Hello! I am currently studying PM and have a question about something I am stuck on in my status report assignment.
I am preparing my earned value analysis table using the 50/50 rule (as required) and have done the calculations for the individual work packages with no issues. I am also being asked to provide the total earned value for the project thus far and this is where I am a little stuck.
Initially I calculated the aggregate of all work package earned values and ended up with a number that makes sense, but that method seemed too easy.
So I thought perhaps I was supposed apply the EV formula to project totals, so tried calculating the aggregate of all work package planned values and multiplied it by 50% (applying 50/50 rule to total project status) and ended up with a number that really doesn't make a ton of sense.
My gut is telling me I'm overthinking it and the first way I calculated the total was the right way, however I can't find anything online that explains calculating total earned value.
I asked the one manager at work that leads most if our engineering/capex projects and he had no clue what earned value was, suggested I 'guess'...
Needless to say, next logical stop is here, where people do have a clue.. thanks in advance for any advice.. Saving Changes...
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Hank CoffeySenior Project Manager| Cameo GlobalOh, United States
Simply put, it is the value of the work COMPLETED. So you did right by calculating aggregate of work packages. That is your Earned value. Saving Changes...
Your first approach was correct, to add the total completed work packages to date. Although using the 50/50 system, say you have a project that lasts 2 months, and the reporting period is once a month. 1 month in, let's say you completed only 10% of the work packages when it should have been 50%. The report will show 50%, even though it's only 10% complete. Saving Changes...
