How do you evaluate and improve your EVM performance and maturity for work packages?

1 Assess your EVM capability

The first step is to assess your current level of EVM capability and maturity for work packages. You can use a framework such as the EVM Capability Maturity Model (EVM-CMM) or the Project Management Institute (PMI) Practice Standard for EVM to benchmark your processes, tools, and skills against the industry standards and best practices. You can also conduct a gap analysis to identify the strengths and weaknesses of your EVM practices, and prioritize the areas for improvement.

2 Define clear and realistic work packages

The quality and accuracy of your EVM data depend largely on how well you define and plan your work packages. A work package is a discrete unit of work that has a clear scope, schedule, and budget, and can be assigned to a single person or team. You should ensure that your work packages are SMART: Specific, Measurable, Achievable, Relevant, and Time-bound. You should also avoid creating work packages that are too large, too small, or too vague, as they can cause confusion, delays, or errors in your EVM calculations.

3 Establish a reliable baseline

A baseline is a reference point that represents the approved plan for the scope, schedule, and cost of your work packages. It is essential for EVM analysis, as it allows you to compare the planned values with the actual values and calculate the variances and performance indicators. You should establish a reliable baseline that reflects the realistic expectations and assumptions of your work packages, and document any changes or deviations that occur during the project execution. You should also update your baseline regularly to account for any approved changes or corrections.

4 Monitor and report your EVM data

To evaluate and improve your EVM performance and maturity for work packages, you need to monitor and report your EVM data regularly and consistently. You should use the standard EVM formulas and metrics, such as the Planned Value (PV), Earned Value (EV), Actual Cost (AC), Schedule Variance (SV), Cost Variance (CV), Schedule Performance Index (SPI), Cost Performance Index (CPI), and Estimate at Completion (EAC), to measure and track the progress and performance of your work packages. You should also use visual tools, such as charts, graphs, dashboards, or tables, to display and communicate your EVM data to your stakeholders and team members.

5 Analyze and act on your EVM results

The final step is to analyze and act on your EVM results for work packages. You should use your EVM data to identify the root causes of any variances or issues that affect your work packages, and implement corrective or preventive actions to address them. You should also use your EVM data to forecast the future performance and outcomes of your work packages, and adjust your plans or expectations accordingly. You should also use your EVM data to evaluate the effectiveness and efficiency of your work packages, and identify any lessons learned or best practices that can help you improve your EVM performance and maturity for future projects.