Video Contents
This video reviews the data points that an Earned Value Management System provides and how variances can be calculated from those data points. Timely analysis of performance data and variances assists contractors to proactively resolve issues and effectively manage the remaining work on a project.
You can use the links below to jump to a specific part of the video.
Earned Value Contractors’ Internal Systems must be able to provide the following:
00:06 – Budgeted Cost for Work Scheduled (BCWS)
00:26 – Budgeted Cost for Work Performed (BCWP)
00:38 – Actual Cost of Work Performed (ACWP)
00:47 – Buget At Completion (BAC)
00:52 – Estimate At Completion (EAC)
Variances can be calculated using the BCWS, BCWP, ACWP, BAC and EAC.
00:58 – Variances Explanations
01:03 – Schedule Variance (SV)
01:19 – Cost Variance (CV)
01:31 – Variance at Completion (VAC)
01:45 – Why do we calculate Variances?
01:54 – EAC and BAC Comparison
2:06 – What does Variance at Completion (VAC) indicate?
2:18 – Structure your Earned Value Management System so that Variances can be traced to their source.
2:32 – Use your existing project management systems.
We also have additional free resources for learning about
You can also find Earned Value Definitions as well as additional free resources for learning more about EVMS concepts like Budgeted Cost for Work Performed (BCWP), Actual Cost of Work Performed (ACWP), Buget At Completion (BAC), and Estimate At Completion (EAC) in our EVMS Education Center and in other posts on this blog.
More EVMS Training
If you liked this video you can purchase the entire course below. This video is an excerpt from the Department of Defense (DOD) version of this eLearning module. We also offer the same course customized for the Department of Energy’s (DOE) specific Earned Value Management (EVM) implementation/requirements, as well as a version of the course customized for NASA’s EVM implementation/requirements.
— Purchase This Course —
EVMS DOD Virtual Learning Lab
— Purchase the DOE Version of this Course —
EVMS DOE Virtual Learning Lab
— Purchase the NASA Version of this Course —
EVMS NASA Virtual Learning Lab
EVMS Document Matrix
Not sure what the different requirements are between the DOE and NASA? Can’t remember if Cost and Software Data Reporting (CSDR) is required for an NSA contract? Check out our easy to read Earned Value Management Systems Document Matrix
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