An Introduction to Earned Value Performance Measurement
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1 An Introduction to Earned Value Performance Measurement
2 All projects are different, and therefore have a variety of work. A standard is needed for control purposes, so expenditure, money or man-hours, is used for comparisons.
3 Resource Plan Graphical Summary COST scheduled cost actual cost TIME
4 But It does not show: If the project is obtaining value for money If the money has been spent in the right areas If the project is ahead or behind schedule If the project is under or over spent If the problems are over or just beginning Where the project is heading!
5 Definition Earned value is the amount of budget you can claim, representing completed work, without reference to actual costs.
6 Put simply the amount of money you should have spent (based on the budget) for the amount of work that has been done.
7 the jargon... BCWS - budgeted cost for work scheduled ACWP - actual cost of work performed BCWP - budgeted cost for work performed (earned value).
8 COST scheduled cost (BCWS) actual cost (ACWP) TIME
9 COST scheduled cost (BCWS) earned value (BCWP) actual cost (ACWP) TIME
10 Variance analysis BCWS - budgeted cost for work scheduled BCWP - budgeted cost for work performed (earned value) ACWP - actual cost of work performed Cost variance = BCWP - ACWP COST VARIANCE If result is negative then project is over spent If result is positive then project is under spent.
11 Variance analysis BCWS - budgeted cost for work scheduled BCWP - budgeted cost for work performed (earned value) ACWP - actual cost of work performed Schedule variance = BCWP - BCWS SCHEDULE VARIANCE If result is negative then project is behind schedule (i.e. over time planned) If result is positive then project is ahead of schedule (i.e. under time planned).
12 COST scheduled cost (BCWS) earned value ((BCWP) actual cost (ACWP) TIME
13 COST scheduled cost (BCWS) earned value (BCWP) actual cost (ACWP) Late and overspent TIME
14 COST scheduled cost (BCWS) earned value (BCWP) actual cost (ACWP) TIME
15 COST scheduled cost (BCWS) earned value (BCWP) actual cost (ACWP) Early and underspent TIME
16 COST scheduled cost (BCWS) earned value (BCWP) actual cost (ACWP) TIME
17 COST scheduled cost (BCWS) earned value (BCWP) actual cost (ACWP) Early and overspent TIME
18 COST scheduled cost (BCWS) earned value (BCWP) actual cost (ACWP) TIME
19 COST scheduled cost (BCWS) earned value (BCWP) actual cost (ACWP) Late and underspent TIME
20 COST budgeted cost for work scheduled budgeted cost for work performed actual cost for work performed cost variance schedule variance TIME
21 Techniques for calculating EV Completed units Milestones Percentage complete 0/100, 50/50, etc Apportioned effort Level of effort.
22 COST scheduled cost earned value actual cost Forecast to completion time now baselined end date current end date
23 Forecasting Cost performance index CPI= BCWP/ACWP CPI measures the productivity of the project. If less than 1, the project is spending more than it is earning.
24 Forecasting Schedule performance index SPI= BCWP/BCWS SPI compares the rate of progress. If less than 1, the project is behind schedule.
25 Forecasting completion cost Budget at Completion (BAC) An extrapolation of performance to date Performance to date (CPI) = BCWP/ACWP Budgeted cost for remaining work = budget at completion (BAC) - BCWP Estimate to complete (ETC) = (BAC-BCWP)/CPI Estimated cost at completion (EAC) = ACWP+ETC.
26 Forecasting completion duration Estimate at Completion (EAC) An extrapolation of performance to date Performance to date (SPI) = BCWP/BCWS Estimate time for remaining work = Original Duration (OD) Actual time expended (ATE) Estimate to complete (ETC) = (OD-ATE)/SPI Estimated at completion (EAC) = ATE+ETC.
27 What is the Value of Earned Value? 1. Scope 2. WBS 7. Actual Cost OBS 5. Plan 6. Budget ACTION!!! 4. Activity I N15 N22 N29 N06 D13 D20 D27 D03 SMTWTFSMTWTFSMTWTFSMTWTFSMTWTFSMTWTFSMTWTFSMTWT S e t B a s e l i n e C h a n g e C o n t r o l 8. Work Performed 9. Earned Value Analysis?
28 Performance Indices COST PERFORMANCE INDEX CPI = BCWP ACWP = COST "EFFICIENCY" INDEX SCHEDULE PERFORMANCE INDEX SPI = BCWP BCWS = SCHEDULE "EFFICIENCY" INDEX TO-COMPLETE PERFORMANCE INDEX TCPI EAC = BAC-BCWP EAC-ACWP = VERIFICATION INDEX
29 Forecasting completion. (based on variance calculation) -some cost overspends are unlikely to be repeated -those repeated may be reduced using experience gained -some cost savings may be made to balance overspend
30 Summary Earned value analysis identifies trends and signs of trouble, so that management action can be taken to identify and address the root cause of any variances.
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