EAC's are now crystal clear ! Thanks Phil and Praizion team. Watching all your videos to fine tune my studies let's see if I can make it on this May 30th.
Thanks Phil... I have an exam scheduled in 3 weeks. I am spending lots of time, hopefully not too much on Cost Management. Your explanations are second to none... short and sweet... Thanks from Steve
Dear Phil, Thx for your videos and easy to understand coaching methods. You are rightly shockec as I got around 15 EVM questions in my PMP exam today, including TCPI, EAC and BAC but I am confident that I got all of them correct and they were easy marks for me. Oh and I did clear the exam today. Thx once again for your excellent service to project management community. Regards,
Hiiiiii..Phil, as I have mentioned early, you made me fall in love with PMBOK and I followed your videos and passed the exam. 3ATs n 2 ATs. Thank you once again :)
Comparative EAC studies compare the predictive accuracy of two or more EAC formulas. The general approach is They adjusted the data for problems created by scope and baseline changes, and evaluated formula accuracy by stage of completion
Thanks Phil for explicitly breaking down EAC calculations. I used this & some of your other TH-cam tutorials to prep for my PMP exams.. I passed in August 2020. Your tutorials are very very much on point. Thanks & Keep up the good work
I understand when to use each formulas. However, I don't understand how to determine when each will occur. For example, EAC=BAC/CPI. This formula is under the assumption that the CPI will be constant throughout the project. HOW am I able to assume that the CPI will be constant? Under what basis? What key information will tell me that the CPI will remain constant throughout the project? Thanks
The question will always have some clues. Take our Earned Value Apocalypse quiz. Google "earned value apocalypse" and it should come up. The questions normally state COST PERFORMANCE IS TYPICAL (meaning it can be expected to continue) or they may state CPI will remain constant or CPI will not change or is not expected to change or based on your current cumulative cost performance. Stuff like that. Now if it says A-typical, then that means it will not be continuing into the future so use another formula like the one for ETC work being performed at the budgeted rate.
OMG! NOoooo! No management reserves in the Budget at Completion! Contingency reserves only! The Project Budget has management reserves but that is useless in the EVM context :) Join www.savageonsaturday.com to discuss these and other queries!
No its a great question and now I understand. Sorry the world of EVM vs PMI sometimes can be confusing when it comes to the word "BUDGET". No one expects to use Management reserves so EVM measurements are not based on it. Quoting from Humphrey's and Assoc: The standard definition of management reserve is an amount of contract budget set aside for management control purposes (known unknowns) rather than designated for the accomplishment of one or more tasks. It is not part of the performance measurement baseline (PMB), but is included in the total contract budget.
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Amazing..
Was confused for many days.
Now it's clear
Thanks..
Glad to hear that! Thanks for commenting and best wishes Govinda!
Great work! Loved this video!
Thank you so much!
EAC's are now crystal clear ! Thanks Phil and Praizion team. Watching all your videos to fine tune my studies let's see if I can make it on this May 30th.
Thanks buddy. You can do it! Take our EVM Mock test when you get a sec! EARNED VALUE APOCALYPSE QUIZ: tiny.cc/evmapoc2
PASSWORD: pmpstudent
Congrats Christiano! You did it!
Thanks Phil... I have an exam scheduled in 3 weeks. I am spending lots of time, hopefully not too much on Cost Management. Your explanations are second to none... short and sweet... Thanks from Steve
Thank you Steven! Yes be careful with cost. Remember EXECUTING is the "little BIG kahuna" on the exam!
Dear Phil,
Thx for your videos and easy to understand coaching methods.
You are rightly shockec as I got around 15 EVM questions in my PMP exam today, including TCPI, EAC and BAC but I am confident that I got all of them correct and they were easy marks for me.
Oh and I did clear the exam today.
Thx once again for your excellent service to project management community.
Regards,
AWESOME Najeeb! Congratulations!!! Thanks for your support!
Hiiiiii..Phil, as I have mentioned early, you made me fall in love with PMBOK and I followed your videos and passed the exam. 3ATs n 2 ATs. Thank you once again :)
Hearty congrats Anitha! Thank you :)
Thank you Phill for explaining it in such a simplistic manner. It really helped bring clarity to my confusion.
Thanks for the explanation and solid examples! Such clarity is appreciated.
Marvellous!! It was excellent explanation which I was getting confused since 8 months....
Thanks alotttt.
Happy to help Ishaq.
When I pass my PMP exam, I will buy you a beer. You just switched the light bulb in my head on. Thanks Phil
Thanks Buddy! My Lager days are behind me LOL....but a Perrier with a wicked lime for sure 😂
Did you pass@@Praizion
Eku ise sir. Olorun ama sagbara dotun. I love this video
Comparative EAC studies compare the predictive accuracy of two or more EAC formulas. The general approach is
They adjusted the data for problems created by scope and baseline
changes, and evaluated formula accuracy by stage of completion
Interesting! Please share a link! Thank you!
Thanks Phil! Great explainaion. Much clearer now!
Thank you Ami!
fantastic! thank you so much!!!!
You're very welcome!
This was very useful, thanks for the explanation I am much more confident in solving EAC questions now.
Thanks Anurag. All the best on your test!
Thank you very much for this great lesson .
Thanks Phil for explicitly breaking down EAC calculations.
I used this & some of your other TH-cam tutorials to prep for my PMP exams.. I passed in August 2020. Your tutorials are very very much on point.
Thanks & Keep up the good work
Congratulations 🎉 Thanks 🙏
Thank you so much, but would be great if you could zoom it a little bit out.
Thanks for the suggestion.
Great explanation, thanks a lot Phill!
Thanks Astrid.
I understand when to use each formulas. However, I don't understand how to determine when each will occur. For example, EAC=BAC/CPI. This formula is under the assumption that the CPI will be constant throughout the project. HOW am I able to assume that the CPI will be constant? Under what basis? What key information will tell me that the CPI will remain constant throughout the project? Thanks
The question will always have some clues. Take our Earned Value Apocalypse quiz. Google "earned value apocalypse" and it should come up. The questions normally state COST PERFORMANCE IS TYPICAL (meaning it can be expected to continue) or they may state CPI will remain constant or CPI will not change or is not expected to change or based on your current cumulative cost performance. Stuff like that.
Now if it says A-typical, then that means it will not be continuing into the future so use another formula like the one for ETC work being performed at the budgeted rate.
@@Praizion any recent, working link to that?
Great video -- many thanks!
Thank you Robert!
Great information. Hope it’s still good for 6th edition
It is! EAC does not change. Same old Kurt.
Excellent way to explanation thanks
Thanks Mohammed.
Merry Christmas Mr unique
This is superb!
Thanks Roselin!
THANK YOU!
You're welcome Angela!
Great
Damn these EACs! Good tutorial!
LOL! Aren't they awful Michael? Gotta swot them all like fleas! Glad the tutorial helps!
Thank you so much Phil!
Mr.Phill if the BAC contains Management reserves what would this change ?
OMG! NOoooo! No management reserves in the Budget at Completion! Contingency reserves only!
The Project Budget has management reserves but that is useless in the EVM context :)
Join www.savageonsaturday.com to discuss these and other queries!
Mr Phil I asked this question because we refer the BAC to the total budget of the pj i was confused that's why I asked thanks for your help
Maybe it was a wrong question but i was so confused
No its a great question and now I understand. Sorry the world of EVM vs PMI sometimes can be confusing when it comes to the word "BUDGET". No one expects to use Management reserves so EVM measurements are not based on it. Quoting from Humphrey's and Assoc: The standard definition of management reserve is an amount of contract budget set aside for management control purposes (known unknowns) rather than designated for the accomplishment of one or more tasks. It is not part of the performance measurement baseline (PMB), but is included in the total contract budget.
Very good video!
Nice vlog
Thank you Toyin!
99% of time, budgets are as unreliable as annual forecasts, except for super simple projects.