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Effective Project Measurement: Using Earned Value Management (EVM)

Earned Value Management (EVM) is a project management system that combines schedule performance and cost performance to answer the question, “What did we get for the money we spent?” Earned Value is a technique for defining and establishing project scope, schedule and cost, and managing them as the project develops in a way that allows accurate prediction early on the final cost and delivery date. Mastering how to use the earned value method will establish a realistic project baseline. Discover the strategies used to effectively monitor, measure, and control cost and schedule   Traditional cost variances are usually computed using two dimensions: budget and actual cost. EVM introduces a third dimension: work performed. With a well defined Work Breakdown Structure (WBS), using EVM techniques, costs can be projected within 10% when only 15 to 20% of the project is completed. Find out how to calculate a range of estimates-at-completion (EAC) and apply effective methods for keeping your project budget and schedule on target. Learn how to set project standards and metrics to measure project success and how they can be used to accurately forecast project results.   Earned Value is a proven method for planning and managing project performance. In addition to establishing a consistent way of planning and estimating all types of project work efforts, it provides the framework for developing consistent project management measurements across projects and industries.   The training will provide you a “hands on” experience to use earned value method to effectively monitor, measure, and control cost and schedule. You will learn, among other things, how to calculate a range of estimates-at completion (EAC) and apply effective methods for keeping your project budget and schedule on target. Hands-on exercises demonstrate how a simple, yet scalable form of earned value can be used on all projects, of any size.  

Turning 'Theory' into 'Practice'?

This highly interactive and intensive training course provides attendees with the latest practices, tools and techniques Our format combines real-world practical case study examples, hypothetical scenarios, role-playing, group exercises and tutorial style presentations with a focus on collaborative and interactive learning.

Who should attend?

  This course is tailor - made for executives to macro level management of any industry who handle project management in their line of work. Delegate titles: General Managers, VPs, Directors, Senior Managers, Managers, Regional managers, Team Leaders and Executives from: • Projects • Project development • Project engineering • Engineering management • Industrial engineering • Project control • Business Development • Operations • Administration • Logistics   From across all industries including: • Engineering • Construction • Government authorities • Oil & Gas • Infrastructure development • Telecommunications • Technology • Industrial Materials • Manufacturing • Consumer Products • Health and Pharmaceutical • Express & Logistics

Key areas to be covered in the programme and documentation

Introduction to Earned Value Basic Concepts

·         The history of Earned Value Management (EVM)

·         Examining the basic concepts of EVM and methods

·         Understanding the definitions of EVM terms

·         Getting to grips with the EVM formulas

·         Calculating the Estimates at Completion (EAC) to measure the expected total cost of a project

·         Evaluating the To Complete Performance Index (TCPI) gauge future project works

·         Indentifying commercial tools that are used to perform earned value management

 

Integrating work breakdown structure (WBS) in earned value management

·         Understanding the Project Work Scope for a successful project deliver

·         Developing the WBS to provide information on tasks that need to be performed in a project

·         Defining Work Packages (WP) to plan, measure accomplishment and control project work

·         Designing Control Accounts (CA) to develop the performance baseline

Group Exercise: As a team, delegates will develop a work breakdown structure as the basis for EVM

 

Improving Project Planning and Control using EVM

·         Identifying the activities that must be performed to produce the project deliverables

·         Developing a meaningful and effective project schedule Using EVM

·         Defining and publishing an Integrated Master Schedule (IMS) for an effective execution of activities

Group Exercise: Building on the previous exercise, delegates will be developing a detailed schedule that will be used as the basis for measurement

Understanding the Control Account Plans and Performance Measurement Baseline (PMB)

·         Estimating and budgeting project recourses to form Control Account Plans (CAPs)

·         Integrating the Project Work Scope with cost and schedule

·         Forming a Performance Measurement Baseline to determine the point s of management control

Exercise: Based on the progress of group exercise so far, delegates will define CAPs at the appropriate level of the schedule, develop those CAP’s and set up the performance baseline

Monitoring and Forecasting performance

·         Using the Schedule Performance Index (SPI) and Cost Performance Index (CPI) to identify problems

·         Using Estimate At Completion (EAC), Estimate To Complete (ETC), and To Complete Performance Indices TCPI as forecasting tools

Exercise: Prepare a project analysis for the CIO with earned value metrics, including

–      A range of estimates at completion (EACs) and a

–      To Complete Performance Indices. (TCPI)

Delving into the Integrated Baseline Review (IBR) and OMB – 300 Reporting

·         The Integrated Baseline Review – Objection and benefits

·         Providing a thorough overview of the IBR Processes that will ensure the credibility of a performance measurement baseline

·         Practical considerations

·         Compliance reporting: the office of management and budget exhibit 300 report

Q & A on the integrated Baseline Review and OMB exhibit 300 reporting

 

Benefits to you

·         Master the Earned Value for a better measure of project performance than traditional cost and schedule measurements

·         Create a Work Breakdown Structure (WBS) for a complex project and determine management control points within the WBS

·         Demonstrate how to apply earned value to current project performance and how to forecast project completion

·         List the planning elements that are essential to setting up projects for earned value tracking

·         Determine how to apply the appropriate completion credit rules for all types of project work efforts

Companies already benefiting include:

Duration of Course

2 Days Day Course

Course details

1)   22-23 Feb 2011 – Bangkok (Venue TBA)

2)   2-3 Mar 2011 – Kuala Lumpur (Venue TBA)

Looking to train larger teams in this subject?

dzingim@marcusevansuk.comTailored in-house/in-company training courses and bespoke strategy workshops designed and delivered on-site throughout Europe according to your specific requirements.

All management, personal development and project management public courses featured in our Course Directory are also delivered on an In-Company basis.

Click Here for information on how this course can be delivered for you as an In-Company Training Solution

 


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