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Earned Value Management (EVM) is a well accepted project management tool used to track and evaluate a project’s performance. EVM combines metrics on cost, schedule, and technical accomplishment to determine, at any given point, a project’s status and performance. Traditional project management methods measures progress based on how much money a project has spent, or how much time has elapsed, with no correlation to how much work is being accomplished. For example, the project has spent 50% of the budget so 50% of the necessary work must also be complete. EVM on the other hand, measures progress through ratios linking cost, schedule, and performance; cost and schedule measurements are incorporated directly into technical performance.
Using EVM, Project Controls Managers can see, at any given time (Schedule), what they have received (Performance) for the money/resources (Budget) they have allocated. This allows for more informed decisions than those that result from looking at production/performance figures that are not correlated to time or cost. This course is designed to give participants a basic understanding of Earned Value Management (EVM) and its relationship to Program Management. You will learn how to implement EVM and successfully transfer the new knowledge/skills to your job.
Course Objectives
Upon completion of this course, graduates will be able to:
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- Explain EVM concepts and the benefits
- Organize, plan, and authorize work
- Perform, analyze and report project performance
- Enable early problem identification and resolution
- Project future cost and schedule performance
*Pre-requisite: It is encouraged participants have a basic understanding of Project Management concepts prior to attending the class
Who should attend? Project team members who are responsible for:
- Project Management
- Project Planning and Scheduling
- Resource Management
- Technical Performance
- Project Controls
- Project Analysis
- Project Accounting
What you will learn:
- The significant benefits of using EVM to measure and monitor project performance
- How to organize your project to enable the use of EVM
- How to enable processes to authorize, perform, and measure performance of project work
- Conduct a variance analysis to identify potential project issues and their root cause
- How to use EVM to forecast costs and completion dates
- How to comply with OMB, agency, or program performance reporting requirements
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