How do you set up and maintain a realistic and effective baseline for EVM and Earned Schedule?

1 What is a baseline for EVM and Earned Schedule?

A baseline for EVM and Earned Schedule is a snapshot of your project plan at a certain point in time, usually before you start executing the work. It defines the planned scope, schedule, and budget of your project, as well as the expected value of the work to be performed over time. A baseline serves as a reference point for comparing your actual performance and progress with your plan, and for identifying variances and deviations that may affect your project outcome.

2 How do you set up a baseline for EVM and Earned Schedule?

To set up a baseline for EVM and Earned Schedule, you need to first define the work breakdown structure (WBS) of your project, which is a hierarchical decomposition of the deliverables and tasks required to complete it. Then, estimate the duration, cost, and resources for each WBS element, and assign a start and finish date for each task. After that, calculate the planned value (PV) of each WBS element, which is the budgeted cost of the work scheduled to be performed by a certain date. Additionally, calculate the earned value (EV) of each WBS element, which is the budgeted cost of the work actually performed by a certain date. Furthermore, calculate the earned schedule (ES) of each WBS element, which is the planned time equivalent of the EV based on the cumulative PV curve. Finally, document and approve the baseline and store it in a secure and accessible location.

3 How do you maintain a baseline for EVM and Earned Schedule?

To maintain a baseline for EVM and Earned Schedule, you should regularly monitor and measure your actual performance and progress, updating the EV and ES of each WBS element at the end of each reporting period. Comparing your EV and ES with your PV and baseline schedule will allow you to calculate the schedule variance (SV) and schedule performance index (SPI). Additionally, comparing your EV with your actual cost (AC) of each WBS element will enable you to calculate the cost variance (CV) and cost performance index (CPI). Analyzing the causes and impacts of any variances can help you identify corrective or preventive actions for bringing your project back on track. Finally, communicating and reporting your EVM and Earned Schedule results to stakeholders will allow them to provide feedback or approval for any changes or adjustments to your baseline.

4 How do you use Earned Schedule to forecast your project outcome?

Earned Schedule is a useful technique to forecast your project outcome, based on your EVM and Earned Schedule data. To use Earned Schedule to forecast your project outcome, you need to first calculate the time variance (TV) and the time performance index (TPI). These indicators tell you whether you are ahead or behind your plan in terms of time. After that, calculate the independent estimate at completion (IEAC) and the independent estimate to complete (IETC), which are based on your CPI and TPI. Additionally, calculate the independent estimate for duration (IED) and the independent estimate for remaining duration (IERD), which are based on your SPI and TPI. All these calculations will help you forecast your project outcome and provide valuable insights for improving your project performance.

5 How do you improve your baseline for EVM and Earned Schedule?

To optimize your baseline for EVM and Earned Schedule, it’s important to review and validate assumptions, estimates, and calculations regularly. Any changes or adjustments to the baseline should be made in a controlled and transparent manner. Utilizing historical data, lessons learned, best practices, and benchmarks can help improve the accuracy and reliability of your estimates and forecasts. Involving team members, stakeholders, and experts in the baseline development and maintenance process is also recommended. Furthermore, using appropriate tools, software, and techniques can facilitate and automate the baseline creation, maintenance, and analysis.