Course Category: Project Management
Course Duration: 2 Days
Hours: 14 PDUs (Professional Development Units)
This course is HRDF SBL & HRDF SBL Khas Approved
PRINCE2 is a registered trade mark of the Cabinet Office. This course is offered in partnership with ProjectingIT, which is an Accredited Training Organisation (ATO) for APMG.
What is Earned Value Management Course about?
APMG International have developed the EVM qualification in partnership with the Association of Project Management (APM) Earned Value specific interest group. Earned Value Management is a project control process based on a structured approach to planning, cost collection and performance measurement. It facilitates the integration of project scope, time and cost objectives and the establishment of a baseline plan for performance measurement. Earned Value Management concepts are included in thePMBOK and are tested on the Project Management Professional PMP Certification Exam. The establishment of a Performance Measurement Baseline (PMB) is essential to conducting successful EVM and consists of:
- Defined scope and assumptions
- Activities scheduled in logical sequence
- Resources / costs (labour and materials)
What You will Learn?
- To understand and apply the concept of Earned Value Management
- Define Earned value and Earned Value Management System
- Understand the benefits of using EVM
- Describe and understand the basic EVM Terminology
- Understand the basic elements of Earned Value Method
- To be able to implement EVM within a typical project
- List the planning elements that are essential to setting up projects for Earned Value reporting
- Understand the Earned Value formulas and demonstrate how to apply them correctly
- Demonstrate how to apply Earned Value to status current project performance and forecast project completion
- Be able to describe how to measure progress & cost against plan and produce performance metrics
- Use Microsoft Project to see how EVM can be implemented using a software
Why use Earned Value Management?
- EVM is the best way to determine the real status of a project. As well as telling you how much you have spent, it shows you how much you have achieved. Further, it tells you how much you still need to do and provides a good indication of final costs and expected completion dates
- EVM provides an objective measurement of what has been achieved on a project
- EVM enables accurate forecasting
- EVM is an Early Warning System that allows the timely identification and analysis of progress and cost issues and corrective actions to be identified
- EVM shows stakeholders whether they’re getting Value For Money
- EVM enables detailed project comparisons across programmes
- EVM can be used on a wide range of project sizes and complexity
- Improves the way you manage your Projects
Benefits of doing this Course
- It provides data to measure project status objectively
- It provides a basis for estimating final cost
- It predicts when the project will be complete
- Supports the effective management of resources
- It helps manage and control change
- It enables informed and effective decision making by knowing
- What has been achieved of the plan
- What it has cost to achieve the planned work
- If the work achieved is costing more or less than was planned
- If the project is ahead or behind the planned schedule
Who should Attend
The target audience for the program are professionals interested in understanding and implementing Earned Value Management for progress reporting including Project Managers, Team Managers, Executives, Portfolio Managers, Sponsors, Project Leaders, Project Co-ordinators, Program and Delivery Managers, Quality Staff (Testing and Quality Assurance), PMP, PRINCE2, Testers and Project Controller (PMO Office) and those who want to attend training workshops to earn Professional Development Units [PDU] for their continued learning.
Program Outline & Topics
- Project Management Framework and Processes
- Common Challenges in Project Reporting
- How does EVM help?
- What is Earned Value Management
- Process of using Earned Value Management
- Developing a Work breakdown structure
- Determining the project schedule and budget
- Using project baseline for performance measurement
- Elements and basic concepts of EVM
- Requirements of EVM – Collecting Data
- Calculation of Earned Value Performance Measures
- Understanding Planned Value and Earned Value
- Calculating Schedule Variance (SV) and Schedule Performance Index (SPI)
- Calculating Cost Variance (CV) and Cost Performance Index (CPI)
- Forecasting Estimate at Completion EAC
- Forecasting Estimate to Complete ETC
- Forecasting Variance at Completion VAC
- To Complete Performance Index TCPI using Budget at Completion BAC
- To Complete Performance Index TCPI using Estimate at Completion EAC
- Tracking progress & Monitoring schedule
- Managing and Control Changes and Baselines
- Reporting variances and using Graphs
- Analyzing EVM reports
- Management decision and action
- Implementing Earned Value Management
- Using Tools and Templates
- Using Microsoft Project for Earned Value Management
- Earned Value Management Tables in Microsoft Project
- Earned Value Management Columns in Microsoft Project
- How to set-up Microsoft Project for Earned Value Reporting
- Customizing Views, Reports and Visual Reports in Microsoft Project for EVM
- Taking Corrective and Preventive Actions
- Measuring Level of Effort
- Applying to Fixed Price Contracts
- Applying EVM Techniques to the Maintenance Phase and Managing Production Support
- Committing the Reserves
- Applying EVM to the Critical Path Calculations
A basic understanding of project management and/or financial management, project planning and scheduling and basic concepts on scope, time and cost planning and management.
Training and Exam Duration
Training: 2 days.
The course material shall be issued on the first day of the course during registration.
Exam: 60 minutes duration
The Earned Value Management Foundation exam consists of 40 multiple choice questions.
The exam is closed-book, i.e. no materials are allowed to be used. The candidate must achieve at least 65% (26 out of 40 marks) of the total score possible to pass.
The credential certificate would be issued by APMG upon successful completion of the exam.