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Earned Value / Schedule

Description
An integral part of project management, Earned Value Management helps to promote effective project planning, monitoring, and control. Discover keys to identify potential cost and schedule overruns, and use the data to estimate costs to complete the project. Master the tools and techniques to compare actual work accomplished against established plans, as well as work accomplished against actual expenditures. By identifying early warning indicators, you will gain greater insight into potential risk areas and will be able to prepare more accurate forecasts of completion costs. Recognize what must be done to successfully implement and use earned value in your organization.

Duration
2 days

Price
1000 Euro (ex. VAT). 

Audience
The course is intended for beginning Project Managers and managers who want to understand what Earned Value and Earned Schedule Management is and how projects can benefit from the technique

Schedule
See our course schedule for all details about upcoming courses and to register

  • Explain the earned value concept
  • Prepare a project charter and a work breakdown structure (WBS)
  • Use Gantt charts, network charts, and three types of network diagrams to    schedule projects
  • Realize the value of program evaluation and review techniques (PERT) estimates
  • Explain the relationship between the cumulative cost curve and the project    budget
  • Explain the earned value planning process
  • Develop a control account plan
  • Establish a performance measurement baseline
  • Identify the advantages and disadvantages of different earned value    measurement methods
  • Calculate cost and schedule variances and use them to monitor project   performance
  • Forecast final cost and schedule results
  • Use the cost performance index and the schedule performance index
  • Employ several methods to calculate the estimate at completion
  • Identify what must be done to implement earned value effectively

Key Concepts
  • What is earned value?
  • Earned value objectives
  • Earned value and the PMBOK® Guided. AC, PV and EV

Earned Value Principles

  • Purpose of earned value
  • Earned value management system expectations and criteria
  • Phases of project management and earned value
  • Project charter
  • The work breakdown structure (WBS) and earned value
  • Control account and work package
  • WBS dictionary
  • Gantt charts
  • Milestones and milestone charts
  • Program evaluation and review techniques (PERT)
  • Activity-on-arrow networks
  • Precedence Diagram Method (PDM)
  • The importance of a scheduling system in earned value
  • Allocating budgets

Earned Value Planning Process

  • Earned value definitions
  • Establishing the project baseline
  • Integrating the scope of work with costs and schedule
  • Characteristics of control accounts
  • Earned value measurement methods
  • Elements of a control account plan
  • The performance measurement baseline

Earned Value Definitions and Formulas

  • Planned value
  • Earned value
  • Actual cost
  • Cost
  • Schedule variance
  • Budget at completion
  • Materials and subcontracts

Analysis of Earned Value

  • Evaluating the work
  • Managing cost risks
  • Cost performance index (CPI)
  • Schedule performance index (SPI)
  • Tracking the cumulative CPI and SPI
  • Cost/schedule index
  • Estimate at completion
  • Variance at completion
  • Estimate to complete
  • To complete performance index
  • Earned value status
  • Monitoring the planned schedule performance
  • Interpreting earned value data

Implementing Earned Value

  • Overcoming reporting problems
  • Overcoming employee/contractor resistance