Earned Value

Overview:
Cost/Schedule control system criteria (C/SCSC), popularly known as Earned Value, is a technique for defining and establishing project scope, schedule and cost; aligning them with stakeholder expectations; and managing them as the project develops.

Objective:
Learn how to use the earned value method to establish a realistic project baseline, and the strategies used to effectively monitor, measure, and control cost and schedule. Find out how to calculate a range of estimates-at-completion (EAC) and apply effective methods for keeping your project budget and schedule on target. Learn how to set project standards and metrics to measure project success and how they can be used to accurately forecast project results. Hands-on exercises demonstrate how a simple, yet scalable, form of earned value can be used on all projects, of any size, in your organization.

Key Learning Points:

• Learn why Earned Value is a better measure of project performance than traditional cost and schedule measurements.
• Create a Work Breakdown Structure (WBS) for a complex project and determine management control points within the WBS.
• Understand how to set up Work Packages and Control Accounts
• Develop cost schedule control system criteria (CSCSC) for an Earned Value system
• Establish three key parameters including a project baseline and 2 key ratios
• Define different means of measuring progress on projects and understand which ones to select for their projects
• Plot and graph Budgeted Cost of Work Scheduled (BCWS), Actual Cost of Work Performed (ACWP), and Budgeted Cost of Work Performed (BCWP)
• Calculate Earned Value variances and 2 key performance ratios, cost and schedule
• Evaluate the status of a project using Earned Value
• Be able to calculate three different project estimates at completion and use them to predict where the project will actually finish compared to the baseline plan

Recommended for:

• Project Managers and Senior Managers
• Team Leaders and Team Members
• Clients and key stakeholders
• For anyone who needs more knowledge of the Earned Value technique