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Description
Project performance measurement is critical to successful project management. Earned Value Management(EVM)helps to monitor the health and status of a project and hence is an integral part of project management. This workshop will help you fully integrate the principles and fundamentals of EVM in a simple and practical approach.
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Risks are a part of any project, but if not contained it may result in cost and schedule overruns thus affecting the scope of the project. More than 70% of projects worldwide get into schedule delays and cost overrun and fail causing severe loss to the organization and the global economy. EVM techniques are widely-practiced across organizations to mitigate schedule and cost risks. Using EVM, project teams are able to create a measurable project baseline by estimating and quantifying the value of work to be achieved at different milestones of the project schedule. This provides them a proven technique for measuring actual work accomplished and actual money being spent by those milestones, and the ability for effective calculation of schedule and cost variances. This further enables them to make meaningful forecasts for the projects and programs. This is an important aspect of project management that helps project managers reduce risk and increase the chances of project success.
This workshop will help you go from basic to advanced concepts of EVM and understand how to use it to deliver successful projects. The experiential course includes industry case studies and practical work that will help you understand how EVM is used in real world situations. EVM experts can earn as high as $109,599 on an average. With projects getting more complex with increased chances of failure, this expertise will be in much demand the world over.
What You Will Learn:
By the end of this course, you will:
- Facilitate the integration of project scope, time and cost objectives
- Establish a baseline plan for performance measurement (Performance Measurement Baseline – PMB)
- Understand the EVM data (PV, EV, AC, BAC, SPI, CPI, EAC, TCPI)
- Provide an objective measurement of project status in relation to cost, scope and timescales
- Enable accurate forecasting for projects and programmes
- Enable detailed project comparisons across programmes
- Demonstrate to stakeholders whether or not they are getting value for money
- Make suggestions to stakeholders as to how project value can be increased
Key Features
Curriculum
- Introduction to Earned Value Management
- EVM – The origin
- Relating EVM to Project Management
- Basics of Earned Value Management
- Learning the EVM Data Points (PV, EV, AC)
- Managing projects using EVM
- Project Planning
- Developing Work Break Down Structure (WBS)
- Identification of Work Packages and Control Account Points
- Estimation of Work Packages
- Scheduling of Work Packages (Creating Project Schedule)
- Determining and Establishing the Planned Value
- Establish the Performance Measurement Baseline (PMB)
- Project Monitoring
- Measuring actual work done (Earned Value) EV
- Measuring Actual Costs incurred (Actual Costs) AC
- Comparing EV and AC against PV
- Calculating variances and performance indexes (SV, CV, SPI and CPI)
- Making Forecasts (TCPI, EAC and ETC)
- Re-baseline (if needed)
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Information Systems ManagerFrequently Asked Questions
The attendees need to have some prior experience of planning of projects and programs.
The idea audience for this course would be project, program and portfolio managers.
On successful completion of the course you will receive a course completion certificate issued by KnowledgeHut.
You will receive 1 credit per hour of learning which totals to 8 credits for the entire workshop
Your instructors are industry veterans who have successfully led project, program and portfolio management in organizations across sectors and will handhold you through its practical and strategic aspects.
Projects these days are getting more complicated and intensive spanning geographies, cultures and varied workforce. A successful program manager is one who can manage all these considerations and deliver successful projects. This tutorial has been designed to help you understand earned value management, a practice that helps monitor the project and keep it on track before it slips. Grasping these fundamentals will help you handle projects and programs with expertise and become a successful project manager.
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