PMBOK® Guide-Sixth edition : Earned Value Management Analysis
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- เผยแพร่เมื่อ 18 ก.ค. 2018
- The video starts with an example.
A contractor was given a project to install 50 desktop machines for a client at USD 1000 in 5 days.
So the total contract is for USD 1000. The project manager analyzed and figures out that it requires USD 100 for 10 machines per day in 5 days.
Estimation of USD 100 per day makes the project cost as USD 500. USD 500 is the project cost baseline. The project cost baseline has nothing to do with what the contractor is getting. These are 2 separate conversations.
This is explained in a very simple language with the help of a Table.
The Table contains Day 1 to Day 5 as Rows and Plan value, Actual value and Earned value as columns.
On Day-1 you install 7 machines and actually spent USD 120, whereas planned was USD 100. So you can say that you have spent USD 120 against USD 100 and installed 7 machines against 10 machines.
But as per the plan, you were supposed to spend USD 10 per machine. Now earned value comes into the picture.
Earned value is a combination of actual quantity and planned rate. It is the terminology what is the worth of work completed against my budget.
Earned value = the value of work you have done=7 *10 = USD 70 on Day1
On Day1 we actually have done the work worth USD 70 whereas we have spent USD 120
Here Planned Value =USD 100, Actual Value=USD 120 and Earned Value= USD 70.
In simple language Earned value is the value of my completed work as per my cost baseline.
For variance and more details please enroll at: bit.ly/31xCwc2
The Project Management Professional (PMP), PMBOK, The Agile Certified Practitioner (PMI-ACP), and The Professional in Business Analysis (PMI-PBA) is a registered mark of the Project Management Institute, Inc.
PMBOK is a registered mark of the Project Management Institute, Inc.
Materials in this video are based on the text, A Guide to the Project Management Body of Knowledge, (PMBOK® Guide) - Sixth Edition, Project Management Institute Inc., 2017.
The PMI Registered Education Provider logo is a registered mark of the Project Management Institute, Inc.
For variance and more details please enroll at: bit.ly/31xCwc2
#PMP #EarnedValueManagementAnalysis📊 #iZenBridge
So... I basically watched your 10 min. video and understood everything very clearly Vs. 1 semester at a mediocre university from UK that charges almost 10k/yr. Great job mate, and thank you.
Thanks for your kind words!!
His enthusiasm and love for teaching clearly shows. Great
Happy to know that you liked video. Keep exploring!!
Very good explanation. Best I found so far. I finally understand what this is all about. Thank you.
It looked almost too simple ... until the end. The the video certainly "earned its value" ;-) Very interesting concept to learn. Thanks!
Thank you !! Gerard, for exploring our content and appreciating it. Your valuable and detailed feedback is really important to us.
In Continuation to it, you can explore our video as per PMBOK Guide sixth edition on "Critical Path Method"
th-cam.com/video/eZgv1BW1lCU/w-d-xo.html
You are an incredible teacher! I almost can't believe how much you simplified Earned Value. You should win awards; everyone of your videos is immensely helpful.
Thanks for kind words Faith Okolo!! All the best for your PMP® exam.
@@izenbridge Thank you! I already have my PMP but I didn't have this clarity on Earned Value until I came across this video. You do an excellent job with your videos!
Happy to know that you liked the video!!
You have made one the most confusing topics in the PMBOK for me as easy as ABC...Great Job!
Thanks for your kind words!! Happy to know that you liked the video.
Perfect teaching. He would even teach rocket science in a simplified manner. Great great job!
Thank you !! Humanfly, for exploring our content and appreciating Saket Sir. Your valuable and detailed feedback is really important to us.
In Continuation to it, you can explore our video on Funding Limit Reconciliation & S-Curve
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I know right! This guy is phenomenal. 😯😯😯
What an easy and excellent explanation of such a confusing topic . Keep up doing the Good Work. Thank you very much.
Thanks Traficity for your kind words. Keep an eye on our upcoming videos, we publish them from time to time.
Awsome explanations done on all of your tutorial videos ..Ur a superb tutor and explains stuff in a very simplified manner..Thanks for spending your valuable time on posting your videos
Thank you !! Anish, for exploring our content and appreciating Saket Sir. Your valuable and detailed feedback is really important to us.
In Continuation to it, you can explore our video as per PMBOK Guide sixth edition on "Critical Path Method"
th-cam.com/video/eZgv1BW1lCU/w-d-xo.html
Great simple explanation. Much appreciated!
Thank you !! Plyallstar, for exploring and liking our content
In Continuation to it, you can explore our video on Funding Limit Reconciliation & S-Curve
th-cam.com/video/pPDkUS-Uvvw/w-d-xo.html
I like this guy... so practical. I can definitely relate
Thank you!! Michelle for exploring and appreciating our PMP video.
In continuation, you can explore the following PMP video on Critical Path Method
th-cam.com/video/eZgv1BW1lCU/w-d-xo.html
I read the PMBOK guide, the material from Project Management class that I took, created index cards, etc but just a cursory review of the video immediately digested for me what Earned Value Management Analysis means. Good Stuff !
Happy to know you like it, keep exploring.
Wow, the concepts were so complicated until I found this video. Excellent explanation
Happy to know you liked the video!! To know more Saket Training programs, please visit -
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Very easy to understand! Great Job
Glad to hear that!
Very nice and simple explanation. Great!!! Please keep it up.
Glad you liked it!! Keep exploring iZenBridge TH-cam Channel. To know more iZenBridge PMP program, please visit - www.izenbridge.com/pmp/online-course/
It is complete and comes with an end to end support.
That is a great peace of work
Thank you.
Saket ! Amazing teacher, mentor ,educator what not. how simply you explained a big funda of Management. :).
Thanks a ton
crystal clear in simplest manner , thanks
Happy to know you found the content useful.
You are amazing! I spent 3 hours understanding Richa Mulchay's formula and long descriptions then watched 10min of your video. In fact, the other chapter on Network Diagram, come on! You made it look like a piece of cake. I haven't got a single wrong answer since the day I went through your video :) Thanks
Glad it was helpful! To know more iZenBridge training program, please visit - www.izenbridge.com/pmp/online-course/
it is complete and comes with an end to end support
pmpwithyou.blogspot.com/2020/10/how-to-solve-pmp-evm-questions-with_15.html
Thank the video was very elaborating and helpful. Thank sir.
Thanks for your kind words!! Keep watching videos.
Great job! I finally cracked the EV code
Thank you!! Bilquis, for exploring and liking our content. Good to know that our video was helpful to you. In continuation, you can also explore our video on yet another interesting topic -
Funding Limit Reconciliation & S-Curve
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A great explanation! Thanks a lot!
Glad it was helpful!
happy i watched it was very clear !
Thank you !! Aubert, for exploring and liking our content.
In continuation, you can also explore our video as per PMBOK Guide sixth edition on "Funding Limit Reconciliation & S-Curve"
th-cam.com/video/pPDkUS-Uvvw/w-d-xo.html
Excellent explanation 👍👍 you made EVM so simple - all your videos are great - thanks
Glad you like them! To know more complete details of PMP program, please visit - www.izenbridge.com/pmp/online-course/
It is complete and comes with an end to end support.
pmpwithyou.blogspot.com/2020/10/how-to-solve-pmp-evm-questions-with_15.html
I really like your videos.
Glad you like them!
Well done. Very well explained.
Glad it was helpful! To know more about Saket training programs, please visit - www.izenbridge.com/landing/youtube/Saket-Bansal/
Very nicely explain thank you best easy explanation.
Thank you.
Fantastic explanation given.. 👍
Thank you !! Sharath, for exploring our content and appreciating Saket Sir.
In Continuation to it, you can explore our video as per PMBOK Guide sixth edition on "Critical Path Method"
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very well explanation for beginners
Thank you !! Umang, for exploring and sharing your feedback with us.
In continuation, you can also explore our video as per PMBOK Guide sixth edition on "Difference between Total Float & Free Float" -
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Thank you for elaborating.
Glad it was helpful! To know more iZenBridge PMP program, please visit - www.izenbridge.com/pmp/online-course/
It is complete and comes with an end to end support.
Excellent
Thanks
Thanks a lot sir.. Nice explanation
Thanks Saurav for your kind words!! Keep watching videos.
Very clear explanation, this is the good to places after my lecture confused me
Glad it helped! To know more iZenBridge training programs, please visit -www.izenbridge.com/pmp/online-course/
It is complete and comes with an end to end support
pmpwithyou.blogspot.com/2020/10/how-to-solve-pmp-evm-questions-with_15.html
the best video
Thank you!! Fahim for exploring and appreciating our content.
In continuation to it, you can also explore our video on
Funding Limit Reconciliation & S-Curve
th-cam.com/video/pPDkUS-Uvvw/w-d-xo.html
can somebody share the link of earned value taught by same guy...
in which he explained the concept of EV
Thanks!! Abdul for exploring our PMP content.
Please find the video on Earned Value concepts as per PMBOK Guide fifth edition
th-cam.com/video/pC1-TwwKkq8/w-d-xo.html
We have created the videos on all the topics including EV concepts as per PMBOK Guide sixth edition. These are available with our online course. You can explore our online course
www.izenbridge.com/pmp/online-course/
So when it is okay to only use eva analysis to assess the cost and schedule impact of a change during control procurement and not do an overall impact analysis which would include resourcing and quality?
EVM is not much related to Procurement Process, it is mainly done for checking the performance of the project execution.
@@izenbridge Sorry I meant EVA analysis
NIce explanation.
Happy to know that you liked the video. Keep exploring the iZenBridge TH-cam Channel.
Thanks, Concept understood , Can you please share, for which purpose its used!!!
Its a Control Cost tool, so mainly used in project cost monitoring reporting. One of the important topic of PMP Exam.
great!!!! I can understand better! I earned the value of PM.thank you sirrr!!!!!
Glad you liked it, You can explore complete PMP program here - www.izenbridge.com/pmp/online-course/
pmpwithyou.blogspot.com/2020/10/how-to-solve-pmp-evm-questions-with_15.html
Hope im not the only one but EV, costing and budgeting is kicking my arss. Im not a numbers guy
Great explanation.
Can I get complete series of your videos on PMBOK 6th edition.
Yes, sure!! We have a complete program which has all videos. To know more, please visit -www.izenbridge.com/pmp/online-course/
It comes with an end to end support
pmpwithyou.blogspot.com/2020/10/how-to-solve-pmp-evm-questions-with_15.html
Nice
Thanks Syed for your kind words!!
Wish i found those videos yesterday, im last minute studying for a final tomorrow morning. Pretty poor project management on my part.
All the best for your PMP exam!!
Is project management course requires lots of maths . I am from biology background so little worried about it.
in a nut shell : what is the worth of work done against the planned budget ? is what earned Value.
perfect
how do you figure out the true cost of the project?
Actual cost is monitored and recorded by the Project Manager.
Review what you said at 7:34 to 7:39...10 machines not 100 Machines. Total machines to be installed were 50
Thank you !! Prabhat for exploring our content. Yes, it is 10 machines and not 100 machines, we have noted this and will rectify the same.
Isn't it 700?
No, It is correct
He got mixed between rate and No. of machines
700 not 70
Thank you!! Kash for exploring our video. Assuming that you are referring to 8:25 to 8:33 the Earned value is 7*10=70 and not 700. Please confirm you are referring to same
i thought it's 700 at first too. But it should be 70. Each day you are planning to install 10 computers, and total cost per day is $100. So you can consider that as $10/computer, $10 * 10 computer/day = Total $100 per day. On day 1 , only 7 computers were installed. So that is 7 computer * $10/computer = Total $70 Earned value.
Total NONSENSE. This is just simply the project’s actual cost run rate. Taken from your definition, this is the type EARN that doesn’t have any VALUE at all. This is mumbo jumbo jargon.
Thank you for sharing your view, it is needed to people who are doing PMP certification