How do you evaluate and improve your schedule management processes and skills using earned value management?

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Schedule management is a critical skill for any project manager, as it involves planning, monitoring, and controlling the time and resources needed to deliver the project objectives. However, how do you know if your schedule management processes and skills are effective and efficient? How do you identify and address any gaps or issues that may affect your project performance and outcomes? One way to answer these questions is to use earned value management (EVM), a powerful technique that integrates scope, cost, and schedule data to measure and evaluate your project progress and performance.

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Qasim Sohail

Planning Engineer @ Descon Engineering Limited | Civil Engineering, Primavera P6

1 What is earned value management?

EVM is a method that compares the planned value (PV) of your project work with the actual cost (AC) and the earned value (EV) of the work performed. PV is the budgeted amount of work that should have been completed by a certain point in time, AC is the amount of money spent on the work done, and EV is the value of the work completed in terms of the original budget. By using these three variables, you can calculate various indicators and ratios that show how your project is performing in terms of schedule and cost variance, schedule and cost performance index, estimate at completion, estimate to complete, and to-complete performance index.

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Qasim Sohail

Planning Engineer @ Descon Engineering Limited | Civil Engineering, Primavera P6
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Earned Value Management (EVM) integrates scope, schedule, and cost to evaluate project progress. It compares planned work, actual work completed, and costs incurred, offering a clear view of performance to identify and tackle issues early in projects.

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2 How do you apply EVM to your schedule management?

In order to utilize EVM for schedule management, a scope baseline, WBS, schedule baseline, and cost baseline must be established. This forms the basis of the PV, which is calculated by multiplying the budgeted cost of each work package or activity by the percentage of completion planned at a given point in time. Additionally, AC and EV of the project work must be tracked and recorded by multiplying the budgeted cost of each work package or activity by the percentage of completion actually achieved at a given point in time. To compute the EVM indicators and ratios, one must compare the PV, AC, and EV of the project work. This includes calculating SV (EV - PV), CV (EV - AC), SPI (EV / PV), CPI (EV / AC), EAC (BAC / CPI), ETC (EAC - AC), and TCPI ((BAC - EV) / (EAC - AC)). BAC stands for budget at completion, which is the total budgeted cost of the project.

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Qasim Sohail

Planning Engineer @ Descon Engineering Limited | Civil Engineering, Primavera P6
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To apply EVM to schedule management, start by establishing a detailed schedule baseline. Track progress by measuring the earned value (EV) of completed work, planned value (PV) of scheduled tasks, and actual cost (AC) of work performed. Use these metrics to calculate the Cost Performance Index (CPI = EV / AC), Schedule Performance Index (SPI = EV / PV) and Schedule Variance (SV= EV - PV).

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3 How do you interpret and use the EVM results?

The EVM results can help you evaluate and improve your schedule management processes and skills by providing you with valuable information and insights about your project performance and status. For example, SV and SPI can be used to adjust your schedule baseline, while CV and CPI can be used to control your cost baseline. EAC and ETC can be used to update stakeholder expectations and communication, while TCPI can be used to set realistic and achievable targets and incentives for your team. Interpreting and using the EVM results correctly will enable you to identify any deviations or trends in your schedule management, so that you can take corrective or preventive actions to bring your project back on track or maintain or enhance your performance.

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Qasim Sohail

Planning Engineer @ Descon Engineering Limited | Civil Engineering, Primavera P6
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Interpret EVM results by analyzing: SPI (Schedule Performance Index): SPI = EV / PV. SPI > 1 indicates ahead of schedule; SPI < 1 indicates behind schedule. SV (Schedule Variance): SV = EV - PV. Positive SV indicates ahead of schedule; negative SV indicates behind schedule. CPI (Cost Performance Index): CPI = EV / AC. CPI > 1 indicates under budget; CPI < 1 indicates over budget.

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4 How do you improve your schedule management skills using EVM?

EVM can help you improve your schedule management skills by enabling you to learn from past and current projects and apply best practices and lessons learned to future projects. To do this, review and evaluate EVM results regularly and systematically, then document findings and recommendations in a project performance report or lessons learned report. Additionally, communicate EVM results with your project team, stakeholders, and sponsors, then implement and monitor corrective or preventive actions to measure their impact on schedule performance and variance. Furthermore, identify and adopt the best practices and tools that can help you plan, monitor, and control your schedule more effectively. Finally, seek out training, coaching, mentoring, or certification programs that can enhance your knowledge of EVM and schedule management.

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5 What are the benefits and challenges of using EVM for schedule management?

EVM can offer many benefits for schedule management , such as providing a comprehensive and objective view of project performance, integrating scope, cost, and schedule data, helping identify and address any issues or risks, facilitating communication and collaboration, and fostering continuous improvement. However, EVM also poses some challenges such as requiring a high level of accuracy and reliability in baselines, involving a lot of data collection and analysis, depending on the quality of EVM indicators and ratios, not capturing all qualitative aspects that may influence schedule performance, and not being applicable or appropriate for all types of projects.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How do you evaluate and improve your schedule management processes and skills using earned value management?

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1 What is earned value management?

2 How do you apply EVM to your schedule management?

3 How do you interpret and use the EVM results?

4 How do you improve your schedule management skills using EVM?

5 What are the benefits and challenges of using EVM for schedule management?

6 Here’s what else to consider

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