Earned Value: Fun with Numbers or Real Management Data?

by Humphreys & Associates on February 1, 2019

HA_Blog-Earned Value

What Are Earned Value Basics?

We used a quick quiz with some helpful links to give you an opportunity to test your basic understanding of an EVM graph from a real EVMS Program.  We go into detail about each concept displayed in the graph and our overall analysis of the project based shown in the graph.

Earned Value: Fun with Numbers or Real Management Data? Part 1

In Part 1 we reviewed where you could find more information about EVM Implementation and Basic Concepts of Earned Value on our site.  We also included a review quiz.

  1. EVM Implementations
  2. EVM Graph Quiz Testing Basic Earned Value Terms

Earned Value: Fun with Numbers or Real Management Data – Answers (part 2)

In Part 2 we provided the answers to the EVM Quiz and provided detailed definitions and descriptions for each of the quiz terms.

  1. EVM Quiz Answers
  2. Management Reserve
  3. Schedule Variance
  4. Budget At Completion
  5. Contract Budget Base/Contract Target Cost
  6. Budgeted Cost for Work Scheduled
  7. Schedule Slip
  8. Variance At Completion
  9. Estimate At Completion
  10. Actual Cost of Work Performed
  11. Estimate To Complete
  12. Cost Variance
  13. Program Overrun
  14. Time Now
  15. Budgeted Cost for Work Performed
  16. Forecasted Program Schedule Slip
  17. Estimated Completion Date
  18. Discussion of the displayed data

 

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Project Controls Analyst Certification

Project Controls/ Analyst Certification

This efficient and intensive certification program is designed for an experienced earned value specialist looking to:

  • Distinguish themselves from their peers as a professional, certified Project Controls/ Analyst
  • Become a more valued asset to their current or future project and Project Management Team in analyzing problems and determining appropriate actions to resolve them

Effective and Comprehensive

Humphreys & Associates effective and comprehensive certification program is intended to further develop existing basic EVM skills into proficient and insightful analytical skills in various areas of a project. It includes wide-ranging advanced EVM and project analysis coursework and concludes with a comprehensive exam requiring the student to demonstrate both analytic and technical Earned Value Management Systems proficiency.

Individuals that complete the Humphreys & Associates Project Controls/ Analyst Certification program will have solid evidence of their ability to provide valuable analytical support to a project team in not only EVM but also in several other critical areas of project management in an EVM environment. They will satisfy job requirements as professionals in Project Controls or Project Analysis in the most challenging of project control environments.

Coursework

The coursework spans the five EVMS guideline groupings in the EIA-748 Standard for Earned Value Management Systems which includes:

  1. Organization
  2. Planning, Scheduling, and Budgeting
  3. Accounting Considerations
  4. Analysis and Management Reports
  5. Revisions and Data Maintenance

Expanding on these, however, it challenges the individuals to understand, recognize, and analyze typical problems in these 5 basic areas to be able to recommend possible solutions to management.

Important elements of the course include discussions of:

  • establishing the initial cost and schedule structures for a project
  • schedule and risk management analysis
  • Performance, Variance, EAC, and ECD analysis
  • assessing data quality
  • incorporation of various types of baseline changes
  • issues with Customer Reporting
  • assessing the project’s compliance with EVM requirements.

For each of these, the course stresses data integrity and traceability, highlighting Earned Value Management best practices to provide insights and to illustrate current methods and approaches. This results in improved project controls analysis and leads to better overall management and informed decision-making.

Included Course Materials

Humphreys & Associates Project Controls/ Analyst certification uses extensive case studies and exercises that bring the EVM concepts to life and help to refine analytic expertise. Each participant will receive:

  • A binder with all course materials
  • The H&A Project Management Using Earned Value textbook
  • The pocket-sized H&A Guide to Project Management Using Earned Value

Contact us today to learn more about Humphreys & Associates Project Controls/ Analyst Certification program at (714) 685-1730.

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