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Summary:
This video is a training session on earned value management (EVM), a methodology that combines scope, schedule, and resource measurements to assess project performance and progress. The video is presented by Rich Weller, a PMP instructor and project management consultant.

Highlights:
• [00:00:36] The steps of outlining an EVM project
o Create a work breakdown structure and identify activities
o Allocate duration and cost to each activity
o Establish the logic between activities using a network diagram
o Analyze the schedule and set a baseline
• [00:05:35] The performance measures of EVM
o Plan value (PV): the authorized budget assigned to scheduled work
o Earned value (EV): the measurement of work performed expressed in the budget authorized for that work
o Actual cost (AC): the realized cost incurred for the work performed
• [00:10:10] The variances of EVM
o Cost variance (CV): the deviation from the plan in terms of cost (CV = EV - AC)
o Schedule variance (SV): the deviation from the plan in terms of time (SV = EV - PV)
o Total variance (TV): the deviation from the plan in terms of both cost and time (TV = CV + SV)
• [00:14:50] The performance indexes of EVM
o Cost performance index (CPI): the ratio of earned value to actual cost (CPI = EV / AC)
o Schedule performance index (SPI): the ratio of earned value to plan value (SPI = EV / PV)
o Total performance index (TPI): the ratio of earned value to the sum of plan value and actual cost (TPI = EV / (PV + AC))
• [00:19:30] The graphical representation of EVM
o The S-curve: a plot of cumulative plan value, earned value, and actual cost over time
o The performance chart: a plot of cost variance and schedule variance over time
o The efficiency chart: a plot of cost performance index and schedule performance index over time
• [00:24:38] The completion metrics of EVM
o Estimate at completion (EAC): the expected total cost of the project at completion (EAC = BAC / CPI)
o Estimate to complete (ETC): the expected cost to finish the remaining work (ETC = EAC - AC)
o Variance at completion (VAC): the expected cost variance at the end of the project (VAC = BAC - EAC)
o To-complete performance index (TCPI): the required cost performance to achieve a target EAC (TCPI = (BAC - EV) / (EAC - AC))


Keywords:
#PMP
#EVM
#EVA
#EarnedValueManagement

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