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If your EPM software is calculating this for you, then you can pull EVM metrics whenever you want based on the data provided by team members, contractors and so on. The key is to understand how current the actuals data is as that will tell you what your "as of" date is.
If you are doing it manually on a large project, daily is likely too frequent and will be cost prohibitive. Monthly might be sufficient but you'd want to check with your senior stakeholders as to their reporting requirements.
If you are doing a very large project, you would typically have a large number of tasks/deliverables. Provided they are not very large or long tasks, you can simply update EVM as each task completes. It will lag progress slightly but not excessively.
With very large or long tasks, you may either need to break them up into smaller pieces such as by phases, or manually update progress, typically at the same cadence as you report your metrics.
With manual updates, I often find that people "game" the numbers. They calculate exactly where they should be, and enter that. When I see a SPI of 1.000 and I know that a group is struggling, I know they are gaming their numbers.
I use MS-Project , there is Option to calculate EVM under Report .
Construction projects, in my personal experience, are the easiest to take the parameters to calculate EVM in construction projects. But it is my personal experience only. Why? Most of the items you have are tangible items.
In such large projects, I would breakdown the activities/tasks and gather information about the EVM at completion of each task. Then comparing every EVM with the AC of every task can give you a full reflection if you are within budget, under or over budgeted.
We are applying EVM to some of our larger military acquisition projects. It does take some time to get everyone up to speed if it is a new requirement. There is a long learning curve, even for supposed experts IMHO. Even when fully implemented, it is not easy to discern what is really going as Keith has eluded to. The other constant issue relates to baselining. If you are constantly moving the goal posts so to speak, there is no point to EVM. It is my understanding that EVM is now mandatory on all US DoD contracts in excess of US$50M, and companies must first be certified even to bid on such contracts. Before implementing EVM you must first have a very robust and rigorous ERP planning and reporting capability to capture all relevant data.
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