CS 413 Software Project Management LECTURE 9 COST MANAGEMENT FOR SOFTWARE PROJECT III
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1 LECTURE 9 COST MANAGEMENT FOR SOFTWARE PROJECT III Earned Value Management Earned value management (EVM) is a way of measuring your performance (and the performance of your project team) at any given date or point in the schedule. As your project progresses, you should take the opportunity to analyze costs, the schedule. You use the EVM measurements to compare your projected progress with your actual progress on a certain date. EARNED VALUE COMPONENTS Planned Value (PV): How much work did you PLAN to complete? Earned Value (EV): How much work did you ACTUALLY complete? (Completed Work) Actual Cost (AC): How much did you spend to complete the work? Budgeted at Completion (BAC): The amount that you planned for the cost of the project? VARIANCE Any schedule or cost deviation from a specific plan. Used within an organization to verify the budget and schedule for a project. Must compare scheduling and budget variance at the same time Schedule variance: Schedule variance deviations from work planned not a measure of changes in cost; Schedule Variance (SV) = EV PV Cost variance: Cost variance deviations from the budget not a measure of work scheduled vs. work completed Cost Variance (CV) = EV AC Prepared by: Engr. M. Nadeem Page 1
2 COST AND SCHEDULE PERFORMANCE INDEXES Use these performance indexes to trend your project s performance and predict how efficient your project will be for the duration. Cost Performance Index (CPI) Cost Performance Index (CPI) answers the question, How much are you getting for each dollar you are spending on your project? Cost Performance Index (CPI) = EV/AC Analysis CPI > 1.0 exceptional performance CPI < 1.0 over budget Cost Performance Index (CPI) SPI answers the question, Where are you in the schedule compared to where you expected to be at this point in time? Schedule Performance Index (SPI) = EV/PV Analysis SPI > 1.0 exceptional performance SPI < 1.0 behind schedule Cost Schedule Index (CSI) Cost Schedule Index (CSI) = CPI x SPI The further CSI is from 1.0, the less likely project recovery becomes. Summary: Prepared by: Engr. M. Nadeem Page 2
3 Estimate at Completion (EAC)or Forecasting Costs: When your project sponsor or stakeholders ask about your Estimate at Completion (EAC), they are asking you to forecast the total value of the project based on project performance thus far. EAC answers the question, What do you expect the total value of the project will be when all the work activities of the project are completed? EAC = BAC / CPI Example 1: On Day X: PLANNED VALUE (PV) = = 50 EARNED VALUE (EV) = = 40 ACTUAL COST (AC) = 45 (from your project tracking) Therefore: Schedule Variance = EV PV= = -10 (behind schedule) Schedule Performance Index = EV/PV= 40 / 50 = 0.8, or 80% of plan (a B-, at best) Cost Variance = EV - AC = = -5 (over budget) Cost Performance Index = EV/AC= 40/45 =.89, or you re getting an 89 return on every $1.00 (or, person-hour) spent on this project Prepared by: Engr. M. Nadeem Page 3
4 Example 2: A $10,000 software project is scheduled for 4 weeks. At the end of the third week, the project is 50% complete and the actual costs to date is $9,000 Planned Value (PV) = $7,500 Earned Value (EV) = $5,000 Actual Cost (AC) = $9,000 Prepared by: Engr. M. Nadeem Page 4
5 Solution: Schedule Variance = EV PV = $5,000 $7,500 = - $2,500 Schedule Performance Index (SPI) = EV/PV = $5,000 / $7,500 =.66 Cost Variance= EV AC = $5,000 - $9,000 = - $4,000 Cost Performance Index (CPI) = EV/AC = $5,000 / $9,000 =.55 Objective metrics indicate the project is behind schedule and over budget. On-target projects have an SPI and CPI of 1 or greater Case Study For our example, say your imaginary company has been contracted to create a software program that can be used in vehicles to alert drivers to oncoming radar. In fact, the software can automatically bring the car down to the correct speed limit. The program can be positioned to preconfigured settings to recognize whether the driver should be driving the city speed limit or the highway speed limit. You have budgeted $120,000 for the cost of the project and you are in the third month of the 12-month project. You ve done a great job on all your project planning, communication planning, scope management, and schedules, and you ve won awards for your risk management plan; now, it s time to report the status of the costs and schedule for the project to your sponsor and stakeholders. Calculating your PV How much did you plan to have completed at this point in time? For our example, we say that you planned on having25 percent of the code completed by June 29. But you ve actually completed just 20 percent. If your BAC is $120,000 and you planned on having 25 percent of the project completed, here s what the math yields: You had planned on your project having a value of $30,000 at this point in time. Prepared by: Engr. M. Nadeem Page 5
6 Calculating earned value First consider what earned value means how much work your team completed at a particular point in time. In our example we have completed 20 percent of the project, so here are the details At this point in time, your project has an earned value of $24,000. Because you planned on your project having a value of $30,000 at this point in time, but it only has a value of $24,000, you have a $6,000variance. Calculating your AC You add your direct costs to your indirect costs to determine your actual cost (AC). Say for the sake of argument that the AC is $25,000 Calculating Variance Prepared by: Engr. M. Nadeem Page 6
7 Prepared by: Engr. M. Nadeem Page 7
8 You can probably guess that because you have a negative number for your VAC, the current numbers indicate that the project will cost more than you originally planned. A positive number for your VAC indicates that your project is going better than you expected. A value of 1 indicates that you re right on budget. Calculating your Cost Performance Index (CPI) Cost Performance Index (CPI) answers the question, How much are you getting for each dollar you are spending on your project? Prepared by: Engr. M. Nadeem Page 8
9 For example, if your earned value is $24,000 and your actual cost is $25,000, finding your CPI looks like this: Okay, now that you have your CPI, what does it mean? It means that you re getting $0.96 for each $1.00 that you expected to earn. Calculating your Schedule Performance Index (SPI) SPI answers the question, Where are you in the schedule compared to where you expected to be at this point in time? Because your SPI is 0.8, your schedule is progressing at 80 percent of the rate that you planned. You guessed it! If your number is less than 1 for your CPI or your SPI, that s not a good sign. A number less than 1 indicates that your software project is either over budget or behind schedule. If the value of your SPI is 1, that would mean that your schedule is going exactly as planned. Estimate at Completion (EAC): Estimate at Completion (EAC), they are asking you to forecast the total value of the project based on project performance thus far. EAC answers the question, What do you expect the total value of the project will be when all the work activities of the project are completed? EAC = BAC / CPI In your example, this would be EAC = $120,000 / 0.96 = $125,000. If you continue going at this rate, then instead of spending $120,000 as you originally budgeted, you should expect to spend $125,000 at completion. Prepared by: Engr. M. Nadeem Page 9
10 EAC answers the question, How much do you expect the project to cost based on where you are in relation to the cost and the schedule? Example 3 Example 4 Cost Variance (CV) = EV-AC = = (over budget) Schedule Variance(SV)=EV-PV = = (behind the schedule) Prepared by: Engr. M. Nadeem Page 10
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