What is Earned Value Analysis?
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1 What is Earned Value Analysis? 1
2 Earned Value Performance Measurement Time now Budget Cost Actual Good News or Bad? Time 2
3 Starting point Recording Progress The Plan is in place and work has started, so we need to record progress of how we are doing i.e. What have we achieved so far? We derive the Earned Value by multiplying the progress as a percentage against the overall budget whether this be monies, hours or quantities 3
4 Measuring using Manhours - example Construct concrete walls (300m3) 1000hrs, 20d After 10 days; 150m3 completed i.e. 50% complete 500 of 1000 budget hours earned 4
5 What have we achieved on the Plan? Schedule What work has been started/completed? Real and measurable % progress Good examples: Have you built as many rooms as you planned to at this stage? Have you plumbed/wired as many rooms as expected? Milestones achieved we moved in on time!! A bad example of progress is the double glazing company is coming next week 5
6 Progress Underpinning Information (Quantity Tracking) We should use/provide underpinning information to support our % progress complete figure e.g. Drawings and documents produced Numbers of cables, pipes, bricks, bottles of wine Metres of Pipe types Metres cubed of concrete Items of equipment to install, i.e. kitchen cupboards, dishwasher Contractor programmes Underpinning information removes any confusion, doubt, or conflict when scrutinising performance 6
7 Types of progress: Staged Milestones Actual % Complete use of Quantity Tracking Equivalent Units Operational Performance via MPS i.e. tonnes produced Level of Effort No Measurable Deliverables, i.e. departmental personnel Apportioned Effort support to doing tasks, i.e. Project Management Steps/Underpinning Schedule Further detail to enable progress to be ascertained 7
8 How is Earned Value measured? How much work should be done? How much work is done? How much did it cost? What is the total job supposed to cost in the execution year? Budgeted Cost for Work Scheduled (BCWS) plan schedule budget Budgeted Cost for Work Performed (BCWP) accomplishment value of plan that has been earned Actual Cost of Work Performed (ACWP) Actuals Accruals Current Baseline Budget At Completion (CB BAC) Baseline scope plus approved and implemented changes 8
9 Earned Value Performance Measurement Time now BCWS CB BAC Cost BCWP ACWP The value of the planned work you have actually done is less than your original estimate i.e. you have done less work than you anticipated Time The costs of doing the work is less than your original estimate You are under budget for the work you have performed 9
10 Earned Value Performance Metrics CPI & SPI Under and over performance can be quantified using: Cost Performance Index, CPI Schedule Performance Index, SPI The CPI is calculated as: BCWP / ACWP The SPI is calculated as: BCWP / BCWS 10
11 CPI & SPI A CPI or SPI value greater than 1 indicates overperformance i.e. ahead of schedule, below planned cost A CPI or SPI value less than 1 indicates underperformance i.e. behind schedule, above planned cost CPI and SPI values of 1 indicates a good performance i.e. We are delivering what we said, when we said 11
12 Earned Value Performance Metrics CV & SV Under and over performance can be quantified using: Cost Variance, CV Schedule Variance, SV The CV is calculated as:bcwp minus ACWP The SV is calculated as: BCWP minus BCWS 12
13 CV & SV A positive CV or SV value indicates over-performance i.e. ahead of schedule, below planned cost A negative CV or SV value indicates under-performance i.e. behind schedule, above planned cost A CV or SV value of 0 indicates a good performance there is no variance between planned and actual costs or work i.e. We are delivering what we said, when we said 13
14 Good News or Bad News? Project 1 ACWP Actual Cost BCWP Earned BCWS Planned Cost Are the SPI and CPI less than or greater than 1 SPI? >1 <1 CPI? >1 <1 What action would you take? 14
15 Good News or Bad News? Project 2 ACWP Actual Cost BCWS Planned Cost Are the SPI and CPI less than or greater than 1 SPI? >1 <1 CPI? >1 <1 What action would you take? BCWP Earned 15
16 Good News or Bad News? Project 3 ACWP Actual Cost BCWP Earned BCWS Planned Cost Are the SPI and CPI less than or greater than 1 SPI? >1 <1 CPI? >1 <1 What action would you take? 16
17 Good News or Bad News? Project 4 BCWP Earned BCWS Planned Cost Are the SPI and CPI less than or greater than 1 SPI? >1 <1 CPI? >1 <1 What action would you take? ACWP Actual Cost 17
18 In Summary Earned Value is a simple process if applied in the correct manner There are individuals who perpetuate the myth that Earned Value is a complex process in order to create a niche market Earned Value is best performed at the project detail level and if necessary rolled up Avoid applying Earned Value in non Project environments i.e. Level of Effort tasks, it adds no value Other applications of the process can cause the corruption of the practice, unnecessary manipulation and the proliferation of complex equations and rules as illustrated on the next slide 18
19 Execution Year End Metrics Year End EAC YE SV EAC (Baseline Carryover) Cost ACWP Current Baseline BAC Current Baseline EAC Forecast Year End SV BCWS BCWP Slippage Forecast Year End BCWP Time Now Time Year End Forecast Completion Date 19
20 and finally If you are relying on Earned Value to highlight the big project issues then you are not really engaged with the delivery of the project 20
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