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PSG104 - Earned Value Management

 Catalog PDF
Course #: PSG104
PDU: 21
Price: Call for Pricing
Length: 3 days
Prereq: Project Management Frameworks and Planning
Earned value management (EVM) enables you and your project teams to more effectively plan, track and manage projects within scope, cost and schedule constraints. Since conditions and requirements can change almost daily, understanding EVM gives your program managers, team leaders, analysts and project stakeholders a crucial advantage. It’s a proven technique, and provides a solid, repeatable framework for your core management processes. EVM helps you and your team objectively evaluate cost and schedule status, forecast future impacts, alert your team to risks and communicate strategies for recovery. Understanding EVM is critical to project planning, and specialized skills are needed to use it effectively. This fast-paced, comprehensive course will introduce you to basic and advanced EVM principles, while showing you how to immediately apply your knowledge to real projects. It incorporates best practices from the PMBOK® 9 Knowledge Areas and American National Standards Institute 748-A. Project managers, team members, contractors and clients can all benefit from this course. You’ll not only learn how to generate earned value data, but how to convert that data into information that improves the decision-making process. You’ll also learn how to interpret earned value metrics to aid in risk management and planning for corrective action. Skills will be taught using case studies, group and individual exercises and daily exercises to ensure you understand the concepts and their practical applications. Students will learn to generate earned value date and reports using MS Project and how to interpret the data and produce performance reports for management. In addition to your student guide, you’ll receive an exercise notebook that you can use in class, and later, as a reference guide on the job.
 

Topics:

Day 1

  • Earned Value Management Overview
  • EVM Environment
  • EVM Concept
  • Understanding the Project Baseline
  • Earned Value Terminology and Core Formulas
  • ANSI-748A Compliant EVMS – Understanding the 32 Criteria
  • Establishing the Performance Measurement Baseline
  • Understanding Actuals and Earned Value

Day 2

  • Earned Value Measurement Techniques
  • Performance Metrics and Variances
  • EACs and Advance Forecasting Techniques
  • Performance Dashboards and Reporting
  • Generating and Analyzing Contract Performance Reports

Day 3

  • Understanding roles and responsibilities: client vs. contractor
  • Understanding the Integrated Baseline Review (IBR)
  • Interpreting earned value data in the real world
  • How to successfully implement an EVMS


Audience: Team leads, project managers, project coordinators, project schedulers, project administrators, project analysts, project leaders and program managers.

Learning objectives:

  • Understanding earned value management (EVM) including benefits, requirements, and challenges
  • Learning historical perspective of earned value and the current operating environment
  • Learn how to apply EVM concepts, applications, and techniques to real projects
  • Learn how to champion EVM in your organization
  • Understanding the performance measurement baseline and cost/schedule/scope integration
  • Current regulatory requirements and reporting thresholds
  • How to build a responsibility assignment matrix (RAM)
  • Understand ANSI/EIA-748 and how to integrate the 32 criteria into your project management processes
  • Understanding the earned value management system (EVMS) and the validation process
  • How to generate a variance analysis report and when to perform corrective action planning
  • How to calculate core earned value metrics and variances
  • Understand the importance of an integrated baseline review (IBR)
  • Learning Advanced forecasting techniques
  • Learn to read and analyze earned value reports including the contract performance report (CPR)
  • How to create and present informative and powerful status reports
  • Earned value management software tips and tricks
  • Understanding how clear roles and responsibilities will impact the success of an EVMS implementation


PMBOK Knowledge Areas:

  • Integration Management
  • Scope Management     
  • Time Management        
  • Cost Management        
  • Quality Management
  • Human Resource Management
  • Project Communications Management
  • Project Risk Management
  • Project Procurement Management
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