Earned Value Management Systems EVMS
- Training Type: Instructor-Led Virtual Training..
- Duration: 2 days
- Number of students per session: Our EVMS Earned Value Management class sizes are typically 5-8 students per session. Our Earned Value EVM classes are intentionally kept small to foster more interaction between the instructor and students. We limit classes to a maximum of six (6) students unless we are teaching a private group, organization, or special offers classes.
- Special Offers: Sign up with a friend and save 5% each. With 2 friends:10% – 3 friends: 15%
- Corporate Training: Contact us for special rates
This EVM course will provide all participants with all the necessary skills, capabilities, and confidence to immediately start working within a production Earned Value Management System (EVMS) environment and delivering real results. In addition, an overview of what each Client needs to know about an upcoming Integrated Baseline Review (IBR)
What is EVMS?
An EVM specialist is a practitioner of Earned Value with demonstrated mastery of contract language as it relates to Earned Value application, the organization of a project’s scope into meaningful structure for execution; planning scheduling and budgeting the project work from initiation through close out using an integrated cost/schedule tool; highly proficient in monitoring project progress for performance measurement.
An Earned Value Management system (EVMS) and its related accounting component are used to record actual costs for a project or activity; generating relevant reports, understanding and analyzing the information reported, using actual cost data from, or reconcilable with, the accounting system for management of a project or activity; and managing change to the scope of work and/or any deviation, performance trend, or change to an approved or baseline project control plan, throughout the life-cycle of a project or portfolio of projects in the public and/or private sector.
Course Objectives:
This course provides all the essential tools and knowledge participants will need to fully understand Earned Value Management methods. Individuals who want to obtain a general knowledge about project cost control and Earned Value Management can significantly benefit from the training Earned Value Professional. Upon successful completion of this course, you will be able to:
- Recognize the Earned Value Management System
- Comprehend the concept behind the Earned Value formula, rather than relying on memorization
- Prepare an earned value analysis report
- Interpret and measure project health status based on the given earned value data
Who should attend the EVMS Training Course?
- Anyone interested in gaining a basic understanding of the Earned Value Management System
- Project managers
- Project controls personnel
- Engineering managers
- Construction managers
- Lead engineers and similar roles
EVMS Course Outline
- Pre-Requisite: Some knowledge of Planning and Scheduling-
- Bring : Notepad, Pen, Calculator
Day 1
Introduction to Project Controls
- What is Project Control
- Planning, Monitoring, and Controlling Process
Introduction to EVM along with 5 Process areas and 32 Guidelines
- Earned Value Management
- 5 Process areas and Guidelines (Back Bone of EVM)
- Integration of Scope-Time and Cost
Core Concepts and Terminology for Earned Value
- Planned Value
- Earned Value
- Actual Cost
- Budget at Completion
Step-by-Step EVM Process (WBS, Critical Path, Total Float)
- Develop WBS
- Develop Schedule using CPM
- Identify CP and Monitor Total Float
Cost Loading Schedule and Introduction to Rules of Credit
- Cost load the schedule
- Different industry-approved Rules of Credit
Establish Performance Measured Baseline
- Importance of Baseline
- Assign a Baseline
Introduction to Performance Measurement Methods
- Understanding six different performance methods to record project performance
EVM formulas and their implementation
- Planned Value
- Earned Value
- Actual Cost
Conducting EV Analysis
- SPI
- CPI
Interactive Examples
Day 2
EVM- 5 Process areas, and 32 guidelines as applied to your organization (Deep Dive) with Recap on Core Concepts
- ANSI/EIA 5 Process Areas and 32 Guidelines for implementing Earned Value
- Core Concepts of Earned Value
WBS, Control Accounts, and Baseline Management
- Importance of WBS
- Control Accounts to record progress
- Baseline Management and Rules for the rebase line
Critical Path, Total Float, and EVM as a decision-making tool
- Understand Critical Path and Track Changes to Critical Path
- Total Float and Float Consumption
- Total Float and its use in decision making
Integrating EVM with Project Controls: Deep Dive into EVM Metrics
- Schedule Variance and SPI (SPI < 1, SPI =1, SPI > 1 – What it means and the reality of it)
- Cost Variance and CPI
- Budget at Completion
Detailed understanding of the Rules of Credit and Performance Measurement Methods
- Rules of Credit and when to apply what Rule of Credit
- Performance Measurement Method and When to Use Which Performance Measurement Method
Advanced Forecasting Techniques (SPI, SV, CPI, CV, EAC, ETC, TCPI)
- Selecting the right formula
- Interpreting the results
Earned Schedule with index-based Schedule Metrics
- Converting dollar into time
- SV(t) and SPI(t)
Practical Case Study with Full EVM Life Cycle – Will be demonstrated in Class with Participant involvement
Advanced Analysis and Variance Thresholds and Investigation
- Threshold Metrix
- Triggering root cause analysis
- Reporting requirements
Case Study – Real World Example with Group Quiz (Canadian Arctic Offshore Patrol Ships (AOPS))
EVM Gold Card
Earned Value Management System EVMS Instructors
Our long-standing success is based on our instructors bringing real-world experience to the classroom and providing engaging, relevant, and high-quality course curriculum. We hire the most qualified, knowledgeable, and effective instructors in the industry. Our instructors are Certified Earned Value Professional EVP (AACE), Certified Planning and Scheduling Professional PSP (AACE), and Certified Cost Professional CCP (AACE)
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