Earned Value Management: Concept to Application
Friday, October 12, 2012 at 8:00 AM
Loyola College Graduate Center, 2034 Greenspring Drive, Timonium, MD 21093
This event/activity qualifies for 7.50 PDUs.
Presented by Steven S. Edwards
Return to previous page
This training course, developed by Edwards Project Solutions and taught by experienced project managers, will present you with a clear, comprehensive, step-by-step methodology for planning your projects and measuring and reporting performance. This course teaches you to define work and create work breakdown structures (WBS), establish budgets, build detailed schedules using our popular BMPP method, establish a staffing plan and plan baseline, and execute a comprehensive tracking and reporting process.
Time and Location Information
Loyola Graduate Center - Timonium, Md.
Check-in 10/12: 7:30 - 7:50
Class starts promptly at 8:00 am
Would you run a race and not keep time? Would you be comfortable with a hospital that didn't periodically check their patient's vital signs? So why would you attempt to manage a project without an objective method for gauging progress? Measuring progress in any form is important. It provides satisfaction and encouragement to see measurable progress being made and provides motivation to excel when we perceive we are falling behind. While a stopwatch, thermometer, or blood pressure cuff may be of little value to a project manager trying to keep a handle on their project, a work breakdown structure (WBS), staffing plan, schedule, budget plan, tracking plan, and an array of project metrics are essential tools required by an effective project manager.
An earned value management system (EVMS) integrates the work scope of a project with the schedule and cost elements of the project to optimize control of the planned work. It is used as a project management early warning system, enabling managers to identify problems in their infancy when management redirection has its greatest potential to control cost overruns or schedule delays.
The information you will learn to collect and examine with this system is valuable to all stakeholders in the project. As a project manager, you will appreciate the insight and control you gain over the project. Sharing this information with the team members will promote teamwork by allowing them to see how their contributions affect the bottom line (i.e., they will see the forest while they are standing in the trees). Senior management will gain confidence in your reporting since they will receive accurate and objective reports.
Students will learn how to objectively measure accomplished work for comparison to planned work and actual costs, create performance metrics like cost and schedule performance indices, and report cost and schedule variances.
Section 1: Earned Value Management System Overview. This section, based on PMI® principles and doctrine, introduces EVM and provides techniques that are utilized to effectively and accurately measure project performance. Basic EVM terms are introduces and an overview of how technical scope, cost, and schedule are integrated provides an introduction on how to establish a performance measurement baseline and derive performance metrics.
Section 2: Establishing a Cost and Schedule Baseline. Once EVM benefits have been discussed, the performance measurement baseline is set, with specific concentration on the WBS decomposition process, establishing the project schedule, and project cost budgeting. Students will learn how to create a meaningful WBS structure that directly links to project schedule and cost measurements.
Section 3: Measuring Cost and Schedule Progress & Forecasting. Now that students understand how to establish an effective performance measurement baseline, methods for measuring and tracking progress and actual costs are discussed. The advantages and disadvantages of the most common tracking methods will be discussed. The calculation of schedule and cost indices and other metrics will be introduced.
Section 4: Analysis of Variances and Statistics. Students will learn how to capture project performance data for use in predicting future project performance. Students will learn how to complete performance calculations and use that data for comparison to Estimates At Complete prepared by the project team. Additionally, students will learn the importance of tracking changes to the baseline through the use various data logs.
Continental breakfast and lunch provided.
Payment can be made by credit card using our link to PayPal or by cash or check at the door. We cannot accept credit card payments at the door.