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How do you measure and report project performance with EVM?

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EVM stands for earned value management, a project management technique that helps you track and evaluate the progress, performance, and value of your project. By using EVM, you can compare the actual work done, the planned work, and the budgeted cost at any point in time, and identify any deviations, issues, or risks that might affect your project outcome. In this article, you will learn how to measure and report project performance with EVM, using some key concepts and formulas.

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Shailendra Tiwari

1 What is earned value?

Earned value (EV) is the measure of the work completed in your project, expressed in terms of the budget allocated for that work. For example, if your project has a total budget of $100,000 and you have completed 50% of the work, your EV is $50,000. To calculate EV, you need to multiply the percentage of work completed by the planned value (PV), which is the budgeted cost of the work scheduled. EV = % of work completed x PV.

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Shailendra Tiwari
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In fact in a complex long duration projects the relationship between the components is non leanear and this criteria will be over simplification. Time value of project and overrun costs are significant and as such scheduled completion of project a priority over the cost incurred at a point .

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2 What is actual cost?

Actual cost (AC) is the measure of the actual expenses incurred in your project, including labor, materials, equipment, and other costs. For example, if you have spent $40,000 so far on your project, your AC is $40,000. To calculate AC, you need to add up all the costs incurred in your project until the reporting date.

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Shailendra Tiwari
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One thumb rule in project management is that break the project in different packages given to sub contractors and then monitor top ten or twenty subcontracts and see that how much percentage of contract is completed by them and what percentage value of the contracted amount is released to them if the rate of release of payment s to these top ten subcontracts is adequate and in line with the completion schedule it is indicator of good health of the project and it is expected that it will complete in time .

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3 What is cost variance?

Cost variance (CV) is the difference between the earned value and the actual cost of your project, indicating whether you are over or under budget. For example, if your EV is $50,000 and your AC is $40,000, your CV is $10,000, meaning you are under budget. To calculate CV, you need to subtract AC from EV. CV = EV - AC.

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4 What is schedule variance?

Schedule variance (SV) is the difference between the earned value and the planned value of your project, indicating whether you are ahead or behind schedule. For example, if your EV is $50,000 and your PV is $60,000, your SV is -$10,000, meaning you are behind schedule. To calculate SV, you need to subtract PV from EV. SV = EV - PV.

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5 What are cost performance index and schedule performance index?

Cost performance index (CPI) and schedule performance index (SPI) are ratios that show how efficiently you are using your resources and time in your project. They are calculated by dividing EV by AC and EV by PV, respectively. CPI = EV / AC and SPI = EV / PV. A CPI or SPI of 1 means you are on budget or on schedule, respectively. A CPI or SPI greater than 1 means you are under budget or ahead of schedule, respectively. A CPI or SPI less than 1 means you are over budget or behind schedule, respectively.

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6 How do you report project performance with EVM?

To report project performance with EVM, you need to collect and analyze the data on EV, AC, PV, CV, SV, CPI, and SPI at regular intervals, such as weekly or monthly, and compare them with the baseline values, which are the planned values at the start of the project. You can use charts, graphs, tables, or dashboards to visualize and communicate the EVM data to your stakeholders, team members, and sponsors. You can also use EVM to forecast the future performance, cost, and schedule of your project, using formulas such as estimate at completion (EAC), estimate to complete (ETC), and to complete performance index (TCPI).

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7 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 measure and report project performance with EVM?

1

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3

4

5

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7

1 What is earned value?

2 What is actual cost?

3 What is cost variance?

4 What is schedule variance?

5 What are cost performance index and schedule performance index?

6 How do you report project performance with EVM?

7 Here’s what else to consider

Management

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How do you measure and report project performance with EVM?

1

2

3

4

5

6

7

1 What is earned value?

2 What is actual cost?

3 What is cost variance?

4 What is schedule variance?

5 What are cost performance index and schedule performance index?

6 How do you report project performance with EVM?

7 Here’s what else to consider

Management

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