How to Calculate EVA with MS-Project (Part 2)

Dr. Andrew Makar is an IT program manager and is the author of the Microsoft Project Made Easy series. For more project management advice, visit the website TacticalProjectManagement.com.

Continued from Part 1.

 

Once you've reviewed the total project costs, verify the total project amount does not exceed your total project budget. Project budgets are often estimated at a high level without the benefit of a detailed bottom-up estimate. If the project's cost is greater than the original budget, a funding supplement or scope change may be required.

 

Save the Project Baseline

After you've built your plan, assigned resources and confirmed the budgeted costs, the next step is to baseline the project plan. Saving the project baseline is an important step to measure and manage your project's performance. To save the project baseline, follow these steps:

  1. Select Tools – Tracking – Save Baseline
  2. The Save Baseline Dialog box appears and select the Save Baseline radio button
  3. Select the Entire Project radio button to baseline the entire project plan or select the Selected Tasks radio button to baseline any selected tasks.
  4. Click OK

The Baseline Start, Baseline Finish, Baseline Work, Baseline Cost and Earned Value fields will be populated. If your project is in process and you haven't established a baseline, you'll need to baseline any future tasks and manually edit the baseline data for completed and in-process tasks. Saving the project baseline before project execution avoids these manual-editing …

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"I have not failed. I've just found 10,000 ways that won't work."

- Thomas Edison