Print this page Advanced Earned Value Management
Lawrence P. Duss, PE
Course Outline
As noted in Course P218, Earned Value Management basically establishes a project baseline and evaluates time, cost and risk factor changes against that baseline.
Since all “Project Deliverables” were described in Course P218, the focus of this advanced course will be on base-lining a project schedule and how periodic updates are assembled and evaluated and how project adjustments to any identified variances are handled.
This course includes
a multiple choice quiz at the end,
Learning Objective
Upon successful conclusion of this course, the student will:
- Understand how to “cost load” and “baseline” a project schedule using all available project documentation;
- Understand how to perform periodic (monthly preferably) updates;
- Understand what the periodic updated information means and how to establish corrective adjustments to the project schedule;
- Better understand what critical updated project information should be forwarded to upper management;
- Learn the criticality of developing and maintaining an “Issues/Risk Log” for the life of a project;
- Learn the use of various views listed under the “Gantt Chart” tab of the MS Project 2010 software;
- Learn how “Change Orders” are addressed in the schedule;
- Learn the importance of re-leveling “Resources” in the schedule updates; and
- Learn what a “Performance Monitor” means and its importance to a project’s health.
Intended Audience
This course should be helpful to all project personnel, be they employees of owners or contractors, who are involved in project development and/or reporting.
Benefit to Attendees
- Early identification of trends and problems
- Accurate description of the project status at any update
- Provide a basis for correcting any negative variances
- A fairly accurate projection of final cost
Course Introduction
As mentioned in Course P218, a number of federal agencies as well as major corporations have adopted the application and use of Earned Value Management principles into their operating program. As time, cost and risk become more important in program development and application, it becomes more paramount that project personnel become better versed in the use of Earned Value Management principles.
Course Content
In this lesson, you are required to download and study the following course content in PDF format:
Advanced Earned Value Management
Please click on the above underlined hypertext to view, download or print the document for your study. Because of the large file size, we recommend that you first save the file to your computer by right clicking the mouse and choosing "Save Target As ...", and then open the file in Adobe Acrobat Reader. If you still experience any difficulty in downloading or opening this file, you may need to close some applications or reboot your computer to free up some memory.
Course Summary
The student after having read the course contents should now have a better understanding how EVM Principles apply to the development and management of a project. Whatever documents or deliverables are used in compiling and updating a project schedule, the Project Manager and Project Team should have a complete understanding of the project criteria. If properly managed, the project as contracted will meet or exceed the owner’s expectations.
Project criteria used in assembling and updating a schedule shall include but not be limited to the following documents:
- Design drawings and specifications
- Performance contract between owner and contractor
- Scopes of work for all work elements
- Subcontracts
- Site conditions
- Outside agency influence
- Consultant involvement
The primary benefits of using EVM Principles include:
- Early identification of trends and problems
- Accurate description of the project status at any update
- Provide a basis for correcting any negative variances
- A fairly accurate projection of final costs
The top ten reasons why projects are successful are:
- Early and complete planning
- Strong client focus and participation
- Strong senior management support
- Well defined requirements and objectives
- Effective change order process
- Necessary resources available
- Regular updating and evaluation
- Quality risk analysis
- Highly skilled project management leadership
- Effective project communication
Related Links and References
Program Evaluation and Review Technique – Wikipedia
Earned Value Management – USAID
Issues/Risk Log, Johnson City Medical Center – Johnson Controls
Beaver Dam Project – Wal-Mart
Quiz
Once you finish studying the above course content, you need to take a quiz to obtain the PDH credits.
DISCLAIMER: The materials contained in the online course are not intended as a representation or warranty on the part of PDH Center or any other person/organization named herein. The materials are for general information only. They are not a substitute for competent professional advice. Application of this information to a specific project should be reviewed by a registered architect and/or professional engineer/surveyor. Anyone making use of the information set forth herein does so at their own risk and assumes any and all resulting liability arising therefrom.
