Earned Value Management (1 of 4): Earned Value

In this comprehensive tutorial, we break down Earned Value Management (EVM), one of the most essential project management techniques used to assess project performance and progress. We guide you through the critical components of EVM using an easy-to-follow real-world scenario: the installation of 50 desktop machines. This practical approach will help you grasp complex EVM concepts with ease.
This Tutorial has 4 Videos
1. Earned Value : • Earned Value Managemen... (Current One)
2. Variance Analysis : • Earned Value Managemen...
3. Trend Analysis : • Earned Value Managemen...
4. To Complete Performance Index : • Earned Value Managemen...
What you’ll learn in this video:
📊 Earned Value Analysis (EVA): Understanding the fundamentals of EVM and how it fits into project management.
📈 Planned Value (PV), Actual Cost (AC), and Earned Value (EV):
🧮 What each term means and how they are calculated.
🔗 The relationship between these metrics and their impact on project health.
💻 Real-World Example:
We walk through a scenario where a contractor is hired to install 50 machines within 5 days for $1,000.
🛠️ Learn how a project manager estimates costs and schedules, sets up a cost baseline, and tracks actual progress against planned values.
📉 Variance Analysis:
📏 Learn how to measure and compare the Planned Value (PV) and Earned Value (EV) to evaluate whether the project is on track, behind schedule, or over budget.
🚨 See how unexpected issues (like hiring more expensive labor or completing less work than planned) impact Cost Variance (CV) and Schedule Variance (SV).
📊 How to Plot EVM Data:
📐 Visualizing project data on cumulative cost graphs to clearly see deviations from the plan.
📅 Step-by-step plotting of PV, AC, and EV for daily progress over 5 days, and how to interpret these trends for effective project control.
🎯 Key Takeaways:
💡 How EVM helps in tracking project performance and making informed decisions.
💵 The difference between the contractor’s fee and the project’s cost baseline, and why it matters for earned value calculations.
🛑 Common pitfalls in EVM and how to avoid them.
By the end of this video, you'll have a solid understanding of how to use EVM for tracking project performance, spotting variances, and keeping your projects on time and within budget.
Who is this video for?
✅ PMP Exam Aspirants: Master EVM for the PMP exam with real-world scenarios.
✅ Project Managers: Improve your ability to track performance and manage costs.
✅ Program Managers: Improve your ability to track performance and manage costs of multipe projects.
✅ Project Control Professionals: Get better insights into variance analysis and project health monitoring.
This video is part of our Project Management Series, where we cover essential topics like cost management, risk management, and more. Subscribe to stay updated! 🎥
If you're preparing for the PMP Certification or looking to improve your project control skills, this video is for you. Let us know your thoughts in the comments below, and feel free to share your experiences with EVM! 💬
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