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Using Earned Value to predict Project cost and completion schedules
• Terminology and EVM
• Performance Formulas and Indicators
• Planned Value – Budgeted Cost of Work Scheduled (BCWS)
• Earned Value – Budgeted Cost of Work Performed (BCWP)
• Variances, Indexes, and Metrics
• Estimating updated project cost and duration
Overview of the webinar
Earned value is a project management technique for estimating how a project is doing in terms of its budget and schedule.
Earned value provides extra information than normal project tracking. It is a step further by answering the question; have we got to where we want to be in the project? and when are we going to finish this project? It helps define this more accurately as to where we are in the project as well as calculate its successful completion.
The value-added approach helps achieve greater visibility and control of the project activities which helps in responding to issues early on, thus making it possible to meet the project timelines. It provides a clear communication of the activities involved and improves project visibility and accountability.
The basic principle of earned value management (EVM) is that the value of the piece of work is equal to the amount of funds budgeted to complete it.
Who should attend?
- Finance Manager
- Finance Analyst
- Project Manager
- Project Analyst
- Consultant
Why should you attend?
This course introduces the principals of earned value and its application in tracking and updating project cost and completion estimates.
Participants will learn how to:
• Measure Earned Value against the cost and schedule baseline
• Report cost and schedule variances, and understand the relationship between the variances reported
• Make objective predictions about future cost and schedule performanceReport objectively to management on the progress of the project or programme.
Faculty - Mr.Jeff Lockhart
Jeff Lockhart is an international training consultant, specialising in Finance, Commerce and International Trade.
Jeff studied at Sheffield Business School in the United Kingdom obtaining a Post Graduate Certificate in Management (PgC) in 1992, a Diploma in Management Studies (DMS) in 1995 and a Masters Degree in Business Administration (MBA) in 1996.
Jeff is a Fellow of the Royal Society for the Arts, Manufactures and Commerce (FRSA), the Chartered Institute of Credit Management (FCICM), the Chartered Management Institute (FCMI), and the Institute of Occupational Learning (FITOL). Mr Lockhart is also a PRINCE2 certified Project Manager.
He is a highly experienced Financial Manager and Management Consultant, with extensive knowledge of finance and business management within a multi-disciplined and multi-cultural environment.
He has held several senior level positions for industry-leading international businesses and, since 2001, has operated as a consultant to businesses in the UK, Azerbaijan, Russia, Bulgaria, Kuwait, Oman, Kingdom of Saudi Arabia, United Arab Emirates, Qatar, Malaysia, China, USA, and New Zealand.