Earned Value Mixology - The term “Mixology” refers to receiving an increased effect when you drink any beverage that you make. In this session Earned Value Mixology looks at the main ingredients of a program (that uses Earned Value), notably, Budget, Schedule and Scope and, takes a light hearted look at what is Earned Value, the key elements, provides some helpful tips, benefits and some precautions.
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This one hour webinar will introduce attendees to the concepts of Earned Value Management and the PMI EVM Community of Practice. Attendees will learn why EVM has been a cornerstone of project management cost and schedule metrics for over forty years and why interest in this project/program management method continues to grow worldwide. The presentation will discuss the spectrum of EVM applications from simple to in-depth. The immediate value of simplified EVM, and the through detail analysis available from the most formal application of EVM will be discussed. Common EVM analysis products will show how effectively time and money are being used. Finally EVM as a predictor of the final project cost and schedule outcome will be discussed. The webinar will conclude with an introduction to the EVM COP, its goals, training program, and annual events.
When using an Earned Value Management System (EVMS), Management Reserve (MR) is both expected and considered a best practice. But the lack of understanding of MR and its use extends from government agencies to contractors. MR is an integral part of an EVM System. MR should be part of the original project estimate, but how much should you plan and how do you use MR to manage your project. This presentation discusses how MR is established (risk based) and subsequently used to keep a program on track. It also covers the common issues/misunderstandings and how to deal with them.