Description
Earned value management (EVM) is a project management methodology that measures project performance by integrating time, cost, and scope. EVM forecasts the future based on predicted and actual values, allowing project managers to make adjustments as necessary.
Earned value management (EVM) is a project management methodology that measures project performance by integrating time, cost, and scope. EVM forecasts the future based on predicted and actual values, allowing project managers to make adjustments as necessary.
Another important terminology used in this course is earned value analysis (EVA). EVM uses EVA as one of its tools, but its scope is far wider: where EVA stops at computation, EVM is all about exploiting that data in trend analysis and forecasting. Because EVM is a project management function, it deals with both the data and the actions taken in response to that data.
Importance of the Earned Value Management Course
According to a detailed study conducted by Fleming and Koppelman, once you’re 20% into a project, your current performance can be used to predict the project’s future with a plus or minus 10% variation. EVM enables this powerful predictive capability, making it one of the best project cost control measures available.
Earned value management is a power tool with many benefits, enabling you to:
- Work with costs to map out unknowns and turn them into quantifiable factors.
- Compare and evaluating the possible state against the project baseline to identify critical paths.
- Create a data-driven framework for future action and decision-making.
- Intervene quickly and ahead of time (for example, you can change project scope and budgets, or roll back changes).
- By using clear metrics, you may increase visibility and accountability among stakeholders.
What you’ll learn:
- This course will teach you the fundamentals of Earned Value Management.
- Apply the EVM technique for project progress reporting.
- Understand the input and output of EVM.
Who this course is for:
- Project Management professionals looking to improve their career skills.
- Students preparing for project management certification exams.
- Project Managers, Planning Engineers, Project Engineers, Project Control Engineers, etc.
