Introduction
Effective project management is essential in today’s competitive environment to ensure projects are completed on time, within budget, and according to technical requirements. This course focuses on Earned Value Management (EVM) as a powerful tool for measuring project performance, controlling costs and schedules, forecasting project outcomes, and supporting better decision-making throughout the project lifecycle.
Objectives
- Obtain knowledge in understanding and using an effective performance management system in managing technical projects effectively
- Manage projects using a proven, effective performance measurement technique
- Work with clients to define project objectives and develop a project plan and put it into action
- Make project decisions concerning scope, cost and schedule parameters faster, more effectively and more confidently
- Stay on top of schedules, budgets, workloads and human resources issues and delegate practically and fairly
- Learn to avoid the pitfalls of project management by quickly identifying potential project risks and mitigate them as early as possible
Target Audience
- Project Managers and Project Engineers
- Planning and Scheduling Engineers
- Cost Control and Project Control Professionals
- PMO and Program Management Professionals
- Contracts and Technical Managers
- Construction, Engineering, and Infrastructure Professionals
- Operations and Maintenance Project Teams
- Professionals involved in budgeting, forecasting, and performance measurement
- Team Leaders responsible for project execution and reporting
- Anyone seeking to improve project monitoring, cost control, scheduling, and Earned Value Management (EVM) skills
Outlines
Day 1: Introduction to Earned Value Management (EVM)
- Management Criteria versus Engineering Criteria
- Evolution of the Earned Value Management (EVM) Concept
- The Cost/Schedule Control System Criteria (C/SCSC)
- The EVM System Criteria
- Performance Measurement- An Effective EVM Technique
- EVM in Project Management
Day 2: Scope of the Project
- Understanding the Project Work Scope
- Work Breakdown Structure (WBS)
- Make-or-Buy Choice
- WBS and Earned Value
Plan and Schedule the Project
- Understanding the Project Objective
- Planning the Project
- Scheduling the Project
- Scheduling and Earned Value
Day 3: Estimate and Budget Project Resources to Form Control Account Plans (CAPs)
- Integrating the Project Work Scope with Cost and Schedule
- Earned Value CAPs
- Cost Estimates and Budgets
- Management Reserves
Establish the Earned Value Project Baseline
- Methods Used to Plan and Measure Earned Value
- Control Account Plans (CAPs)
- The Performance Measurement Baseline (PMB)
- Maintaining the Baseline: Managing Changes in Scope
Day 4: Monitoring Performance Against the Baseline
- CAPs Performance Measurement
- Presentations to Project Management
- Earned Value Cost and Schedule Variances
- Materials and Subcontracts in EVM
Day 5: Final Cost and Schedule Forecasting
- Determining Factors
- Cost and Schedule Results Methodology
- Management Reserve or Contingency Reserve
- Estimate At Completion (EAC)
- The Over Target Baseline (OTB) Process
- Predicting the Project’s Time Duration
EVM Reporting
- Subcontractors’ Reporting
- Preparing and Interpreting the Integrated Cost/Schedule Report
- The EVM Reporting Formats
