Earn Value Management essay

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The technique of Earn Value Management assists project managers maintain updates on project status as well as forecasting its performance in future.

The following formulae are helpful in completion of the status reports:

  1. Earned Value (EV) = Base line cost X Actual % Complete
  2. Actual Cost (AC) = Hourly Rate X Total Hours Spent
  3. Planned Value (PV) = Hourly Rate X Total Hours Planned or Scheduled
  4. Cost Variance (CV) = Earned Value (EV) – Actual Cost (AC)
  5. Schedule Variance (SV) = Earned Value (EV) – Planned Value (PV)
  6. Budget At Completion (BAC) = Baselined Effort hours X Hourly Rate
  1. End of Period 4

Task                           Actual % Complete   EV       AC      PV       CV      SV

A                                 Finished                       400      300      400      100      0

B                                 50%                            1200    1000    800      200      400

C                                 33%                            495      500      600      -5        -105

D                                 0                                  0          0          0          0          0         

E                                  0                                 0          0          0          0          0

Cumulative Totals                                            2095    1800    1800    295      295

Task                           Actual % Complete   EV       AC      PV       CV      SV

A                                 Finished                       400      300      400      100      0

B                                 Finished                       2400    2200    2400    200      0

C                                 Finished                       1500    1500    1500    0          0

D                                 25%                             400      300      400      100      0         

E                                  33%                            297      300      300      -3        0

F                                 0                                 0          0          200      0          -200                           

Cumulative Totals                                            4997    8600    5200    397      -200

At the end of period 8, the following information is available to the customer

  1. The project is halfway done. 50% of the tasks are complete.
  2. Work in progress is at 25 % for task D and 33% for task E
  3. No work has been completed on task F
  4. The project is still on course

 

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