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Earn Value Management Made Simple

Earn Value Management Made Simple

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Published by tafe4cs
An EVM example to clarify the concept
An EVM example to clarify the concept

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Published by: tafe4cs on Jul 14, 2009
Copyright:Attribution Non-commercial

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12/31/2012

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Page
 
1
 
of 
 
3
 
Project
 
Management
 
Basic
 
 –
 
EVM
 
made
 
simple
 
©
 
SeeHua
 
Phang
 
Earned
 
Value
 
Management 
 
EVM
 
is
 
a
 
project
 
management
 
cost
control/performance
 
measurement
 
technique.
 
It
 
compares
 
the
 
PLANNED
 
vs
 
ACTUAL
 
PERFORMANCE.
 
EVM
 
measures
 
and
 
compares:
 
 
The
 
amount
 
of 
 
work
 
actually
 
completed
 
and
 
the
 
resources
 
actually
 
consumed
 
at
 
a
 
point
 
in
 
time
 
in
 
the
 
project,
 
with
 
 
The
 
amount
 
of 
 
work
 
planned
 
(budgeted)
 
to
 
be
 
completed
 
and
 
the
 
resources
 
planned
 
to
 
be
 
consumed
 
at
 
the
 
same
 
point
 
in
 
time
 
in
 
the
 
project.
 
Acronym
 
Term
 
Formula
 
Interpretation
 
PV
 
Planned
 
Value
 
Planned
 
Values
 
The
 
estimated
 
value
 
of 
 
the
 
work
 
planned
 
to
 
be
 
done
 
and
 
the
 
planned
 
resources
 
to
 
be
 
consumed.
 
EV
 
Earned
 
Value
 
Earned
 
Values
 
The
 
estimated
 
value
 
of 
 
the
 
work
 
actually
 
accomplished
 
and
 
the
 
resources
 
consumed.
 
AC
 
Actual
 
Cost
 
Actual
 
Values
 
The
 
actual
 
cost
 
incurred
 
doing
 
the
 
work
 
and
 
paying
 
for
 
the
 
resources
 
consumed.
 
CV
 
Cost
 
Variance
 
CV
 
=
 
EV
AC
 
If 
 
(+),
 
then
 
we
 
spend
 
less
 
than
 
planned.
 
CPI
 
Cost
 
Performance
 
Index
 
CPI
 
=
 

 
A
 
productivity
 
indicator
 
SV
 
Schedule
 
Variance
 
SV
 
=
 
EV
PV
 
If 
 
(+),
 
then
 
we
 
are
 
ahead
 
of 
 
schedule.
 
SPI
 
Schedule
 
Performance
 
Index
 
SPI
 
=
 

 
A
 
productivity
 
indicator
 
BAC
 
Budget
 
at
 
Completion
 
Total
 
budgeted
 
cost
 
How
 
much
 
did
 
we
 
budget
 
for
 
the
 
project?
 
ETC
 
Estimate
 
to
 
Complete
 
ETC
 
=
 

 
From
 
this
 
point
 
on,
 
how
 
much
 
MORE
 
do
 
we
 
expect
 
it
 
to
 
cost
 
to
 
finish
 
the
 
 job?
 
EAC
 
Estimate
 
at
 
Completion
 
EAC
 
=
 
AC
 
+
 
ETC
 
What
 
do
 
we
 
currently
 
expect
 
the
 
total
 
project
 
to
 
cost?
 
VAC
 
Varian
 
at
 
Completion
 
VAC
 
=
 
BAC
EAC
 
How
 
much
 
over
 
or
 
under
 
budget
 
do
 
we
 
expect
 
to
 
be
 
at
 
the
 
end
 
of 
 
the
 
project?
 
 
Page
 
2
 
of 
 
3
 
Project
 
Management
 
Basic
 
 –
 
EVM
 
made
 
simple
 
©
 
SeeHua
 
Phang
 
On
 
the
 
work
package
 
level:
 
 
EV
 
=
 
PV
 
when
 
the
 
work
 
is
 
done,
 
otherwise
 
EV
 
<
 
PV.
 
 
AC
 
is
 
the
 
actual
 
cost
 
of 
 
performing
 
the
 
work.
 
It
 
can
 
be
 
more
 
or
 
less
 
than
 
EV,
 
and
 
PV.
 
Note:
 
A
 
good
 
baseline
 
schedule
 
 –
 
accurate
 
and
 
complete
 
estimate
 
of 
 
work/resources/time
 
is
 
a
 
must
 
to
 
use
 
EVM.
 

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