PRACTICE STANDARD FOR EARNED VALUE MANAGEMENT

PRACTICE STANDARD FOR EARNED VALUE MANAGEMENT

1. ANALYZE PROJECT PERFORMANCE

   • INPUTS
     • PROJECT MANAGEMENT PLAN
     • WORK PERFORMANCE INFORMATION
       • KEY DATA POINTS
         • Planned Value
         • Earned Value
         • Actual Cost
         • Budget At Completion
   • DESCRIPTION
     • IHIUGPU
     • PERFORMANCE ANALYSIS
       • Common variances
         • SV
         • CV
       • Common indices
         • SPI
         • CVI
         • TCPI
       • SCHEDULE ANALYSIS
         • Project is ahead of or behind schedule
       • COST ANALYSIS
         • Project is in an over-budget or under-budget
     • FORECASTING
       • Estimate to Complete
         • The expected cost needed to complete all of the remaining work
       • Estimate at Completion
         • The expected total cost of a control account, work package, or the project
       • Variance at Completion
         • Shows whether the project is forecasted to fi nish under or over budget.
       • To-Complete Performance Index
         • It compares work completed to date with budget required to complete the remaining work
     • PERCENTAGE COMPARISIONS
       • Comparing
         • the percent complete
         • to the percent spent
     • TREND ANALYSIS
       • Can decipher or anticipate a potential performance problem
   • OUTPUTS
     • PERFORMANCE MEASUREMENT METHOD
     • FUNDING FORECASTS AND TRENDS
     • CORRECTIVE AND PREVENTIVE ACTIONS
   • THE BICYCLE CASE STUDY
     • ANALYZING OF DATA
     • GRAPHICAL ANALYSIS OF DATA
       • Graphical Display of PV, EV, and AC
       • Graphical Display of At Completion Data and Forecasts
       • Graphical Display Project Variances
       • Graphical Display of Project Indices
     • MAMNAGEMENT BY EXCEPTION AND VARIANCE ANALYSIS
   • CONSIDERATIONS
     • MANAGEMENT BY EXPECTION
     • COMMUNICATION WITH EARN VALUE DATA
       • TABLES
       • BAR CHARTS
       • CURBS
   • DEFINITION
     • THE PROCESS OF COMPARING ACTUAL PROJECT COST AND SCHEDULE PERFORMANCE TO THE PERFORMANCE MEASUREMENT BASELINE

2. DETERMINE MEASUREMENT METHOD

   • INPUTS
     • STATEMENT OF WORK
       • Description of products
     • REQUIREMENTS DOCUMENTATION
     • SCOPE BASELINE
       • Approved version of a scope statement
     • INTEGRATED MASTER SCHEDULE
       • Planned dates for performing activities
     • PROJECT BUDGET
       • The time-phased distribution of funds for the planned work
   • DESCRIPTION
     • DISCRETE EFFORT
       • Methods
         • FIXED FORMULA
         • WEIGHTED MILESTONE
         • PERCENT COMPLETE
         • PHYSICAL MEASUREMENT
       • Can be planned and measured and that yields a specific output.
     • APPORTIONED EFFORT
       • Is estimated as a percentage of the referenced discrete work effort
     • LEVEL OF EFFORT
       • Activities do not directly produce defi nitive end products measureablies
   • OUTPUTS
     • PERFORMANCE MEASUREMENT METHODS
     • CONTROL ACCOUNT PLAN UPDATES
   • CONSIDERATIONS
     • SELECT THE METHOD
       • Characteristics of work
         • Duration and measurability
       • Requirements
       • Measurement units
         • Hours, currency, and other measurable units
       • Level of accuracy to measure
         • Cost, schedule, and performance
       • Risk
     • RULES OF MEASUREMENT
     • MEASUREMENT OF PROCUREMENTS
   • DEFINITION
     • THE PROCESS TO SELECT THE APPROPRIATE METHOD OF PROGRESS EVALUATION FOR EACH WORK PACKAGE

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