EVM Round Up
From the The Money Files Blog
by Elizabeth Harrin
A blog that looks at all aspects of project and program finances from budgets, estimating and accounting to getting a pay rise and managing contracts.
Written by Elizabeth Harrin from RebelsGuideToPM.com.
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Date
Over the years I’ve written quite a lot about Earned Value management on this blog so I thought it was time to make an easy ‘go to’ guide that brings all of those ideas and resources together.
Here’s my round up of reads about EV: bookmark this for when you’ve got a spare hour or two to browse through! There’s something for everyone, regardless of what stage you are at in your EV journey.
Getting Started and Gaining Support
Not even sure what any of this is all about? I don’t blame you. Earned value is the area of project management I found the most confusing. There are plenty of special acronyms and formulae. If you aren’t mathematically minded it can seem like total overwhelm, but once you understand that it’s about the delivery of work in a cost effective way, it’s a lot easier to understand. This video will help.
Watch: What is EVM [Video]
If you are just getting started with earned value, this article will help you gain buy in for the idea and get senior management support for the transition you are about to make.
Read: Moving To EVM: Getting Buy In
If you already use earned value on your projects but your project sponsor is new to it, this article will help you to help them. There are some key things that they should be looking for in your EV reports and the tips here will help them know what they should be seeking out.
Read: The Questions Your Sponsor Should Be Asking About Earned Value
Understanding EVM
Once you’ve dug into EV a little you’re going to want to understand the concepts in a bit more detail. This article has four key terms that you will hear over and over again in your EV discussions.
Read: 4 Key Terms for Earned Value
Launching EVM in Your Workplace
One of the biggest struggles with EV is actually turning the idea into reality. Getting everyone to plan and track their work “the EV way” is pretty hard. Here’s an article about what it takes to launch, with some tips from Steve Wake, project controls expert extraordinaire.
Wake explains earned value as “a disciplined framework for managing work.” His definition is:
“A project control procedure 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.”
Read: Launching EVM
A Real Example
It’s all well and good reading about it in theory, but is anyone actually using EV to do their projects? Yes, they are.
Here’s an example of a fantastic project that used Earned Value to keep the project on track: the London Olympics.
Read: Budgeting for the Olympics
Hopefully that selection will keep you in bedtime reading for a while! Is there anything else on earned value you’d like me to write for you? Let me have your ideas please…
Posted on: October 11, 2017 08:00 AM |
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Comments (12)
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Stéphane Parent
Self Employed / Semi-retired| Leader Maker
Prince Edward Island, Canada
Thanks, Elizabeth. We use EVM in our organization. Many others say they cannot because they can't get actual costs from their Finance department in a reasonable time frame. What do you suggest for those facing issues collating EVM data?
Vincent Guerard
Coach - Trainer - Speaker - Advisor| Freelance
Mont-Royal, Quebec, Canada
Thanks for the post.
Often the organisation is the one that prevent usage of EVM
Drew Craig
Sr. Agile & Product Coach| Vanguard
Philadelphia, Pa, United States
Thanks, Elizabeth. That is generally the challenge - turning the idea into reality
Joseph Pangan
Senior Principal Consultant| Genpact Philippines
Angeles City, Philippines, Philippines
To efficiently control the finances of a project, apply EVM.
Awesome content. Thanks for sharing.
Mark Eckman
Senior Project Manager, PMP| Veolia
Emporia, Va, United States
Thanks Elizabeth.
Excellent material to pass on to our sponsors and teams to help explain EVM in a way everyone can understand.
Stephane, my suggestion would be for those people to revisit processes the whole company wide. It has to be something that the execs buy into across the company.
Stéphane Parent
Self Employed / Semi-retired| Leader Maker
Prince Edward Island, Canada
In other words, do the necessary business process re-design to ensure all EVM data can be collected and analyzed?
Wake's definition is a good one. Thanks Elizabeth for the article. The Wall Street picture is great.
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