Essentials Of Earned Value Management (EVM) Course That Makes You Expert!

In today working world, project management has converted into an essential part of modern day business processes. Understanding and implementing the project management ideas is now a necessary obligation for all growing businesses now.

Earned Value Management (EVM) is a methodology used for project management that combines scope, schedule, and cost to evaluate how the project is working against the project plan, it is also referring to as PBM- Performance Measurement Baseline.

Thus, EVM helps you to manage your organization projects efficiently and work on those.

EVM measures project cost performance by comparing the budgeted cost of work accomplished against its original value.

Also, learning EVM course is highly beneficial for the learners who want to make a career in project management or want to become a Project Manager.

The EVM- Earned value management courses also help you to gain expertise in your profession. There are various online courses available so that you can learn those from Anywhere and at any time.

EVM courses have the benefits of learning for everyone; entry level, project management enthusiasts, those wishing to enhance their project management skills, mainly the professionals in the field and for those planning for project management certification tests.

Such courses designed to help you acquire all the necessary earned value management skills in project management and gain expertise.

Thus, NIBT e-Learning providing training on the best-ever Earned Value Management course which is accessible on the NIBT’s e-Learning portal

“Become Earned Value Management (EVM) Expert with our course.” The course recognizes and explains EVM core and components. By the time you complete the EVM course, you will be able to understand, describe, calculate, interpret and write precise project performance report.

EVM eLearning

Course Design-

NIBT e-Learning has Especially design This is an intermediate/advanced project management course designed by Virginia Tech Experts for engineers, architects, and construction students or professionals who are involved in the use of Earned Value for assessing performance and project control.

Upon satisfactory completion of the course, each attendee will receive a certificate of completion from Virginia Tech.

The course helps you to retain all the essential skills to be proficient in using Earned Value Management on your project. It will also expose you to advanced tools that will analyze roles in generating EVM values.

Last but not the least Upon completing this course, attendees will be able to :

• Explain EVM concepts and benefits
• Understand how to organize and breakdown project scope
• Determine how much work has been completed and compare it against how much was expected to complete
• Analyze and report project performance
• Enable early problem identification and resolution
• Project future cost and schedule performance

Finally, the course gives lucrative career opportunities open to you as a project management expert.

So now stop thinking! Enroll in NIBT e-Learning courses and Explore your career.

Conclusion:

• Earned value management EVM methodology takes into account all three triple constraints that may limit a project or cost extra expenditure
• Earned value management is a proven value.
• EVM integrates cost, schedule, and technical performance.
• Earned value management provides planning and control disciplines on projects

Earned value management Controls the project by analyzing cost and performance variations, assessing final value, developing corrective actions, and also controlling changes to the integrated baseline. 

Source:https://nibt.education/blog/2018/09/essentials-of-earned-value-management-evm-course-makes-you-expert/

Leverage Agility and Precision with Earned Value Management

Earned Value Management or EVM has gained significant traction amongst various industry verticals to be more productive and creative amongst various team members in an organization. Budget and Deadlines are the most important parameters of a project, thus it requires agile management techniques to successfully complete them on time. The time for guessing project timelines has come to an end and is being replaced by clear goals and scope, better planning and more using Earned Value Management. It helps owners stay on time and on budget.

Source: Pixabay

Let’s scan through some of its benefits and understand the essentials of EVM

Project control is one of the main factors in determining the success or failure of a project. It is also essential for measuring project performance along the entire lifecycle of the project. Early warnings in a project execution can mitigate errors through corrective action. This is where Earned Value Management is used as a powerful technique to monitor and control cost performance and time for a project. This technique uses specific metrics or parameters to measure project accomplishments. The idea is to keep track of the current stage of the project against proposed timelines and projections. Any adjustment in the timeline can be added and analyzed to make the necessary adjustments for exceptional project outcomes.

1 Plan Effectively

For EVM to work,  project teams need to spend a lot of time planning baselines or proposed goals for time and budget in real-time. A systematic view of the project from start to finish needs to be done to increase clarity amongst various stakeholders and organizations. There are three key parameters that need to be evaluated for a project in EVM i.e. Planned Value, Actual Cost, and Earned Value.

• Planned value or also called as Budgeted Cost of Work Scheduled (BCWS) is a time-phased budget baseline that is defined on the basis of the baseline schedule
• Actual Cost or AC is the cumulative amount of money spent at a given time or date. This is also called as Actual Cost of Work Performed
• The Earned Value is the amount that was proposed to perform work that was actually done at a given date. It is also called the Budgeted Cost of Work Performed(BCWP)

2 Maintain Clarity & Simplicity

EVM removes human assumption by maintaining objectivity on the project status. What we mean by project status is what has been completed at the present point in time against what was proposed at the start of the project. If a team is unable to finish the proposed tasks in a given timeline, then it would actually show up in terms of data, this means the team has come up short of the given timeline. This shows stakeholders if the proposed timeline was achievable or unachievable. To create simplicity for a project, a single platform needs to used by all the stakeholders of the project  This makes it easier to manage and forecast costs, timelines, and budgets for the complete project lifecycle.

3 Mitigate Issues and Enhance Responsibilities

Whilst using EVM, project problems can be detected very early on in all the phases. This enables all the stakeholders to create the necessary changes to get the project on track and as planned. Issues can slow down the complete project progress and create negative outcomes in the process.  In order to mitigate that, all the stakeholders need to take absolute accountability of the time and progress of the project to enhance productivity. The adoption of EVM in this phase can bring out unproductive personnel and get them moving to be on the same level as the others.

4 Predict and Boost Employee Productivity

The application of EVM is exemplified by predicting problems very early on in the planning stage. The most striking factor of EVM is it allows users to make calculated predictions based on strong numbers that can be used to develop accurate schedules and budget. This technique is very useful to mitigate setbacks at later stages of the project development. Owners and seniors can also improve employee productivity by monitoring project status and costs. A project ahead of schedule and furnished under budget can enhance employee morale and keep them working at the same pace.

Closing it on time and schedule, we can conclude that –

EVM can be leveraged to improve business decisions through precise project tracking and using various techniques to garner positive project outcomes. The results derived from EVM analysis serve as a backbone to evaluate deviations for cost, schedule and work scope. An EVM delivers exceptional information insights through project summaries and high-quality visuals in the form of graphics and reports for all the stakeholders to view and analyze. Read More…

Learn the Fundamental concepts of Earned Value Management.

Introduction:

Earned Value Management (EVM) supports project managers to measure project performance. It is a systematic project management process used to find variances in projects based on the comparison of work performed and worked planned.

EVM is practiced on the cost and schedule control and can be extremely useful in project forecasting.
EVM helps to provide the basis to assess work progress against a baseline plan, relates technical, time and cost performance offers data for pro-active management action and provides managers with a summary of effective decision making.

It provides a clear communication of the activities involved and improves project visibility and accountability. The fundamental principle of earned value management (EVM) is that the value of the portion of work is equal to the number of funds estimated to complete it.

What is earned value management (EVM)?
The basic concept of earned value management is more than a unique project management process or technique.  It is a parasol term that defines a set of requirements that a contractor’s management system must meet.
Earned Value Management logically schedules the functions so that lower level schedule elements support following elements and the top level milestones
The objectives of an EVM are to:

• Earned value management (EVM) Relate time-phased budgets to particular contract tasks including statements of work.
• EVM Produce the source to capture work progress assessments against the baseline plan.
• Earned value management Relate technical, schedule, and cost performance.
• EVM also Provide valid, timely, and auditable data/information for proactive project management analysis and action.
• EVM Supply managers with a possible level of summarization for the efficient decision-making process.

Benefits of Earned Value Management (EVM):
EVM provides extra information than regular project tracking. It helps to determine more accurately about where we are in the particular project as well as estimate its successful completion.
The value-added approach supports to achieve more excellent visibility and control of the project ventures which helps in responding to issues beginning on, hence making it conceivable to reach the project timelines. Earned Value Management provides a more precise communication of the ventures included and develops project visibility and accountability.

The elementary principle of EVM Project management is that the value of work is equal to the number of funds planned to complete it.

• Planned value: It is the authorized budget for the work scheduled to be accomplished by a set date.
• Earned value: It is an approved budget for the task completed at a specified time.
• Actual costs: The costs genuinely acquired for the work completed by the stipulated date.

To explain your project management schedule and cost performance with Earned Value Management, you have to use the following indicators:

• Schedule variance (SV): The sum of the difference among the work that done upon the number of work that was planned to do. It designates that the project is scheduled or not.
• Cost variance (CV): The type of the difference between the amounts estimated on the work intended to be done and the amount that actually used for the work done. Hence this indicates that the project is on budget or not.
• Schedule performance index (SPI): In this, the ratio within the budget approved for the work that is done in the budget passed on work and was planned It is a relative measure of the project’s time efficiency.
• Cost performance index (CPI): Here the ration between the approved budgets and the budget that was actually spent for the stipulated work. It is a relevant measure of the cost efficiency of the project and can be used to estimate the cost of the remainder of the task.

Course Design:
On the completion of Earned Value Management course, you will acquire the skills to evaluate all the earned value management values and furnish accurate interpretations for all the results. By the end of this course, you will help individuals preparing for project management certification tests.
The course can be Learn by all construction and management professionals like:

• Project manager
• Cost Controller
• Project Scheduler /Planner
• Entry Level
• Project Management
• Graduates from any field
• Engineers
• Management Students

NIBT’s Earned Value Management course will give the opportunity to be a successful Project Manager, Senior Project Manager, Planner, Scheduler, Financial Analyst, Procurement, and Contracts Staff.
Now, what are you waiting for? Enroll in NIBT e-Learning courses and Explore your career.
Conclusion:

• Earned value management EVM methodology takes into account all three triple constraints that may limit a project or cost extra expenditure
• Earned value management is proven value.
• EVM integrates cost, schedule, and technical performance.
• Earned value management provides planning and control disciplines on projects
• Earned value management Controls the project by analyzing cost and performance variations, assessing final costs, developing corrective actions, and controlling changes to the integrated baseline