{"id":30903,"date":"2018-11-16T19:25:08","date_gmt":"2018-11-16T23:25:08","guid":{"rendered":"https:\/\/www.pmvision.ca\/?p=30903"},"modified":"2018-11-16T19:29:15","modified_gmt":"2018-11-16T23:29:15","slug":"earned-value-management-evm-basic-concepts","status":"publish","type":"post","link":"https:\/\/www.pmvision.ca\/global\/earned-value-management-evm-basic-concepts\/","title":{"rendered":"Earned Value Management (EVM) | Basic Concepts"},"content":{"rendered":"<h2 class=\"article_cat\" style=\"text-align: left;\"><strong>Basic Concepts of Earned Value Management (EVM)- Part 1<br \/>\n<\/strong><\/h2>\n<p>&nbsp;<\/p>\n<p>Many project managers manage their project performance by comparing planned to actual results. With this approach, you could easily be on time but overspend according to your plan.<\/p>\n<p>A better method is <i>Earned Value Management (EVM). <\/i>Simply stated, EMV compares what you\u2019ve received or produced to what you\u2019ve spent.<\/p>\n<p>&nbsp;<\/p>\n<p><a href=\"https:\/\/i0.wp.com\/www.pmvision.ca\/global\/wp-content\/uploads\/2018\/11\/Earned-value-management.jpg\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-30904\" src=\"https:\/\/i0.wp.com\/www.pmvision.ca\/global\/wp-content\/uploads\/2018\/11\/Earned-value-management.jpg?resize=1023%2C240\" alt=\"PMP - Earned value management \" width=\"1023\" height=\"240\" srcset=\"https:\/\/i0.wp.com\/www.pmvision.ca\/global\/wp-content\/uploads\/2018\/11\/Earned-value-management.jpg?w=1023&amp;ssl=1 1023w, https:\/\/i0.wp.com\/www.pmvision.ca\/global\/wp-content\/uploads\/2018\/11\/Earned-value-management.jpg?resize=150%2C35&amp;ssl=1 150w, https:\/\/i0.wp.com\/www.pmvision.ca\/global\/wp-content\/uploads\/2018\/11\/Earned-value-management.jpg?resize=300%2C70&amp;ssl=1 300w, https:\/\/i0.wp.com\/www.pmvision.ca\/global\/wp-content\/uploads\/2018\/11\/Earned-value-management.jpg?resize=768%2C180&amp;ssl=1 768w, https:\/\/i0.wp.com\/www.pmvision.ca\/global\/wp-content\/uploads\/2018\/11\/Earned-value-management.jpg?resize=800%2C188&amp;ssl=1 800w\" sizes=\"(max-width: 1023px) 100vw, 1023px\" \/><\/a><\/p>\n<p>The EVM continuously monitors the percent complete of the project, the planned value (PV), earned value (EV), and actual costs (AC) expended to produce the work of the project. When variances that result in cost changes are discovered (including schedule variances and cost variances), those changes are managed using the cost change control system.<\/p>\n<p>The primary function of this analysis technique is to:<\/p>\n<ul>\n<li><strong><i>determine and document the cause of the variance, <\/i><\/strong><\/li>\n<li><strong><i>to determine the impact of the variance (you\u2019ll do this with the EVM formulas shortly), and <\/i><\/strong><\/li>\n<li><strong><i>to determine whether a corrective action should be implemented as a result.<\/i><\/strong><\/li>\n<\/ul>\n<p>To perform the EVM calculations, you need to first gather the four measurements mentioned earlier: the percent complete of the project, the planned value (PV), actual cost (AC), and earned value (EV).<\/p>\n<blockquote>\n<ul>\n<li><a href=\"http:\/\/www.pmvision.ca\/global\/shop\/pmp-certification-toronto-on-pmp-training-boot-camps-exam-prep\/\" target=\"_blank\" rel=\"noopener\"><strong>Take our PMP Project Management Professional Exam Prep Course in Toronto, Mississauga, Scarborough, Ottawa, &amp; Montreal<\/strong><\/a><\/li>\n<li><a href=\"http:\/\/www.pmvision.ca\/global\/shop\/pmi-sp-scheduling-professional-exam-prep-pmi-sp-training-courses\/\" target=\"_blank\" rel=\"noopener\"><strong>Take our PMI-SP\u00a0 Project Scheduling Professional Exam Prep Course in Toronto, Mississauga, Scarborough, Ottawa, &amp; Montreal<\/strong><\/a><\/li>\n<li><a href=\"http:\/\/www.pmvision.ca\/global\/shop\/pmi-rmp-exam-prep-pmi-rmp-training-course\/\" target=\"_blank\" rel=\"noopener\"><strong>Take our PMI-RMP\u00a0 Project Risk Management Professional Exam Prep Course in Toronto, Mississauga, Scarborough, Ottawa, &amp; Montreal<\/strong><\/a><\/li>\n<\/ul>\n<\/blockquote>\n<h2><span style=\"color: #008080;\"><b>Percent complete of project<\/b><\/span><\/h2>\n<p>Many project managers determine how much work has been completed by asking team members for an estimate of percent complete for each task. On projects where work cannot be measured, this estimate is simply a guess. This is time consuming and almost always a complete waste of time because a guess does not provide a confident estimate of the actual percent complete.<\/p>\n<p>If a project has been planned using a WBS, and tasks require about 80 hours of work, we have alternatives to percent complete.<\/p>\n<p>Because tasks will be completed faster and more frequently, we can forget percent complete and use one of the following:<\/p>\n<ul>\n<li><b>50\/50 RULE<\/b> &#8211; A task is considered 50% complete when it starts. The remaining 50% credit is given when the task is completed<\/li>\n<li><b>20\/80 RULE<\/b> &#8211; A task is considered 20% complete when it starts. The remaining 80% credit is given when the task is completed<\/li>\n<li><b>0\/100 RULE<\/b> &#8211; A task does not get credit for partial completion, it get 100% credit only full completion.<\/li>\n<\/ul>\n<h2><span style=\"color: #008080;\"><b>Planned value (PV)<\/b><\/span><\/h2>\n<p>The <i>planned value (PV) <\/i>is the cost of work that has been approved (budgeted) for a schedule activity or WBS component to be completed during a given time period. These budgets are established during the planning processes.<\/p>\n<p><i>The <\/i><u><i>total PV<\/i><\/u><i> is also referred as \u201cBudget at Completion\u201d<strong> (BAC)<\/strong>, and\/or \u201cPerformance Measurement Baseline\u201d<strong> (PMB), <\/strong><\/i>PV is also called <i>budgeted cost of work scheduled <\/i><strong>(BCWS)<\/strong>.<\/p>\n<p><u><b>Example:<\/b><\/u><\/p>\n<ul>\n<li>According to my project plan By July , I plan to complete several activities that have been approved (budgeted) at $ 400.<\/li>\n<li>Therefore at the end of the first month the planned value PV = $ 400.<\/li>\n<\/ul>\n<h2><span style=\"color: #008080;\"><b>Earned value<\/b><\/span><\/h2>\n<p><i>Earned value <strong>(EV) <\/strong><\/i>is the value of the work (schedule activity or WBS component) completed to date as it compares to the budgeted amount <strong>(PV)<\/strong> assigned to the work component. EV is also called <i>budgeted cost of work performed <\/i><strong>(BCWP).<\/strong><\/p>\n<ul>\n<li><i>EV cannot be greater than PV<\/i><\/li>\n<\/ul>\n<p><strong>EV = PV * percent complete<\/strong><\/p>\n<p><strong>Example:<\/strong><\/p>\n<ul>\n<li>Suppose that at July 1, I completed only 81% of my planned activities<\/li>\n<li>Therefore at July 1,\u00a0\u00a0\u00a0 EV = $ 400 * 81% = $ 325<\/li>\n<\/ul>\n<h2><span style=\"color: #008080;\"><b>Actual cost<\/b><\/span><\/h2>\n<p><i>Actual cost <strong>(AC)<\/strong> <\/i>is the cost of completing the work (a schedule activity or WBS component) in a given time period. AC is also called <i>actual cost of work performed <\/i><strong>(ACWP)<\/strong>.<\/p>\n<p>Actual costs might include direct and indirect costs but must correspond to what was budgeted for the activity.<\/p>\n<ul>\n<li>If the budgeted amount did not include indirect costs, do not include them here<\/li>\n<\/ul>\n<p>Later you\u2019ll see how to compare this to PV to come up with variance calculation results.<\/p>\n<p><strong>Example:<\/strong><\/p>\n<ul>\n<li>Suppose that at July 1, I collect all the actual costs and the total figure is $ 325.<\/li>\n<li>Therefore at the end of the first month AC = $325<\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p>We can plot all the PV, AC, and EV measurements graphically to show the variances between them.<\/p>\n<ul>\n<li>If there are no variances in the measurements, all the lines on the graph remain the same, which means the project is progressing as planned.<\/li>\n<\/ul>\n<p>The following figure shows an example that plots these three measurements<\/p>\n<p><a href=\"https:\/\/i0.wp.com\/www.pmvision.ca\/global\/wp-content\/uploads\/2018\/11\/EVM-in-Projects.jpg\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-30905\" src=\"https:\/\/i0.wp.com\/www.pmvision.ca\/global\/wp-content\/uploads\/2018\/11\/EVM-in-Projects.jpg?resize=974%2C370\" alt=\"EVM in Projects\" width=\"974\" height=\"370\" srcset=\"https:\/\/i0.wp.com\/www.pmvision.ca\/global\/wp-content\/uploads\/2018\/11\/EVM-in-Projects.jpg?w=974&amp;ssl=1 974w, https:\/\/i0.wp.com\/www.pmvision.ca\/global\/wp-content\/uploads\/2018\/11\/EVM-in-Projects.jpg?resize=150%2C57&amp;ssl=1 150w, https:\/\/i0.wp.com\/www.pmvision.ca\/global\/wp-content\/uploads\/2018\/11\/EVM-in-Projects.jpg?resize=300%2C114&amp;ssl=1 300w, https:\/\/i0.wp.com\/www.pmvision.ca\/global\/wp-content\/uploads\/2018\/11\/EVM-in-Projects.jpg?resize=768%2C292&amp;ssl=1 768w, https:\/\/i0.wp.com\/www.pmvision.ca\/global\/wp-content\/uploads\/2018\/11\/EVM-in-Projects.jpg?resize=800%2C304&amp;ssl=1 800w\" sizes=\"(max-width: 974px) 100vw, 974px\" \/><\/a><\/p>\n<h2><span style=\"color: #008080;\"><b>Cost Variance<\/b><\/span><\/h2>\n<p>Cost variance is one of the most popular variances that project managers use. Cost variance shows whether your actual costs are higher than budgeted (with a resulting negative number) or lower than budgeted (with a resulting positive number).<\/p>\n<p>The <i>cost variance (CV) <\/i>is calculated as follows:<\/p>\n<p><strong>CV = EV \u2013 AC<\/strong><\/p>\n<ul>\n<li>CV = Negative, OVER BUDGET<\/li>\n<li>CV = Positive, UNDER BUDGET<\/li>\n<\/ul>\n<p>In our <strong>Example<\/strong><\/p>\n<ul>\n<li>CV = $ 375-$ 345 = $ 50 ($50 under budget as of July 1)<\/li>\n<li>A negative cost variance is often non-recoverable<\/li>\n<\/ul>\n<h2><span style=\"color: #008080;\"><b>Schedule Variance<\/b><\/span><\/h2>\n<p>Schedule variance, also a popular variance, tells you whether the schedule is ahead or behind what was planned for this period in time. The <i>schedule variance (SV) <\/i>is calculated as follows:<\/p>\n<p><strong>SV = EV \u2013 PV<\/strong><\/p>\n<ul>\n<li>SV = Negative, BEHIND SCHEDULE<\/li>\n<li>SV = Positive, AHEAD OF SCHEDULE<\/li>\n<\/ul>\n<p>Lets plug in the numbers:<\/p>\n<ul>\n<li>SV = $375-$400 = -$25 (Behind schedule as of July 1)<\/li>\n<\/ul>\n<blockquote>\n<ul>\n<li><a href=\"http:\/\/www.pmvision.ca\/global\/shop\/primavera-p6-training\/\" target=\"_blank\" rel=\"noopener\">Learn Primavera P6 Professional Fundamentals in Toronto, Scarborough, Mississauga, Ottawa &amp; Montreal<\/a><\/li>\n<li><a href=\"http:\/\/www.pmvision.ca\/global\/shop\/primavera-p6-advanced-training-rel-professional-16-1\/\" target=\"_blank\" rel=\"noopener\">Learn Advanced Primavera P6 Professional in Toronto, Scarborough, Mississauga, Ottawa &amp; Montreal<\/a><\/li>\n<li><a href=\"http:\/\/www.pmvision.ca\/global\/shop\/evm-earned-value-management-in-primavera-p6-rel-16-1\/\" target=\"_blank\" rel=\"noopener\">Learn using Earned Value Management EVM in Primavera P6 Professional\u00a0 in Toronto, Scarborough, Mississauga, Ottawa &amp; Montreal<\/a><\/li>\n<\/ul>\n<\/blockquote>\n<h1><span style=\"color: #333333;\"><b>Performance Indexes<\/b><\/span><\/h1>\n<p>&nbsp;<\/p>\n<p>Together, the CV and SV are known as <i>efficiency indicators<\/i> for the project.<\/p>\n<p>Cost and schedule performance indexes, <i>(CPI and SPI)<\/i> are primarily used to calculate performance efficiencies. They\u2019re often used in trend analysis to predict future performance.<\/p>\n<p>You\u2019ll need to know the calculations and what the results mean.<\/p>\n<ul>\n<li><i>If CPI or SPI is greater than 1, you\u2019ve got better than expected performance. If the result is less than 1, you\u2019ve got poor performance. If it equals 1, you\u2019re right on target.<\/i><\/li>\n<\/ul>\n<h2><span style=\"color: #008080;\"><b>Cost Performance Index (CPI)<\/b><\/span><\/h2>\n<p>The <i>cost performance index (CPI) <\/i>is calculated this way:<\/p>\n<ul>\n<li><strong>CPI = EV \u00f7 AC<\/strong><\/li>\n<\/ul>\n<p>Let\u2019s plug in the numbers:<\/p>\n<ul>\n<li>CPI = 375 \u00f7 325 =1.15<\/li>\n<li><i>Interpretation: as of July 1, we are getting $1.15 for every dollar invested on this project<\/i><\/li>\n<\/ul>\n<h2><span style=\"color: #008080;\"><b>Schedule Performance Index (SPI)<\/b><\/span><\/h2>\n<p>The <i>schedule performance index (SPI) <\/i>is calculated this way:<\/p>\n<ul>\n<li>SPI = EV \u00f7 PV<\/li>\n<\/ul>\n<p>Let\u2019s plug in the numbers:<\/p>\n<ul>\n<li>SPI = 375 \u00f7 400 =0.94<\/li>\n<li><i>Interpretation: Uh-oh, not so good. You are only progressing at 94% of the rate planned<\/i><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n<p>In the next article we will discuss the <strong>Forecasting<\/strong><\/p>\n<p>&nbsp;<\/p>\n<blockquote>\n<ul>\n<li><strong><a href=\"http:\/\/www.pmvision.ca\/global\/shop\/microsoft-project-training-courses-toronto\/\" target=\"_blank\" rel=\"noopener\">Learn MS.Project 2019\u00a0 Fundamentals in Toronto, Mississauga, Scarborough, Ottawa, &amp; Montreal<\/a><\/strong><\/li>\n<li><a href=\"http:\/\/www.pmvision.ca\/global\/shop\/advanced-microsoft-project-training-course\/\" target=\"_blank\" rel=\"noopener\"><strong>Learn Advanced Techniques in MS.Project 2019\u00a0 in Toronto, Mississauga, Scarborough, Ottawa, &amp; Montreal<\/strong><\/a><\/li>\n<li><strong><a href=\"http:\/\/www.pmvision.ca\/global\/shop\/pmi-sp-scheduling-professional-exam-prep-pmi-sp-training-courses\/\" target=\"_blank\" rel=\"noopener\">Learn Project Scheduling by taking our PMI-SP Scheduling Professional Exam Prep Class in Toronto<\/a><\/strong><\/li>\n<li><a href=\"http:\/\/www.pmvision.ca\/global\/shop\/pmi-sp-training-course-pmi-scheduling-professional\/\" target=\"_blank\" rel=\"noopener\"><strong>Learn Project Scheduling by taking our PMI-SP Scheduling Professional Online self-Paced Learning Course<\/strong><\/a><\/li>\n<\/ul>\n<\/blockquote>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Basic Concepts of Earned Value Management (EVM)- Part 1 &nbsp; Many project managers manage their project performance by comparing planned to actual results. With this approach, you could easily be on time but overspend according to your plan. A better method is Earned Value Management (EVM). Simply stated, EMV compares what you\u2019ve received or produced [&hellip;]<\/p>\n","protected":false},"author":365,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[111,18],"tags":[],"class_list":["post-30903","post","type-post","status-publish","format-standard","hentry","category-pmp","category-pm"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Earned Value Management (EVM) | Basic Concepts<\/title>\n<meta name=\"description\" content=\"This article provides an introduction to the basic concepts of earned value management (EVM) in projects. 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