Earned Value Management: 60 Minutes Compact Knowledge: The Best Methods and Tools to Keep Your Project Under Control

By Roland Wanner

In Just 60 Minutes You Will Learn Everything You Need to Know About Earned Value Management

With Earned Value Management (EVM) you get the best project control tool that provides the necessary transparency and security in your projects.

With EVM you quickly know the real status of your projects. Overly optimistic estimates regarding costs and project progress are quickly uncovered with EVM performance figures. You receive early warning signals to control the project successfully and you can also make early forecasts of project final costs and project duration.

In this book you will learn in 60 Minutes the most important things about Earned Value Management in order to apply it successfully. You will learn the following topics:

- Project control fundamentals
- Project planning when using Earned Value Management
- EVM Basic Performance Figures
- The calculation of the Earned Value and its derived EVM performance figures
- Project monitoring and forecasts with EVM performance figures

This book is perfect as an introduction and as a reference guide for everyday work, but also for education. It is the best preparation for the EVM questions in the PMI PMP® certification.

This book is an indispensable manual for beginners in the EVM topic but also for experienced Project Managers, Project Controls Specialists and Project Portfolio Managers who have the first contact with EVM.

The terminology used in this book is identical to the PMBOK® Guide
In Just 60 Minutes You Will Learn Everything You Need to Know About Earned Value Management

With Earned Value Management (EVM) you get the best project control tool that provides the necessary transparency and security in your projects.

With EVM you quickly know the real status of your projects. Overly optimistic estimates regarding costs and project progress are quickly uncovered with EVM performance figures. You receive early warning signals to control the project successfully and you can also make early forecasts of project final costs and project duration.

In this book you will learn in 60 Minutes the most important things about Earned Value Management in order to apply it successfully. You will learn the following topics:

- Project control fundamentals
- Project planning when using Earned Value Management
- EVM Basic Performance Figures
- The calculation of the Earned Value and its derived EVM performance figures
- Project monitoring and forecasts with EVM performance figures

This book is perfect as an introduction and as a reference guide for everyday work, but also for education. It is the best preparation for the EVM questions in the PMI PMP® certification.

This book is an indispensable manual for beginners in the EVM topic but also for experienced Project Managers, Project Controls Specialists and Project Portfolio Managers who have the first contact with EVM.

The terminology used in this book is identical to the PMBOK® Guide

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Buy this book to make your projects even more successful!

Buy this book to make your projects even more successful!

• Language: English
• Publisher: Roland Wanner
• Release date: Mar 16, 2021
• ISBN: 9781005855765

Roland Wanner

Roland Wanner has been in the project business for over 30 years and has been involved in many projects—successful and failed. After his education as a mechanical engineer and industrial engineer, he first worked as a project manager for 5 years and then as a project controller and project portfolio manager in mechanical and plant engineering for several years.For more than 10 years, he has worked as a project management specialist, project portfolio manager and as a project office manager in the banking and insurance sector, where he has also supported various Scrum projects.With his many years of experience in projects, Roland Wanner has published several successful project management books as an author. More info can be found at: https://www.rolandwanner.com

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TextText

Earned Value Management

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The Best Methods and Tools to Keep Your Project Under Control

60 Minutes Compact Knowledge

ROLAND WANNER

Author Contact:

Roland Wanner E-Mail: [e-mail]

Internet: www.rolandwanner.com

Disclaimer

This book contains information about project management, projects, earned value management, project control, project performance, project planning & scheduling, project monitoring & control, controlling, pmi, pmbok, project financial analyst, project controller, software, etc.

This publication is designed to provide competent and reliable information regarding the subject matter covered. However, it is not intended as a substitute for legal or other professional services. Readers are urged to consult a variety of sources and professional expert assistance. While every effort has been made to make this book accurate, it may contain typographical and content errors.

For any questions or suggestions, please contact: [e-mail]

The information expressed herein is the opinion of the author and is not intended to reflect upon any particular person or company. The author and publisher shall have no responsibility or liability with respect to any losses or damage caused, or alleged to be caused, by the information or application of the information contained in this book.

Please note that software and hardware names used in the book as well as brand names and product names, e.g. PMBOK® Guide, of the respective companies are generally subject to trademark, brand or patent protection.

Bulk Orders:

Discounts on bulk orders of the printed version of this book are available for your team or classroom. Please contact [e-mail] for more information.

Copyright © 2021 Roland Wanner

All rights reserved, including those of partial reproduction as well as photomechanical and electronic reproduction.

Edition 1.11, November 2022

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Table of Contents

Preface

Introduction

The Genesis of Earned Value Management

A New Management Methodology Emerges

Current EVM Standards and Guidelines

Why We Need Earned Value Management

The Baseline/Actual Comparison

The Baseline/Actual/Forecast Comparison

What Is Earned Value Management

EVM is More Than Just a Few Key Performance Figures

Earned Value Management Definitions

Project Management Questions – EVM Answers

Examples of Earned Value Calculations

Example 1: The Farmer Harvests Earned Value

Example 2: Software Project

Project Planning

Project Planning – the Basis for Project Execution

How to Create a Successful Project Schedule

The Planning Process

Project Scope Planning

The Classification of Work

Work Packages and Earned Value Management

Control Accounts

The Concept of Control Accounts

The Control Account Manager (CAM)

Important Points When Using CAPs

EVM Basic Performance Figures

New EVM Standard – New EVM Terms

PV – Planned Value

EV – Earned Value

AC – Actual Cost

BAC – Budget at Completion

Overview of the EVM Performance Figures and Formulas

The Calculation of the Earned Value

How to Determine the Earned Value

How to Determine the Earned Value

Earned Value Methods to Evaluate Work Performance

Percent Start/Percent Finish EV Method 50/50, 25/75, 80/20

50/50 EV Method

0/100 EV Method

Percent Complete EV Method

Weighted Milestones EV Method

Weighted Milestones with Percent Complete EV Method

Units Completed EV Method (Physical Measurement)

Apportioned Effort EV Method

Level of Effort (LOE) EV Method

Implementing EV Methods Correctly

Project Monitoring

CV – Cost Variance

SV – Schedule Variance

CPI – Cost Performance Index

SPI – Schedule Performance Index

CPI and SPI Graphics

Cumulative or current CPI, SPI?

The Behavior of SV, CV, SPI and CPI

Project Forecasts

Forecasts – an Effective Management Tool

EAC – Estimate at Completion

VAC – Variance at Completion

TCPI – To Complete Performance Index

ETC – Estimate to Complete

The Degree of Completion of the Overall Project

Relation Between the EVM Performance Figures

EVM Graphics Bring More Transparency

Simple EVM On All Your Projects!

The Earned Value Management System Criteria

Appendix

Get the EVM Quick Access Card

Earned Value Management Glossary

Literature

Internet Sources

About the Author

EVM no substitute for a good project manager

Preface

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Congratulations on wanting to learn more about Earned Value Management (EVM), the best practice in project control. In only 60 minutes you will learn the most important methods and tools for an effective Project Control to keep your project under control.

This book guides you through all the important processes and methods of EVM in a short time and shows you how to apply it with many examples and illustrations. It is also an excellent preparation for the PMI® PMP exam, because this book is based on PMI/ANSI and EIA standards.

By the way, if you don't manage to read this book in 60 minutes, you won't be alone. Take your time!

At the beginning of this book, I give you a brief introduction in the genesis of Earned Value Management. Then I show you what other project control methods do not provide and why Earned Value Management will give you more transparency and security in your project endeavor.

Afterwards, I give you a short introduction to project control and the planning process. This provides you with a solid basis for a better understanding of the detailed explanations about Earned Value Management and its requirements in the next chapters.

Then you will receive a comprehensive description of Earned Value Management with a detailed description of the specific EVM performance figures and their application with the Earned Value methods.

You will then learn how to use EVM performance figures to create meaningful project forecasts and I show you what you should pay attention to when reporting with EVM.

The content of the book is supported by more than 50 figures, which will help you understand what you have read even better.

For Whom Is This Book Written?

As a buyer of this

Reviews for Earned Value Management

[Roland · Rating: 5 out of 5 stars]

This is a great summary of the Earned Value Management Methodology. Just that what I needed. You will need to plan more than 60 Minutes to read this book. But it's worth doing it.