Earned Value Management

Start with the terms

Begin with Perform earned value calculations, a flashcard deck that asks what earned value is, how it can be used in projects and what the terms in calculations mean. Use the questions to check which terms you can explain before moving on to formulas.

Then look at Formulas. Its cards cover measures including the cost performance index, schedule performance index, cost variance and schedule variance. Take each measure in turn and connect its name with the earned value, planned value or actual cost terms shown on the cards.

Move from maps to a quiz

The cost control mind maps show earned value alongside project performance and budget tracking. Another map sets out to-complete performance index formulas using budget at completion, earned value, estimate at completion and actual cost. Use these maps to see how the terms appear together, then return to the flashcards if you want to check their meanings.

When you are ready for a calculation, try EVM Quiz. It includes an estimate-at-completion question that uses both cost and schedule performance indices. Work through the information in the question, then compare the terms with those in the maps and flashcards.

Explore the other resources

Practice Standard for Earned Value Management includes material on schedule variance and favorable and unfavorable conditions. The page also lists Interpret earned value data, Earned Value Analysis and Earned Value Management Knowledge Test. These offer further places to continue after the introductory cards and calculation practice.

Use the topic within the unit

Earned Value Management is one section of Project Cost Management in Business administration and management (incl. project management). The cost control maps provide a way to connect this section with its unit: they place earned value alongside tracking project performance against a budget.

Choose a map, work through a quiz and return to the cards for any terms you want to study again.