James A. Wrisley, President 9070 Lakes Blvd. West Palm Beach FL (561)
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1 Earned Value Management Results in Early Visibility and Management Opportunities March 21, 2007 James A. Wrisley, President 9070 Lakes Blvd. West Palm Beach FL (561) PMI Albany Mar07 1
2 What is EVMS? It s not: A Gov t reporting requirement A panacea for project problems Just the EV metric, or the ability to generate the data elements A software system What it is: A systematic PM process that results in an integrated plan against which performance is measured objectively A systematic approach for calibrating the health of a project A tool for establishing meaningful forecasts of cost and schedule positions at project completion 2
3 Earned Value Management Systems Management Processes Management Information System People and Culture 3
4 Fundamental EVM Objectives Plan all project work Objectively assess progress at performance level Summarize data for progressively higher levels of project management Analyze significant deviations from the baseline plan Forecast impacts on cost and schedule Maintain the baseline 4
5 Assessing Accomplishments Given 200 identical units are to be installed We have installed 80 units and none are in process Each unit is budgeted/targeted at 10 hours We have expended 1000 hours There is no non-recurring setup effort This is a 10 month project and we are at the end of month 6 EV Question What percent complete are we? 5
6 The 8 Key Data Elements of EVMS Budgeted Cost for Work Scheduled (BCWS) Aka planned value (PV) Budgeted Cost for Work Performed (BCWP) Aka earned value (EV) Actual Cost of Work Performed (ACWP) Aka actual cost (AC) Budget At Completion (BAC) Estimate At Completion (EAC) Cost/Schedule Variances (CV & SV) Variance At Completion (VAC) 6
7 The Earned Value Metric Project Objective Total Planned Value (BAC) = 100 Month 1= 30 Month 2 = 35 Month 3 =
8 100 Baseline Plan 100 (BAC) Project Completion $ = BCWS (PV) = BCWP (EV) = ACWP (AC) Months 8
9 The Earned Value Metric Month 1 Results Work Planned (BCWS) = 30 Work Performed (BCWP) = 10 Schedule Variance = (20) Cost to Perform (ACWP) = 20 Cost Variance = (10) 9
10 Performance Chart $ CV = -10 SV = -20 = BCWS (PV) = BCWP (EV) = ACWP (AC) Months 10
11 V A R I A N C E S $ Variance Trend Chart (25) = CV = SV Project Completion Months 11
12 The Earned Value Metric Month 2 Results Work Planned (BCWS) = 65 Work Performed (BCWP) = 40 Schedule Variance = (25) Cost to Perform (ACWP) = 60 Cost Variance = (20) 12
13 50 Variance Trend Chart = CV = SV V A R I A N C E S $ 25 0 (25) Project Completion Months 13
14 Schedule Performance Index: Work Completed Work Planned or BCWP BCWS = SPI 40 Hours BCWP 65 Hours BCWS =.62 SPI 37 minutes of work completed for each hour planned! Projected Schedule Slip: BAC BAC/SPI Ave Monthly BCWS = 1.8 months behind at completion! 14
15 Cost Performance Index Work Completed Actual Cost or $ BCWP $ ACWP = CPI $40 BCWP $60 ACWP =.67 CPI Independent EAC 67% Cost Efficiency BAC[100] CPI [.67] =
16 150 Baseline Plan (BAC) Project Completion $ = BCWS (PV) = BCWP (EV) = ACWP (AC) Months 5 16
17 Integrating The What With The Who Matrix Environment RESPONSIBLE ORGANIZATION WBS Pres Qual Const Eng Civ Elect QA Insp M M M M M M M M Control Accounts 17
18 Establish the Baseline With Risk in Mind! 1. Define The Work Contract/Project Budget Base Mgmt Res (Risk Budget) 2. Schedule The Work $ Performance Measurement Baseline 3. Allocate Resources Time 18
19 Data Accumulation BCWS BCWP ACWP BAC EAC SV CV VAC Project A Project B 19
20 EAC Comparisons X IEAC 3 The probable range of Completion Cost Based on Calculated EACs X IEAC 2 X IEAC 1 $ X Reported EAC Time 20
21 Control Changes to the Baseline Reconcile Original and Current Budgets TIME NOW Project Change Project Authorized Budget Project Change $ Baseline Committed Completion Date Time 21
22 So, what would it take to implement EVM? Steps: Define the scope of your project Define organizational/individual responsibilities Plan the work at whatever level you need to effectively manage it Identify objective indicators of progress Distribute the budget over the planned performance period (PV or BCWS) Objectively assess results over time (EV or BCWP) 22
23 So, what would it take to implement EVM? Steps (cont.): Record expenditures (AC or ACWP) Compare planned vs. actual performance ( SV and CV) Pin-point variance causes Implement appropriate recovery plans Use predictive formulae to answer: When will we finish? How much will it cost? Compare those answers to what the team is saying Make sure that the baseline always reflects the most current authorized scope (and its budget)! 23
24 The End Thank you. Jim Wrisley 9070 Lakes Blvd. West Palm Beach FL (561) Fax: (561) PMI Albany Mar07 24
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