EVM 123 Earned Value Management Basics

[@CecilDSouza]

Thanks Phil. I'm a PMP but I still come back to refresh myself. You are a gifted teacher.

[@pmpexam]

Thanks Cecil. Hope you are enjoying your newfound PMP freedoms :-) Haha!

[@MGBarkell]

Excellent lesson I will take with me to the exam room and beyond. Thank you!

[@pmpexam]

Thanks Mike!

[@khulekanianderson834]

This is an excellent presentation, sir. You demystified the technique of EVM and articulated it for anyone to understand it

[@malikfaizanmahmood213]

Thanks sir for sharing. Really helped me for my bachelor's thesis

[@askwaleed1]

Simple, straight & efficient....... Thanksssss

[@billdowpmo_pmcoach]

Excellent Video. Thanks for sharing.

[@ginjupallyvamshi7718]

Splendid video

[@pmpexam]

Thank you!

[@dearosman1]

thank you Mr Philip I had learned this lesson it's clear more reliable. please keep on going this lessons

[@pmpexam]

Thank you Osman!

[@ruwanhewavitharana7980]

Very good explanation. Thank you very much.

[@abdulhamidabozaid3669]

so simple and clear .. thank you .

[@pmpexam]

+Abdulhamid Abozaid Thank you!

[@ppsayl1235]

So earned value doesn't become an EV variable until the work that is planned becomes measurable by means of tangible work/time completion (0%-100%) against that planned work, correct?

[@allaboutpixhawkandrpi3691]

Awesome Lesson Bro ! learned alot!

[@pmpexam]

Thank you Moe!

[@Denise-sq4wy]

Hi Phill, I have to implement a simple cost tracking and performance tool for projects. We do have a project plan with activities, but costs are simply tracked against an approved budget and key cost categories. (eg: Plant and equipment = approved budget of US$300K , Hardware = approved budget of US$ 20K etc) Can i still use EVM based on assigned cost categories?

[@pmpexam]

User question: Hi Phill, I have to implement a simple cost tracking and performance tool for projects. We do have a project plan with activities, but costs are simply tracked against an approved budget and key cost categories. (eg: Plant and equipment = approved budget of US$300K , Hardware = approved budget of US$ 20K etc) Can i still use EVM based on assigned cost categories?

[@pmpexam]

Yes Deni. It depends. You can use Earned Value on this project if you have an approved budget (Baseline) broken out into the time periods that the costs are expected to hit. If you do not have the expected costs (approved budget) broken out by time period, you will be unable to efficiently use SPI but you could still use a weak version of CPI depending on your data. Do you have the approved budget broken out by time period for each activity or cluster of activities (work packages)?

[@queenkize]

Per your video, if I worked and spent only $3,500 from the $5,000 planned value, how come I ended up spending more on the actual cost if I only produced less than I planned for?

[@pmpexam]

+queenkize - it was explained at 4:11 Cost overruns due to resource risks and weather delays. On a real project this could be several possible reasons. So in this scenario the PM got less than planned done and the project is late because the originally planned "core team" is unavailable and there are weather challenges.

[@FD-lo8xr]

thank you i needed this :)

[@pmpexam]

+fAMOSS DAMOSS Thanks!

[@VanessaKlinger]

So the project is behind schedule by 90% and we are over budget 86% respectively? Thanks

[@pmpexam]

Vanessa - it is the reverse, the project is 10% behind schedule and 14% over budget. You could say you are only making 86 cents for every dollar spent. You are not getting the full value for your money. You can also say you are only 90% efficient schedule-wise and 86% efficient cost-wise. Also, you are spending 10 days working on the project but only achieving 9 days worth of work.

[@courtneyellis1704]

How did you graph this?

[@pmpexam]

@Courtney by entering the values in Excel. Excel has the graph function.

[@fernandoenriquez8573]

how did you graph

[@pmpexam]

@Fernando by entering the values in Excel.

[@fernandoenriquez8573]

Thank you sir for your feedback but perhaps the better question is how to construct a set up using "plug & play"; an instrument that is predetermined in excel, or so it seems.

[@pmpexam]

If I understand your question it is by putting in the formulas and letting excel do the calculations and manipulations?

[@santuchatterjee823]

Hi Phil...Can you please make a video on the forecasting technique

[@pmpexam]

Hi Santu! Check these videos out: kzbin.info/www/bejne/fpTRdYl8p71jiNE and kzbin.info/www/bejne/qqWwfXunl9qVbqM Does that help? Cheers!

[@pmpalihena]

Where is the BAC (Budget at Completion)? Don't you need this value for the calculations too?

[@preciousosegi9680]

Thanks a lot Mike. Great job!

[@angelaphillips2871]

Phil, Does the type of contract effect the Earned Value Management process? For example, will a Cost plus fixed fee contract be managed the same as a T&M contract ?

[@hrejoice8256]

Thank you for your training and explanation.. Very practical teaching...

[@spellru23]

The light bulb went on - thank you

[@pmpexam]

Awesome! Glad to hear that Ruby! Thanks :)

[@aryaardhana6452]

How come the progress values in March could be lower than the previous months? Does it make sense? Does the progress value should be increased on the next following months?

[@pmpexam]

Good question Arya. This is looking at the months in isolation (stand-alone) as opposed to cummlatively (adding them up as the months go on). For example EV for Jan = 8 , EV for Feb = 6, EV for March = 3 (stand-alone) OR CUMULATIVE TOTAL EV at end of Jan = 8 TOTAL EV at end of Feb = 14 TOTAL EV at end of March = 17 (cumulative). Does that help?

[@Welcome2TheInternet]

good video. thanks

[@pmpexam]

Thank you Sir!

[@queenkize]

Hi, I am actually taking the PMP course, is it okay if I could have your email address?

[@pmpexam]

+queenkize All the best in your test. Have you taken it? [e-mail]

[@NguyenMInh-hf3sl]

Excellent accessing method. Thanks for sharing!

[@pmpexam]

Thank you!

[@3sSSSSSam]

u great

[@pmpexam]

+3sSSSSSam Thank you!