Earned Value Management (1 of 4): Earned Value

In this comprehensive tutorial, we break down Earned Value Management (EVM), one of the most essential project management techniques used to assess project performance and progress. We guide you through the critical components of EVM using an easy-to-follow real-world scenario: the installation of 50 desktop machines. This practical approach will help you grasp complex EVM concepts with ease.
This Tutorial has 4 Videos
1. Earned Value : • Earned Value Managemen... (Current One)
2. Variance Analysis : • Earned Value Managemen...
3. Trend Analysis : • Earned Value Managemen...
4. To Complete Performance Index : • Earned Value Managemen...
What you’ll learn in this video:
📊 Earned Value Analysis (EVA): Understanding the fundamentals of EVM and how it fits into project management.
📈 Planned Value (PV), Actual Cost (AC), and Earned Value (EV):
🧮 What each term means and how they are calculated.
🔗 The relationship between these metrics and their impact on project health.
💻 Real-World Example:
We walk through a scenario where a contractor is hired to install 50 machines within 5 days for $1,000.
🛠️ Learn how a project manager estimates costs and schedules, sets up a cost baseline, and tracks actual progress against planned values.
📉 Variance Analysis:
📏 Learn how to measure and compare the Planned Value (PV) and Earned Value (EV) to evaluate whether the project is on track, behind schedule, or over budget.
🚨 See how unexpected issues (like hiring more expensive labor or completing less work than planned) impact Cost Variance (CV) and Schedule Variance (SV).
📊 How to Plot EVM Data:
📐 Visualizing project data on cumulative cost graphs to clearly see deviations from the plan.
📅 Step-by-step plotting of PV, AC, and EV for daily progress over 5 days, and how to interpret these trends for effective project control.
🎯 Key Takeaways:
💡 How EVM helps in tracking project performance and making informed decisions.
💵 The difference between the contractor’s fee and the project’s cost baseline, and why it matters for earned value calculations.
🛑 Common pitfalls in EVM and how to avoid them.
By the end of this video, you'll have a solid understanding of how to use EVM for tracking project performance, spotting variances, and keeping your projects on time and within budget.
Who is this video for?
✅ PMP Exam Aspirants: Master EVM for the PMP exam with real-world scenarios.
✅ Project Managers: Improve your ability to track performance and manage costs.
✅ Program Managers: Improve your ability to track performance and manage costs of multipe projects.
✅ Project Control Professionals: Get better insights into variance analysis and project health monitoring.
This video is part of our Project Management Series, where we cover essential topics like cost management, risk management, and more. Subscribe to stay updated! 🎥
If you're preparing for the PMP Certification or looking to improve your project control skills, this video is for you. Let us know your thoughts in the comments below, and feel free to share your experiences with EVM! 💬
#pmpexam #projectmanagement #pmpizenbridge #pgmpizenbridge

[@54V4]

So... I basically watched your 10 min. video and understood everything very clearly Vs. 1 semester at a mediocre university from UK that charges almost 10k/yr. Great job mate, and thank you.

[@izenbridge]

Thanks for your kind words!!

[@naishajoseph9497]

His enthusiasm and love for teaching clearly shows. Great

[@izenbridge]

Happy to know that you liked video. Keep exploring!!

[@gerardarmstrong7645]

It looked almost too simple ... until the end. The the video certainly "earned its value" ;-) Very interesting concept to learn. Thanks!

[@izenbridge]

Thank you !! Gerard, for exploring our content and appreciating it. Your valuable and detailed feedback is really important to us. In Continuation to it, you can explore our video as per PMBOK Guide sixth edition on "Critical Path Method" kzbin.info/www/bejne/m4vKp2R4jJafebc

[@factsfacts3461]

You have made one the most confusing topics in the PMBOK for me as easy as ABC...Great Job!

[@izenbridge]

Thanks for your kind words!! Happy to know that you liked the video.

[@michelleclayton8461]

I like this guy... so practical. I can definitely relate

[@izenbridge]

Thank you!! Michelle for exploring and appreciating our PMP video. In continuation, you can explore the following PMP video on Critical Path Method kzbin.info/www/bejne/m4vKp2R4jJafebc

[@shar1akht0r]

Saket ! Amazing teacher, mentor ,educator what not. how simply you explained a big funda of Management. :).

[@izenbridge]

Thanks a ton

[@ig7061]

Very easy to understand! Great Job

[@izenbridge]

Glad to hear that!

[@snehap2127]

crystal clear in simplest manner , thanks

[@izenbridge]

Happy to know you found the content useful.

[@navi88888]

Very clear explanation, this is the good to places after my lecture confused me

[@izenbridge]

Glad it helped! To know more iZenBridge training programs, please visit -www.izenbridge.com/pmp/online-course/ It is complete and comes with an end to end support

[@vandnaanky]

pmpwithyou.blogspot.com/2020/10/how-to-solve-pmp-evm-questions-with_15.html

[@practicallyascientist9971]

Wish i found those videos yesterday, im last minute studying for a final tomorrow morning. Pretty poor project management on my part.

[@izenbridge]

All the best for your PMP exam!!

[@eiranlowesaa686]

Is project management course requires lots of maths . I am from biology background so little worried about it.

[@KhanKhan-vm3wh]

I really like your videos.

[@izenbridge]

Glad you like them!

[@chinthanasachin1684]

A great explanation! Thanks a lot!

[@izenbridge]

Glad it was helpful!

[@melaniek.7257]

Very good explanation. Best I found so far. I finally understand what this is all about. Thank you.

[@shar1akht0r]

in a nut shell : what is the worth of work done against the planned budget ? is what earned Value.

[@izenbridge]

perfect

[@vasanthi4316]

Excellent

[@izenbridge]

Thanks

[@ajk207]

Well done. Very well explained.

[@izenbridge]

Glad it was helpful! To know more about Saket training programs, please visit - www.izenbridge.com/landing/youtube/Saket-Bansal/

[@Turkistanian]

Thank the video was very elaborating and helpful. Thank sir.

[@izenbridge]

Thanks for your kind words!! Keep watching videos.

[@nurulatikah9970]

great!!!! I can understand better! I earned the value of PM.thank you sirrr!!!!!

[@izenbridge]

Glad you liked it, You can explore complete PMP program here - www.izenbridge.com/pmp/online-course/

[@vandnaanky]

pmpwithyou.blogspot.com/2020/10/how-to-solve-pmp-evm-questions-with_15.html

[@eleonoreaubertdevincelles2704]

happy i watched it was very clear !

[@izenbridge]

Thank you !! Aubert, for exploring and liking our content. In continuation, you can also explore our video as per PMBOK Guide sixth edition on "Funding Limit Reconciliation & S-Curve" kzbin.info/www/bejne/poGnnIiJYrqprNk

[@rizwanholo1]

how do you figure out the true cost of the project?

[@izenbridge]

Actual cost is monitored and recorded by the Project Manager.

[@prabhatmishra8935]

Review what you said at 7:34 to 7:39...10 machines not 100 Machines. Total machines to be installed were 50

[@izenbridge]

Thank you !! Prabhat for exploring our content. Yes, it is 10 machines and not 100 machines, we have noted this and will rectify the same.

[@ayeshaparveen5088]

Isn't it 700?

[@SmartCloudLearner]

No, It is correct

[@ashtheta9507]

He got mixed between rate and No. of machines

[@anishsule3283]

Awsome explanations done on all of your tutorial videos ..Ur a superb tutor and explains stuff in a very simplified manner..Thanks for spending your valuable time on posting your videos

[@izenbridge]

Thank you !! Anish, for exploring our content and appreciating Saket Sir. Your valuable and detailed feedback is really important to us. In Continuation to it, you can explore our video as per PMBOK Guide sixth edition on "Critical Path Method" kzbin.info/www/bejne/m4vKp2R4jJafebc

[@fo7743]

You are an incredible teacher! I almost can't believe how much you simplified Earned Value. You should win awards; everyone of your videos is immensely helpful.

[@izenbridge]

Thanks for kind words Faith Okolo!! All the best for your PMP® exam.

[@fo7743]

@@izenbridge Thank you! I already have my PMP but I didn't have this clarity on Earned Value until I came across this video. You do an excellent job with your videos!

[@izenbridge]

Happy to know that you liked the video!!

[@johnakwasiappiah9240]

That is a great peace of work

[@izenbridge]

Thank you.

[@humanflytube]

Perfect teaching. He would even teach rocket science in a simplified manner. Great great job!

[@izenbridge]

Thank you !! Humanfly, for exploring our content and appreciating Saket Sir. Your valuable and detailed feedback is really important to us. In Continuation to it, you can explore our video on Funding Limit Reconciliation & S-Curve kzbin.info/www/bejne/poGnnIiJYrqprNk

[@fo7743]

I know right! This guy is phenomenal. 😯😯😯

[@bilqis1317]

Great job! I finally cracked the EV code

[@izenbridge]

Thank you!! Bilquis, for exploring and liking our content. Good to know that our video was helpful to you. In continuation, you can also explore our video on yet another interesting topic - Funding Limit Reconciliation & S-Curve kzbin.info/www/bejne/poGnnIiJYrqprNk

[@caomengde1645]

Total NONSENSE. This is just simply the project’s actual cost run rate. Taken from your definition, this is the type EARN that doesn’t have any VALUE at all. This is mumbo jumbo jargon.

[@izenbridge]

Thank you for sharing your view, it is needed to people who are doing PMP certification

[@plyallstar]

Great simple explanation. Much appreciated!

[@izenbridge]

Thank you !! Plyallstar, for exploring and liking our content In Continuation to it, you can explore our video on Funding Limit Reconciliation & S-Curve kzbin.info/www/bejne/poGnnIiJYrqprNk

[@traficity5597]

What an easy and excellent explanation of such a confusing topic . Keep up doing the Good Work. Thank you very much.

[@izenbridge]

Thanks Traficity for your kind words. Keep an eye on our upcoming videos, we publish them from time to time.

[@sharmaagam1]

Very nicely explain thank you best easy explanation.

[@izenbridge]

Thank you.

[@unitedkingdomoffiveeyes9765]

Hope im not the only one but EV, costing and budgeting is kicking my arss. Im not a numbers guy

[@izenbridge]

good news is they don;t come that much in exam now a days.

[@unitedkingdomoffiveeyes9765]

@izenbridge feuwwww, thank you and for your very simple educational content.

[@umangdesai8823]

very well explanation for beginners

[@izenbridge]

Thank you !! Umang, for exploring and sharing your feedback with us. In continuation, you can also explore our video as per PMBOK Guide sixth edition on "Difference between Total Float & Free Float" - kzbin.info/www/bejne/pGe8eoujiqqij6M

[@SyedAli-nr3if]

Nice

[@izenbridge]

Thanks Syed for your kind words!!

[@mensworldrul]

Fantastic explanation given.. 👍

[@izenbridge]

Thank you !! Sharath, for exploring our content and appreciating Saket Sir. In Continuation to it, you can explore our video as per PMBOK Guide sixth edition on "Critical Path Method" kzbin.info/www/bejne/m4vKp2R4jJafebc

[@Seebzters]

So when it is okay to only use eva analysis to assess the cost and schedule impact of a change during control procurement and not do an overall impact analysis which would include resourcing and quality?

[@izenbridge]

EVM is not much related to Procurement Process, it is mainly done for checking the performance of the project execution.

[@Seebzters]

@@izenbridge Sorry I meant EVA analysis

[@Ff-gs1kt]

the best video

[@izenbridge]

Thank you!! Fahim for exploring and appreciating our content. In continuation to it, you can also explore our video on Funding Limit Reconciliation & S-Curve kzbin.info/www/bejne/poGnnIiJYrqprNk

[@faisalumar5585]

I read the PMBOK guide, the material from Project Management class that I took, created index cards, etc but just a cursory review of the video immediately digested for me what Earned Value Management Analysis means. Good Stuff !

[@izenbridge]

Happy to know you like it, keep exploring.

[@khushbirsinghnagra7408]

Thanks, Concept understood , Can you please share, for which purpose its used!!!

[@izenbridge]

Its a Control Cost tool, so mainly used in project cost monitoring reporting. One of the important topic of PMP Exam.

[@confuseddesy5582]

You are amazing! I spent 3 hours understanding Richa Mulchay's formula and long descriptions then watched 10min of your video. In fact, the other chapter on Network Diagram, come on! You made it look like a piece of cake. I haven't got a single wrong answer since the day I went through your video :) Thanks

[@izenbridge]

Glad it was helpful! To know more iZenBridge training program, please visit - www.izenbridge.com/pmp/online-course/ it is complete and comes with an end to end support

[@vandnaanky]

pmpwithyou.blogspot.com/2020/10/how-to-solve-pmp-evm-questions-with_15.html

[@AbdulRehman-nz4rg]

can somebody share the link of earned value taught by same guy... in which he explained the concept of EV

[@izenbridge]

Thanks!! Abdul for exploring our PMP content. Please find the video on Earned Value concepts as per PMBOK Guide fifth edition kzbin.info/www/bejne/pnSUXoetrLCep5o We have created the videos on all the topics including EV concepts as per PMBOK Guide sixth edition. These are available with our online course. You can explore our online course www.izenbridge.com/pmp/online-course/

[@MuralikrishnaBR]

Wow, the concepts were so complicated until I found this video. Excellent explanation

[@izenbridge]

Happy to know you liked the video!! To know more Saket Training programs, please visit - www.izenbridge.com/landing/youtube/safe-saket-bansal/

[@pearlsofwisdom101]

Very nice and simple explanation. Great!!! Please keep it up.

[@izenbridge]

Glad you liked it!! Keep exploring iZenBridge KZbin Channel. To know more iZenBridge PMP program, please visit - www.izenbridge.com/pmp/online-course/ It is complete and comes with an end to end support.

[@mazheribrahim7686]

Great explanation. Can I get complete series of your videos on PMBOK 6th edition.

[@izenbridge]

Yes, sure!! We have a complete program which has all videos. To know more, please visit -www.izenbridge.com/pmp/online-course/ It comes with an end to end support

[@vandnaanky]

pmpwithyou.blogspot.com/2020/10/how-to-solve-pmp-evm-questions-with_15.html

[@sargamkapoor1899]

Excellent explanation 👍👍 you made EVM so simple - all your videos are great - thanks

[@izenbridge]

Glad you like them! To know more complete details of PMP program, please visit - www.izenbridge.com/pmp/online-course/ It is complete and comes with an end to end support.

[@vandnaanky]

pmpwithyou.blogspot.com/2020/10/how-to-solve-pmp-evm-questions-with_15.html

[@rizwanholo1]

Thank you for elaborating.

[@izenbridge]

Glad it was helpful! To know more iZenBridge PMP program, please visit - www.izenbridge.com/pmp/online-course/ It is complete and comes with an end to end support.

[@sauravkumarprabhat977]

Thanks a lot sir.. Nice explanation

[@izenbridge]

Thanks Saurav for your kind words!! Keep watching videos.

[@murapras0000]

NIce explanation.

[@izenbridge]

Happy to know that you liked the video. Keep exploring the iZenBridge KZbin Channel.

[@khashy87]

700 not 70

[@izenbridge]

Thank you!! Kash for exploring our video. Assuming that you are referring to 8:25 to 8:33 the Earned value is 7*10=70 and not 700. Please confirm you are referring to same

[@az7725]

i thought it's 700 at first too. But it should be 70. Each day you are planning to install 10 computers, and total cost per day is $100. So you can consider that as $10/computer, $10 * 10 computer/day = Total $100 per day. On day 1 , only 7 computers were installed. So that is 7 computer * $10/computer = Total $70 Earned value.