Earned Value Management An Overview March 2014
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1 Earned Value Management An Overview March 2014 SAVE International Cascadia Chapter
2 Introduction What is Earned Value? Why is Earned Value important? What is required? Earned Value Definitions & Process Sample Reports Questions
3 Mark Grotefend, CCP, EVP GBNA PM/CM Western Region Project Controls Manager 30 years experience Project Controls Aerospace/Defense Petrochemical Environmental Transportation Hi-Tech Energy Education Healthcare Past President (2009) - AACE International Certified Cost Control Professional #1925 (2001) Certified Earned Value Professional #375 (2011)
4 An integrated project management process by which schedule, cost and budget can be tracked and analyzed to reveal trends that indicate project performance and expose avenues to correct problems. Earned Value Management establishes a set of proven metrics to measure divergence from initial project expectations and increase cost and schedule forecast accuracy. EVM is an integrated project management process objectively tracks physical accomplishment of work enables identification and evaluation of productivity provides visibility of the true status of the project establishes a structured approach to scope management enables timely identification of issues to allow opportunity for correction, provides ability to deliver greater accuracy of forecast.
5 Earned Value allows greater Capability here So you have greater Ability here.
6 Reduces Risk By requiring thorough planning for work scope Provides improved visibility & early identification of issues Highlights areas that are performing well and areas that are not performing Reveal trends Enables opportunity for corrective actions Enables a realistic forecast of Cost at Completion Enables a common performance metric for all projects regardless of type, size or complexity. Cost Performance Index (CPI) and Schedule Performance Index (SPI) THE GOAL What was achieved for what was spent. NO SURPRISES
7 The earlier you identify an issue, the greater your ability to influence the outcome.
8 1. ESTABLISH A BASELINE Clearly Define Work Breakdown Structure (WBS) at start of project. Identify and schedule all tasks. Tasks MUST be measurable. Assign a WBS and budget to each task. Evaluate tasks for separation of labor and materials when appropriate. 2. ESTABLISH RULES OF CREDIT AND REPORTING EXPECTATIONS How is progress earned for each task. How / When will reports be submitted. What level of reporting is required. 3. COLLECT TIMELY PROGRESS INFORMATION Accumulate the Budgeted value of Tasks performed Collect up-to-date schedule progress data. Manage Change (this is a another presentation unto itself) 4. PERFORM ANALYSIS OF DATA Compare Earned to Planned Cost to Date Compare Earned to Actual Cost to Date 5. DEVELOP CORRECTIVE ACTION PLAN (when necessary)
9 PV (BCWS) Planned Value (Budgeted Cost for Work Scheduled) (What was Planned to be accomplished) EV (BCWP) Earned Value (Budgeted Cost for Work Performed) (What was Accomplished at budget rates) AC (ACWP) Actual Cost (Actual Cost for Work Performed) (What was paid for the work accomplished) EAC Estimate at Completion. CPI Cost Performance Index = EV(BCWP)/AC(ACWP) SPI Schedule Performance Index = EV(BCWP)/PV(BCWS) CV Cost Variance (EV-AC) SV Schedule Variance (EV-PV)
10 Everyone practices some form of earned value in their day to day activity. Going to Grandmother s for Dinner 300 Miles 15 gallon tank 20 mpg 100 miles down 200 to go Only getting 13 mpg What do you do?
11 BUDGET = $200 PHYSICAL % COMPLETE = 50% AMOUNT SPENT = $125 CPI = EV / AC = CPI = $100 / $125 = 0.8 SPI = EV / PV = SPI = $100 / $100 = 1.0 What does it say? Cost = Overspending Schedule = On schedule Note: 1.0 good <1.0 bad Potential cost overrun of $50 to finish on schedule.
12 BCWS (PV) (Plan) BCWP (EV) (Earned) DOLLARS ACWP (AC) (Spent) EAC (forecast) Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul-03 BCWS BCWP ACWP CUM BCWS CUM BCWP CUM EAC
13 BCWS (PV) (Plan) SPI= BCWP (EV) (Earned) SV in $ ($86,536) DOLLARS SV in time (1 month behind) ACWP (AC) (Spent) EAC (forecast) Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul-03 BCWS BCWP ACWP CUM BCWS CUM BCWP CUM EAC
14 BCWS (PV) (Plan) BCWP (EV) (Earned) CPI=1.45 DOLLARS ACWP (AC) (Spent) CV in $ ($90,315) EAC (forecast) 30-Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul-03 BCWS BCWP ACWP CUM BCWS CUM BCWP CUM EAC
15 BCWS (PV) (Plan) BCWP (EV) (Earned) Estimate At Completion Forecasting $90,315 underrun DOLLARS ACWP (AC) (Spent) EAC (forecast) Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul-03 BCWS BCWP ACWP CUM BCWS CUM BCWP CUM EAC
16 Scoring Criteria Update: <1.05 and 0.95 and >1.05 and > <1.10 > 1.10 < 1.10 and > 1.05 < 1.05 and > 0.95 < 0.95 and > 0.90 < 0.90
17 Questions? Comments? Complaints?
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