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Will You Add? - Earned Value
A large part of what makes a meeting successful occurs in the preparation phase. Although it may vary by committee, department or unit, there are seven key responsibilities expected of chairs or team leaders before a meeting takes place. Each is explained in detail below.1. Clarify purpose and aims. A clearly stated purpose or aim describes the key decisions that must be made or actions that must occur at the meeting. The purpose of a meeting should be stated at the top of the meeting agenda. Some example purpose statements might look something like: • Share best practices in graduate recruitment and identify opportunities to recrui
To measure earned value we need two new points of data: 3) how much of our scheduled work have we actually accomplished? And 4) what is the budgeted value of the work actually performed?
The next item is for the earned value work we have accomplished, what 5) costs have we actually spent and/or incurred.
The Planned Value = Items 1 and 2
The Earned Value = Items 3 and 4
Actual Costs = 5
Next we need to understand 6) the “schedule variance” which in earned value is the difference between our planned value scheduled and our earned value achieved. Lastly, we need to kn
Mining metal detectors are suitable solutions for mining applications. They can prevent damage to crushing machines, conveyor belts and other machinery in advance by detecting iron pieces contaminated in crushed stone and ores.Mining metal detectors are also able to remove non ferrous metal components that cannot be detected using magnetic separators. Some models work in an efficient manner for high-manganese steel. Most of the metal detectors for mining projects use steel plated and water resistant construction. Some come with M type search coil. This mono-frame coil reduces the need for coiling work at the installation place. Vibration
Although it is sophisticated, EV can be scaled to be appropriate for any size of project. The key is in the project planning.
There are three primary advantages to using EV:
1. Accuracy in reporting
2. Ability to deal with the uneven rate of project expenditures and work
3. The early warning it provides project managers, allowing them to take the necessary corrective action should the project be spending more money than it is physically accomplishing.
Other less professional methods for measuring budget and schedules generally only monitor the percent of the time through the schedule and make the often mistaken assumption that this is also the percent that the project should be through the budget. But cost and project progress generally are not evenly expended through a project. The reason EV stands above the alternatives is that it accurately deals with this reality. EV warning signals become available to management as early as 15 to 20 percent into a new project, in ample time to take corrective measures.
How to Implement EV
In order to employ earned value, we must have a baseline plan (including a detailed, workload leveled, progress schedule) in place that will allow us to continuously measure seven points of data. The textbooks, including the referenced ones at the end of this paper, say that this is easy. However in my reality it often is not easy because scheduling to this level of detail at the beginning of the project is challenging and dynamic.
Earned value requires the kind of data most projects have, but we may not look at the data in quite the same way. Earned value has a focus on its percent-complete position…against its (100 percent) defined scope.
In order to employ earned value we must first know at all times what the “planned value” is as at any point in time. So EV is built on a very structured project plan. It requires a detailed WBS, time and cost estimates for all of the work packages, a workload leveled master schedule, and a meticulous change management methodology (with this last part being the hardest for my projects).
To determine the planned value, we need to calculate two important base factors, 1) how much physical or intellectual work we have scheduled to be completed as of the point of measurement, and 2) what was the budgeted value of the work scheduled.
To measure earned value we need two new points of data: 3) how much of our scheduled work have we actually accomplished? And 4) what is the budgeted value of the work actually performed?
The next item is for the earned value work we have accomplished, what 5) costs have we actually spent and/or incurred.
The Planned Value = Items 1 and 2
The Earned Value = Items 3 and 4
Actual Costs = 5
Next we need to understand 6) the “schedule variance” which in earned value is the difference between our planned value scheduled and our earned value achieved. Lastly, we need to kn
In fact, her father explained the fundamental principles to my father over 30 years ago: A renewable energy source that’s not subject to Arab oil embargoes or Mid-East wars ... cleaner fuel for the world’s automobiles... more jobs... less pollution.Now, that future is here:Every country on the planet wants to see more of its automobiles running on renewable fuels like ethanol. And with 600 million gas- and diesel-burning cars and trucks on the road today, that implies the most massive transformation since the industrial revolution. Every major government is implementing policies that stimulate ethanol consumption. And with hundred
Other less professional methods for measuring budget and schedules generally only monitor the percent of the time through the schedule and make the often mistaken assumption that this is also the percent that the project should be through the budget. But cost and project progress generally are not evenly expended through a project. The reason EV stands above the alternatives is that it accurately deals with this reality. EV warning signals become available to management as early as 15 to 20 percent into a new project, in ample time to take corrective measures.
How to Implement EV
In order to employ earned value, we must have a baseline plan (including a detailed, workload leveled, progress schedule) in place that will allow us to continuously measure seven points of data. The textbooks, including the referenced ones at the end of this paper, say that this is easy. However in my reality it often is not easy because scheduling to this level of detail at the beginning of the project is challenging and dynamic.
Earned value requires the kind of data most projects have, but we may not look at the data in quite the same way. Earned value has a focus on its percent-complete position…against its (100 percent) defined scope.
In order to employ earned value we must first know at all times what the “planned value” is as at any point in time. So EV is built on a very structured project plan. It requires a detailed WBS, time and cost estimates for all of the work packages, a workload leveled master schedule, and a meticulous change management methodology (with this last part being the hardest for my projects).
To determine the planned value, we need to calculate two important base factors, 1) how much physical or intellectual work we have scheduled to be completed as of the point of measurement, and 2) what was the budgeted value of the work scheduled.
To measure earned value we need two new points of data: 3) how much of our scheduled work have we actually accomplished? And 4) what is the budgeted value of the work actually performed?
The next item is for the earned value work we have accomplished, what 5) costs have we actually spent and/or incurred.
The Planned Value = Items 1 and 2
The Earned Value = Items 3 and 4
Actual Costs = 5
Next we need to understand 6) the “schedule variance” which in earned value is the difference between our planned value scheduled and our earned value achieved. Lastly, we need to kn
Hezbollah terrorists are not just destroying homes and towns in Israel. Their actions are also having an effect on the global freight industry. As fighting continues in Lebanon the damage caused to Beirut airport has prevented any commercial flights to or from the country.A number of leading freight services (including companies from the UK) have suspended the transport of cargo to and from Beirut airport. Many freight forwarding companies are still transporting goods to Damascus. However if Syria enters the fray in support of Hezbollah with whom it has close links, commercial transportation to that country might also be affected.O
How to Implement EV
In order to employ earned value, we must have a baseline plan (including a detailed, workload leveled, progress schedule) in place that will allow us to continuously measure seven points of data. The textbooks, including the referenced ones at the end of this paper, say that this is easy. However in my reality it often is not easy because scheduling to this level of detail at the beginning of the project is challenging and dynamic.
Earned value requires the kind of data most projects have, but we may not look at the data in quite the same way. Earned value has a focus on its percent-complete position…against its (100 percent) defined scope.
In order to employ earned value we must first know at all times what the “planned value” is as at any point in time. So EV is built on a very structured project plan. It requires a detailed WBS, time and cost estimates for all of the work packages, a workload leveled master schedule, and a meticulous change management methodology (with this last part being the hardest for my projects).
To determine the planned value, we need to calculate two important base factors, 1) how much physical or intellectual work we have scheduled to be completed as of the point of measurement, and 2) what was the budgeted value of the work scheduled.
To measure earned value we need two new points of data: 3) how much of our scheduled work have we actually accomplished? And 4) what is the budgeted value of the work actually performed?
The next item is for the earned value work we have accomplished, what 5) costs have we actually spent and/or incurred.
The Planned Value = Items 1 and 2
The Earned Value = Items 3 and 4
Actual Costs = 5
Next we need to understand 6) the “schedule variance” which in earned value is the difference between our planned value scheduled and our earned value achieved. Lastly, we need to kn
There are two prevalent approaches to the development of Datawarehouse Architectures:Data Warehouse (DWH) bus architecture (introduced by Ralph Kimball) According to this approach the DWH is developed in phases. Each phase includes the development of a set of dimensional models which are linked together via conformed dimensions, thus forming a virtual ‘bus architecture’. Therefore, according to this approach, at the core of the DWH resides a denormalised dimensional data model, which handles data at the atomic level.The major advantages of this a
In order to employ earned value we must first know at all times what the “planned value” is as at any point in time. So EV is built on a very structured project plan. It requires a detailed WBS, time and cost estimates for all of the work packages, a workload leveled master schedule, and a meticulous change management methodology (with this last part being the hardest for my projects).
To determine the planned value, we need to calculate two important base factors, 1) how much physical or intellectual work we have scheduled to be completed as of the point of measurement, and 2) what was the budgeted value of the work scheduled.
To measure earned value we need two new points of data: 3) how much of our scheduled work have we actually accomplished? And 4) what is the budgeted value of the work actually performed?
The next item is for the earned value work we have accomplished, what 5) costs have we actually spent and/or incurred.
The Planned Value = Items 1 and 2
The Earned Value = Items 3 and 4
Actual Costs = 5
Next we need to understand 6) the “schedule variance” which in earned value is the difference between our planned value scheduled and our earned value achieved. Lastly, we need to kn
If you don’t, it could cost you a lot of money. Particularly if you’re a small business, start-up or a company looking for short-term office accommodations. At first glance you might say to yourself, “Executive suites sound way too expensive for my budget.” But don’t be fooled by a name. If you’re looking to set-up and staff an office, executive office space could save you as much as 70% over commercial office space. Executive suites go by several different names. They might be called: Shared Office Space Temporary Office Space Executive Office Space They all refer to the bas
To measure earned value we need two new points of data: 3) how much of our scheduled work have we actually accomplished? And 4) what is the budgeted value of the work actually performed?
The next item is for the earned value work we have accomplished, what 5) costs have we actually spent and/or incurred.
The Planned Value = Items 1 and 2
The Earned Value = Items 3 and 4
Actual Costs = 5
Next we need to understand 6) the “schedule variance” which in earned value is the difference between our planned value scheduled and our earned value achieved. Lastly, we need to know 7) what our “cost variances” have been. This is determined by relating our earned value accomplished against the actual costs pent or incurred.
These are the basics. There are many calculation tables, charts, at graphs that can help visual display this data, variances, and trends. These are frosting on the cake and not necessary to use EV. EV summary reports often will provide a revised estimate to complete based on the extension of the current trends.
Summary
Implementing EV is well worth the effort. The advantages of building a detailed plan, controlling and monitoring the project, and accurate reporting and forecasting are all critical to professional project management.
The biggest challenge our company experienced when implementing EV was changing our time reporting and accounting system to decompose projects, allowing time and cost to be attributed to specific project deliverables. Also, as mentioned earlier, the detailed schedule must be planned early and translated to project costs - to give us the planned value at any specific point in time.
Once armed with the EV information, the project manager and stakeholders can truly understand the current status of a project, the rates of variances, and (once significantly into the project) often accurately predict the end schedule and budget compared to the original estimates.
References/Resources
Fleming, Quentin and Koppelman, Joel from Primaversa Systems (a project management software company). Earned Value Project Management … an Introduction. http://www.stsc.hill.af.mil/crosstalk/1999/07/fleming.asp.
Fleming, Quentin and Koppelman, Joel, Earned Value Project Management, Second Edition (Kay read this book in Feb. of 2001).
Milosevic, Dragan, Project Management Toolbox, ISBN 0-471-20822-1, Wiley Press. 2003
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