Course Overview:
Earned Value Management (EVM) is a powerful project management technique used to measure project performance and progress. This 5-day intensive course is designed to equip participants with the essential skills and knowledge required to apply EVM principles effectively. Through a mix of theory and practical exercises, participants will learn how to integrate scope, cost, and schedule measures to evaluate project health, forecast future performance, and make informed decisions. The course covers the fundamentals of EVM, as well as advanced applications for managing risks, improving project visibility, and ensuring project success.
Duration
5 Days
Who Should Attend
- Project Managers
- Program Managers
- Project Control Analysts
- Cost Estimators
- Financial Analysts
- Risk Managers
- Project Management Professionals (PMPs)
- Engineers involved in project cost control
- Anyone responsible for tracking project performance and progress
Course Objectives
By the end of this course, participants will be able to:
- Understand the core concepts of Earned Value Management and its importance in project control.
- Apply EVM to integrate cost, schedule, and scope for comprehensive project performance evaluation.
- Utilize key performance indicators (KPIs) such as Cost Performance Index (CPI) and Schedule Performance Index (SPI) for tracking.
- Forecast project outcomes using EVM techniques, including Estimate at Completion (EAC) and Estimate to Complete (ETC).
- Identify risks and issues through EVM analysis and take corrective actions to keep projects on track.
- Leverage EVM reports to enhance communication with stakeholders and senior management.
- Align EVM techniques with project management standards (PMBOK, PRINCE2).
Course Outline:
Module 1: Introduction to Earned Value Management (EVM)
- Overview of EVM and its role in project management
- Key concepts: Planned Value (PV), Earned Value (EV), Actual Cost (AC)
- Setting up an EVM system: Work Breakdown Structures (WBS) and Baselines
- The EVM Process: Planning, Measuring, Analyzing, and Controlling
Module 2: Performance Measurement Techniques
- Introduction to EVM performance indicators (CPI, SPI)
- Calculating Cost Variance (CV) and Schedule Variance (SV)
- Performance metrics in different project phases
- Interpreting EVM data for project health assessment
Module 3: Forecasting and Predictive Analysis
- Estimate at Completion (EAC) and Estimate to Complete (ETC)
- Techniques for forecasting cost and schedule performance
- Variance analysis and trend analysis
- Practical exercises: Forecasting project outcomes using EVM data
Module 4: Advanced Applications of EVM
- Integrating EVM with Risk Management
- Managing changes and rebaselining in EVM
- Using EVM in Agile and hybrid project environments
- Case studies: Solving real-world project issues with EVM
Module 5: EVM Reporting and Stakeholder Communication
- Creating and interpreting EVM reports
- Communicating project performance to stakeholders
- Best practices for EVM implementation in organizations
- Final project: Applying EVM to a sample project
