whether project is within budget or not at given point in time. EAC EAC = BAC / CPI Projection of expected total cost of work component, schedule activity, or project at completion, based on available data at given point in time. ETC ETC = EAC – AC Projection of expected costs of remaining work, based on available data at given point in time. VAC VAC = BAC – EAC Projection of expected variance between budget at completion and estimate at completion, based on available data at given point in time. TCPI 2 formula: • TCPI = (BAC – EV)/(BAC – AC); based on BAC (original BAC only money available) • TCPI = (BAC – EV)/(EAC – AC); based on EAC (new revised EAC approved) Projection of anticipated cost efficiency required to complete work with money available. Results: TCPI greater than 1.0 more difficult to achieve, TCPI less than 1.0 easier to achieve. SPI SPI = EV / PV Measure of whether schedule is ahead of or behind what planned for given point in time. PV PV = BAC x Planned % complete Approved budget assigned to schedule activity or WBS component to be completed by a given point in time. • Formula start with EV • Results: below 1.0 = behind shedule/over budget; exactly 1.0 = on schedule/budget; above 1.0 = ahead of schedule/under budget • Division • Subtraction EV EV = BAC x Actual % complete Value of work completed by a given point in time compared to authorized budgeted amount assigned to work component. Source: A Guide to the Project Management Body of Knowledge (PMBOK® Guide)—Fifth Edition Creative Commons Attribution 4.0 International Licence TIPSOGRAPHIC.COM Are you ready to learn more or get more details? Get your free PM infographics today at Tips That Make Life Easier TIPSOGRAPHIC.COM TIPSÖGRAPHIC