Is this course accredited?
Yes, it is accredited by APMG
What is the experience of the Instructor(s) delivering my course?
All of our instructor are fully accredited and have over ten years of experience in Earned Value Management methodologies
What do The Knowledge Academy provide me on the course?
We provide, the official Earned Value Management: APM Guidelines booklet, The Knowledge Academy courseware folder, official certificate and refreshments
Does the course include exams?
Yes, it includes the Foundation & Practitioner exam
Are there any prerequisites for the Earned Value Management examination?
There are no prerequisites but you must pass at Foundation level prior to taking the Practitioner exam
What is the structure of the exam
Closed book multiple choice
What time shall I arrive at the venue?
Please arrive at your training venue for 08:45am
What pre-course reading material is supplied?
We provide, in advance, the Earned Value Management: APM Guidelines booklet to which we would request you read chapters 1 to 4 and work through Appendix A and C
Is there homework?
There will be approximately, 2 hours of homework per evening
The Knowledge Academy
Earned Value Management (EVM) is a fundamental process in both the APM’s and PMI Bodies of Knowledge and has it roots in the United States Department of Defense (DOD) Cost/Schedule Control Criteria System (C/SCSC), which has been specified for all DOD contracts for which the US government carries the risk since 1967. EVM is heavily used in the defense, nuclear, telecommunication and transport sectors and is closely linked to a development of organisational project management maturity.
Earned Value Management is a simple practical concept with significant benefits for project managers including:
An integrated view of the key elements of project status, planned cost, project progress and actual expenditure
The ability to rapidly determine the status of a project based on performance indexes
The ability to rapidly highlight work packages what are overspending and / or behind plan
An estimate of cost at completion and completion date
This course provides an introduction to the concepts, benefits, principles and processes of Earned Value Management. In particular, it will show how to implement Earned Value Management successfully, while defining the conditions that inhabit effective project performance management.
You will learn about Earned Value Management tools and techniques, from the creation of the project WBS right through to successful delivery of regular earned value reports and what those reports mean. Earned Value (EV) is a proven method for planning and managing project performance. In addition to establishing a consistent way of planning and estimating all types of project work efforts, it provides the framework for developing consistent project management measurements across projects and industries. It is a true project performance measurement system combining aspects such as actual physical achievement and costs incurred, and comparing with planned and budgeted expectation.
This course is based on the Association for Project Management guidance on Earned Value Management, and includes the associated Earned Value Management Foundation examination administrated by APM Group. It is aimed at all Project, Programme and Business Management Personnel who require an understanding of the principles, practices and issues of Earned Value Project Management
EVM is the best way to determine the real status of a project, it is a project control process based on a structured approach to planning, cost collection and performance management. It facilitates the integration of project scope, time and cost objectives and the establishment of a baseline plan for performance measurement.
EVM builds on, and therefore enforces good Project Management practice and underpins good corporate governance. EVM provides an objective measurement of what has been achieved on a project
EVM enables accurate forecasting
EVM provides project management information in a format that is easy for all stakeholders to understand and act upon
EVM is an Early Warning System that allows the timely identification and analysis of progress and cost issues and corrective actions to be indentified
EVM shows stakeholders whether they’re getting Value for Money
EVM enables detailed project comparisons across programmes
EVM can be used on a wide range of project sizes and complexity
What will I get from the course?
Define the concepts of Earned Value
Select and deploy Earned Value formulae
Describe the Earned Value Process
Explain different levels of System Review
Pass the APMG Examination
Pre-Requisites
We recommend as a pre-requisite that you read chapters 1 to 4 of the official Earned Value Management Guidelines booklet prior to attending. This booklet will be shipped to you in advance of the course.
In addition, delegates will be required to complete a MINIMUM of 2 hours homework each evening
Examination
The Foundation exam tests the candidate’s knowledge of Earned Value terminology and is made up as follows:
Multiple Choice
40 questions per paper
26 marks required to pass (out of 40 available) – 65%
60 minutes duration
Closed book (uses a simple calculator)
Course Content
GENERAL
Overview of EVM
APPLICABILITY
When can EVM be used
BASIC REQUIREMENTS FOR AN EARNED VALUE SYSTEM
What needs to be in place t operate EVM
WHAT IS EARNED VALUES MANAGEMENT?
Earned Value Management Principles – maintaining and establishing the project goals
What are the Benefits? – the advantages of EVM over other monitoring tools
Using Performance Managements – overview of how the indicators are used
PROCESS DISCUSSION
Definition – Define the Project Scope; breakdown structures (WBS & OBS); Responsibility Matrix
Planning – Developing a time scaled network diagram; apply resources; distribute budgets; measure progress; base lining
Data Collection – Capture and verification of data collected
Analysis, Review and Action – Analyse and update control accounts; take corrective action and test these for reasonableness
Change Management – Ensure control account changes are managed, approved and implemented
Risk Management – Ensure all risks are integrated into EVM
SYSTEM REVIEW
Integrated Baseline Review (IBR) – Assess the content and integrity of the PMB
Demonstration Review – Assess the project and management systems
Surveillance – Assess the maintenance of standards
- Official APMG Earned Value Manual
- The Knowledge Academy courseware folder
- Exam
- Refreshments
- “I would highly recommend The Knowledge Academy as an organisation to do business with. The pre-course notes and support were concise and relevant. The tutor demonstrated all the attributes of an excellent facilitator. He was extremely knowledgeable, likeable and helpful and, compared to other companies that I researched, the course was good value for money.”By Lucy Carter (Rating: 5 out of 5, 12/04/2012) from Birmingham
- “Knowledge Academy were very responsive, and the transfer of learning on the course was carried out in a highly professional manner by an exceedingly competent tutor, who carried credibility.”By Justin McCarthy (Rating: 4.7 out of 5, 27/03/2012) from London
- “I enjoyed the course and think it was well worth the money, the trainer was one of the best trainers I have ever had taken a course with.”By Joey Warren (Rating: 4.8 out of 5, 07/03/2012) from Leeds
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Earned Value Management
The Myths of Earned Value Management in Project Management
After decades of using Earned Value Management, I have seen a lot of misinformation about Earned Value. Mostly this boils down to:-
simple ignorance of what Earned Value Management really is
not understanding the differences between Earned Value Management and Earned Value Analysis
fear of the difficulty of implementing Earned Value methods
The fact is, the Earned Value Management techniques with a 40 year heritage is one of the best ways to manage almost any project, and should be a key part of any Project Manager's toolkit. There has to be a reason why nearly project manager in America and Australasia routinely uses Earned Value Management and Analysis.
With that in mind, I set out to break some of the most common question about Earned Value Management.
Why Implement Earned Value Management?
It is true that Earned Value was originally developed by the US government, and that governments have led the way in implementing EVM.
With a $3 trillion budget, the US federal government is by far the largest project-managing entity in the world. Many individual US government projects are larger than all but the largest private companies.
Recent studies in "Mega Projects and Risks" by Bent Flyvbjerg, based on in-depth reviews of three large-scale European megaprojects, namely the Channel Tunnel, the Great Belt Link, and the Oresund Link, identified a common feature of the conventional megaprojects development, that is, despite overwhelming costs overrun, below projection revenue, and strikingly poor performance records in terms of economy, environment and public support, megaprojects grow continuously in number and scale around the world, forming the so-called megaprojects paradox.
This is true in the UK as well, where the government is in charge of the largest and most complex defence, research, energy, and public works projects.
In August 2010 last year the Major Projects Review found common failings in projects and also that there is no cross-government understanding of the size and cost of the Government’s Major Project Portfolio (GMPP) consisting of the most significant Projects, or of the cost and viability of the individual Projects within it.
In January 2011 the Prime Minister confirmed the mandate for the new Major Projects Authority (MPA) within the Efficiency and Reform Group in the Cabinet Office, with the fundamental aim of significantly improving the delivery success rate of Major Projects across Central Government. Hence the major interest in EVM in the UK.
Many global studies show that EVM is the most effective method for addressing the problems of under-estimating and managing to achieve the intended result.
EVM's Work Breakdown Structures, schedule constructs, and Organisational Breakdown Structures provide a significant boost to the accuracy of scoping and estimating project budgets.
EVM's variance reporting, monitoring of project performance, and ability to forecast project outcomes provide the best estimates at almost any point in a project of what it will ultimately cost and when it will complete.
So governments have learnt that EVM provides significant insight to help hold Projects to account.
This accountability, and a long positive track record on numerous large projects, has led many governments to absolutely mandate EVM use on all their projects both internal and external. It’s happening in the UK today, with more and more government projects using EVM.
Private sector companies are now learning the same lessons about EVM and are mandating EVM as well. Often commercial enterprises learn from their government projects the value of EVM and implement it throughout all of their programmes to ensure commercial success.
