Read the following on the Earned Value Management method as a project management technique:
Frank T Anbari (2003). Earned Value Project Management Method and Extensions. Project Management Journal. Vol. 34, Iss. 4; pp. 12-23. See Attachment
Project Management in Government: An Introduction to Earned Value Management (EVM). Kwak, Y.H. , Anbari, F. (2010). Project Management in Government: An Introduction to Earned Value Management (EVM). Washington, DC: IBM Center for The Business of Government, Fall/Winter 2010, 82-86. See Attachment
The objective of this assignment is to compute earned value metrics and use them to evaluate a project.
A hypothetical project is presented in Template (Template is Attached). The project is comprised from three phases and each phase is 4 weeks long. Within the assignment the empty cells needs to be filled-in based on the provided information in Frank T Anbari (2003).
The following abbreviations ( key components) are used in Table 1. The definitions and formulas could be found in Frank T Anbari (2003). The pages are indicated.
PV – Planned Value/Budgeted cost of work scheduled
EV – Earned Value/ Budgeted Cost of work Performed
AC – Actual Cost
BAC – Budget at completion
SV – Schedule variance
CV – Cost Variance
CPI – Cost performance index
TV – Time Variance
SPI – Schedule performance index
EAC (Method 2) or CEAC – Cost estimate at completion
VAC – Variance at Completion
TEAC – Time Estimate at Completion