{"id":10231,"date":"2018-09-17T08:00:25","date_gmt":"2018-09-17T08:00:25","guid":{"rendered":"https:\/\/twproject.com\/?p=10231"},"modified":"2023-11-09T11:40:08","modified_gmt":"2023-11-09T11:40:08","slug":"the-earned-value-method","status":"publish","type":"post","link":"https:\/\/twproject.com\/blog\/the-earned-value-method\/","title":{"rendered":"The Earned Value Method: What is it and how to use it"},"content":{"rendered":"\n<p>In <strong>project management<\/strong>, the <strong>Earned Value method<\/strong> is one of the most appreciated and well-known <strong>project management tools<\/strong>.<\/p>\n\n\n\n<p>It is a project management technique that allows to measure performance and progress.<\/p>\n\n\n\n<p>It combines the measures of the <strong>project management triangle<\/strong>: scope, time and costs.<\/p>\n\n\n\n<div class=\"table-of-content\">\n<h5>CONTENT INDEX<\/h5>\n<ul>\n<li><a href=\"#method\">What is the Earned Value Method?<\/a><\/li>\n<li><a href=\"#requirement\">The requirement for the Earned Value Analysis<\/a><\/li>\n<li><a href=\"#concepts\">The fundamental concepts of the Earned Value<\/a><\/li>\n<li><a href=\"#variance\">Variance Analysis<\/a><\/li>\n<li><a href=\"#cost\">Cost Variance (CV)<\/a><\/li>\n<li><a href=\"#schedule\">Schedule Variance (SV)<\/a><\/li>\n<li><a href=\"#project\">Project efficiency indexes<\/a><\/li>\n<li><a href=\"#estimate\">Estimate and budget upon completion<\/a><\/li>\n<\/ul>\n<\/div>\n\n\n\n<p>In a unique integrated system, the <strong>Earned Value Method<\/strong> is able to give accurate predictions on the performance problems of a project.<\/p>\n\n\n\n<p>Therefore, you can understand how important its contribution to project management can be.<br><a name=\"method\"><\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>What is the Earned Value Method?<\/strong><\/h2>\n\n\n\n<p>The <strong>Earned Value Method<\/strong> method is also known as <strong>Earned Value Analysis (EVA).<\/strong><\/p>\n\n\n\n<p>This method allows the project manager to measure the amount of work actually performed on a project.<\/p>\n\n\n\n<p>Thanks to the EVA, it is possible to measure the project according to the progress achieved.<\/p>\n\n\n\n<p>Using the measured progress, the project manager is therefore able <strong>to predict the total cost of a project<\/strong> and its completion date.<\/p>\n\n\n\n<p>Often the term &#8220;earned value&#8221; refers to the <strong>Budgeted Cost of Worked Performed or BCWP<\/strong>.<\/p>\n\n\n\n<p>This value allows the project manager to calculate the <strong>efficiency indexes of the project.<\/strong><\/p>\n\n\n\n<p>Moreover, it provides information on how the project is progressing in relation to its original planning.<\/p>\n\n\n\n<p>These indexes, if applied to future activities, allow to predict how the development of the project in the future will be, provided that the <strong>performance indexes <\/strong>do not fluctuate.<br><a name=\"requirement\"><\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>The requirement for the Earned Value Analysis<\/strong><\/h2>\n\n\n\n<p>In order to have an accurate Earned Value Analysis, the creation of a <strong>solid project plan<\/strong> is needed.<\/p>\n\n\n\n<p>In particular, it is possible to use the <strong>Scope Statement<\/strong>, the real fondation of a project.<\/p>\n\n\n\n<p>In short, the Scope Statement is a document wrote by the project manager on the project start-up.<\/p>\n\n\n\n<p>It includes <strong>project goals and objectives<\/strong>, final product requirements, major milestones, and <strong>project risk analysis<\/strong>.<\/p>\n\n\n\n<p>In order to develop that common understanding of the work required for a project, another key structure should be created, the <strong>Work Breakdown Structure (WBS)<\/strong>.<\/p>\n\n\n\n<p>The WBS is a proper list of all <strong>project activities<\/strong>, a hierarchical decomposition which focuses on the <strong>deliverable of the project<\/strong>.<\/p>\n\n\n\n<p>Each descending level represents an increasingly detailed definition of the project&#8217;s work.<\/p>\n\n\n\n<p>A WBS records the hierarchy and description of the tasks that have to be performed and their relationship with the final product.<\/p>\n\n\n\n<p>The WBS breaks down all working sectors into appropriate planning elements.<\/p>\n\n\n\n<p>Budget definition, cost accounting, progress measurement and management control.<\/p>\n\n\n\n<p>Project planning is therefore a necessity not only for <strong>using the Earned Value Method,<\/strong> but also for the <strong>success of the project<\/strong> in general.<\/p>\n\n\n\n<p>Once the bases have been established, let&#8217;s look at the three necessary information that allow to calculate the EVA.<br><a name=\"concepts\"><\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>The fundamental concepts of the Earned Value<\/strong><\/h2>\n\n\n\n<p>The Earned Value Method allows the project manager to answer the following three questions about the project:<\/p>\n\n\n\n<ol class=\"wp-block-list\"><li>Where were we?<\/li><li>Where are we now?<\/li><li>Where are we going?<\/li><\/ol>\n\n\n\n<p>Unlike traditional management, in the Earned Value Method there are three data sources:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Planned value &#8211; PV<\/strong>;<\/li><li><strong>Actual value &#8211; AV<\/strong>;<\/li><li>the earned value of the concrete work already completed.<\/li><\/ul>\n\n\n\n<p>Starting from these three sources, the Earned Value Method extrapolates the data and is able to compare them.<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><img loading=\"lazy\" decoding=\"async\" width=\"630\" height=\"420\" src=\"https:\/\/twproject.com\/blog\/wp-content\/uploads\/earned-value-630x420.jpg\" alt=\"earned value\" class=\"wp-image-10190\" srcset=\"https:\/\/twproject.com\/blog\/wp-content\/uploads\/earned-value-630x420.jpg 630w, https:\/\/twproject.com\/blog\/wp-content\/uploads\/earned-value-1130x753.jpg 1130w, https:\/\/twproject.com\/blog\/wp-content\/uploads\/earned-value-705x470.jpg 705w, https:\/\/twproject.com\/blog\/wp-content\/uploads\/earned-value-450x300.jpg 450w, https:\/\/twproject.com\/blog\/wp-content\/uploads\/earned-value.jpg 1200w\" sizes=\"auto, (max-width: 709px) 85vw, (max-width: 909px) 67vw, (max-width: 984px) 61vw, (max-width: 1362px) 45vw, 600px\" \/><\/figure><\/div>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>The planned value <\/strong><\/h3>\n\n\n\n<p>The planned value describes to what extent the activities of a project should be at a determined point in the <strong>project schedule<\/strong> and in the<strong> cost estimation<\/strong>.<\/p>\n\n\n\n<p>The baseline of the project schedule and of the costs refer to the planned physical work and the budget approved in order to complete the planned activities.<\/p>\n\n\n\n<p>Together, these two values define an important value: the planned value (PV).<\/p>\n\n\n\n<p>This value can be analysed in two ways: cumulative or current.<\/p>\n\n\n\n<p>The cumulative PV is the sum of the <strong>approved budget<\/strong> for the planned activities that have to be performed in general, througout the project.<\/p>\n\n\n\n<p>On the other hand, the current PV is the approved budget for the planned activities that have to be performed during a given period.<\/p>\n\n\n\n<p>This period could refer to days, weeks, months, etc.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>The actual cost&nbsp;<\/strong><\/h3>\n\n\n\n<p>The actual cost (AC), also called the <strong>actual cost of the work performed (ACWP)<\/strong>, is the real cost incurred for the execution of a task for a project.<\/p>\n\n\n\n<p>This value refers to what has actually been spent and, as in the case of the planned value, can be either cumulative or current.<\/p>\n\n\n\n<p>The cumulative AC is the sum of the <strong>actual cost<\/strong> for all the activities performed up to the historical moment in which it is calculated.<\/p>\n\n\n\n<p>On the other hand, the current AC is the actual cost of the activities performed during a given period. Here too the period can refer to days, weeks, months, etc.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>The earned value (EV) of the completed work&nbsp;<\/strong><\/h3>\n\n\n\n<p>The earned value is the quantification of the value of the work actually performed up to a certain date.<\/p>\n\n\n\n<p>In other words, the EV refers to what was achieved during the project.<\/p>\n\n\n\n<p>The cumulative EV is the sum of the budget for the activities performed up to the date when this value is calculated.<\/p>\n\n\n\n<p>The current EV is the sum of the budget for the activities carried out in a given period.<br><a name=\"variance\"><\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Variance Analysis<\/strong><\/h2>\n\n\n\n<p>The variance analysis is a method where the <strong>achieved results of a project<\/strong> are compared to the expected results.<\/p>\n\n\n\n<p>When a project is approved, certain expected results are established, as well as a planning in order to achieve them.<\/p>\n\n\n\n<p>The variance analysis, in case of failure to achieve those results, helps to understand the amount of difference between the expected results and those actually achieved.<\/p>\n\n\n\n<p>After having <a href=\"https:\/\/twproject.com\/blog\/gap-analysis-perform-correctly\/\" target=\"_blank\" rel=\"noopener\"><strong>evaluated the gap<\/strong><\/a>, it becomes fundamental to understand what were the causes of this failure.<\/p>\n\n\n\n<p>This technique is used <strong>to highlight cost and time variances<\/strong>, ie the <strong>cost variance<\/strong> and the<strong> schedule variance<\/strong>.<br><a name=\"cost\"><\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Cost Variance (CV)<\/strong><\/h2>\n\n\n\n<p>This value indicates how the project is evolving with respect to the initially estimated budget.<\/p>\n\n\n\n<p>The <strong>cost variance<\/strong> is calculated by subtracting the <strong>earned value<\/strong> from the costs actually incurred, here is the formula: CV = EV \u2013 AC.<\/p>\n\n\n\n<p>If the result equals 0, it means that the project is perfectly respecting the budget.<\/p>\n\n\n\n<p>If the result is negative, this means that the project is out of budget, ie the <strong>costs incurred are greater than those planned<\/strong>.<\/p>\n\n\n\n<p>It is therefore necessary to take action.<\/p>\n\n\n\n<p>On the other hand, if the result is positive, it means that the project is under budget, ie the costs incurred are lower than those planned.<br><a name=\"schedule\"><\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Schedule Variance (SV)<\/strong><\/h2>\n\n\n\n<p>With respect to the scheduling initially approved, the project may be late, in advance or in line with the initial planning.<\/p>\n\n\n\n<p>This value represents the Schedule Variance (SV).<\/p>\n\n\n\n<p>It is essential to understand how this value does not provide data on the impact that any <strong>delay in work<\/strong> has on the project and its results.<\/p>\n\n\n\n<p>It simply indicates whether the work is in line with the planning or not.<\/p>\n\n\n\n<p>The Schedule Variance, which shows the actual situation of the project with respect to planning, is obtained by subtracting from the earned value the planned costs up to the moment in which the analysis is carried out.<\/p>\n\n\n\n<p>Here is the formula: SV = EV \u2013 PV.<\/p>\n\n\n\n<p>If the result is 0, it means that the project is in line with the planning.<\/p>\n\n\n\n<p>If the result is positive, it means that the project is ahead of schedule.<\/p>\n\n\n\n<p>On the other hand, if the result is negative, it means that the project is <strong>behind the schedule<\/strong> and it is necessary to take action.<br><a name=\"project\"><\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Project efficiency indexes<\/strong><\/h2>\n\n\n\n<p>Another analysis that can be performed using the Earned Value Method is that of <strong>project efficiency<\/strong>.<\/p>\n\n\n\n<p>In particular, there are two types of efficiency analysis: the <strong>Schedule Performance Index (SPI)<\/strong> and the <strong>Cost Performance Index (CPI)<\/strong>.<\/p>\n\n\n\n<p>The SPI is an indicator of the <strong>efficiency of the program of a project<\/strong>.<\/p>\n\n\n\n<p>In fact, it is the ratio between the earned value (EV) and the planned value (PV): SPI = EV \/ PV.<\/p>\n\n\n\n<p>If the SPI is equal to or greater than one, this indicates a favorable condition. This means that the project is <strong>being carried out efficiently<\/strong>.<\/p>\n\n\n\n<p>On the contrary, a value lower than one indicates a negative situation.<\/p>\n\n\n\n<p>The CPI is the indicator of <strong>economic efficiency of a project<\/strong> and is the ratio between the earned value (EV) and the actual costs (CA): CPI = EV\/AC.<\/p>\n\n\n\n<p>A CPI equal to or greater than one indicates a favorable condition and a value below one indicates a negative situation.<\/p>\n\n\n\n<p>Therefore, in general, it is possible that our project is in line with the planning or is efficient or inefficient.<\/p>\n\n\n\n<p>But which are the most frequent causes that determine these deviations? Let&#8217;s see them together.<\/p>\n\n\n\n<p>The <strong>efficiency of a projec<\/strong>t can be reached thanks to the following conditions:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Less complex work than expected;<\/li><li>Less revisions and re-elaborations;<\/li><li><strong>Favorable market fluctuations<\/strong> in labor or material costs;<\/li><li>Decrease of expenses in general.<\/li><\/ul>\n\n\n\n<p>On the other hand, the possible causes that lead to an <strong>inefficiency of the project<\/strong> could be:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>More complex work than expected;<\/li><li>Many reviews and re-elaborations;<\/li><li>Unclear requirements;<\/li><li><strong>Scope Creep or<\/strong> uncontrolled change of scope, ie the <strong>deviation of the project scope<\/strong> from what initially agreed and planned;<\/li><li><strong>Unfavorable market fluctuations<\/strong> in labor or material costs;<\/li><li>Increase of expenses in general.<\/li><\/ul>\n\n\n\n<p><a name=\"estimate\"><\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Estimate and budget upon completion<\/strong><\/h2>\n\n\n\n<p>Let&#8217;s now how to analyze the future.<\/p>\n\n\n\n<p>We are not talking about magic, but about what is expected to happen in a project, given the measurements of the progress recorded until the moment we perform the analysis.<\/p>\n\n\n\n<p>These estimates allow us to see when the project will be completed and how much it will cost to complete it.<\/p>\n\n\n\n<p>Therefore, we examine the <strong>Estimate At Completion (EAC)<\/strong> and the <strong>Budget At Completion (BAC)<\/strong>.<\/p>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter\"><img loading=\"lazy\" decoding=\"async\" width=\"630\" height=\"371\" src=\"https:\/\/twproject.com\/blog\/wp-content\/uploads\/earned-value-2-630x371.jpg\" alt=\"earned value\" class=\"wp-image-10191\" srcset=\"https:\/\/twproject.com\/blog\/wp-content\/uploads\/earned-value-2-630x371.jpg 630w, https:\/\/twproject.com\/blog\/wp-content\/uploads\/earned-value-2-1130x666.jpg 1130w, https:\/\/twproject.com\/blog\/wp-content\/uploads\/earned-value-2-1500x884.jpg 1500w, https:\/\/twproject.com\/blog\/wp-content\/uploads\/earned-value-2-705x415.jpg 705w, https:\/\/twproject.com\/blog\/wp-content\/uploads\/earned-value-2-450x265.jpg 450w\" sizes=\"auto, (max-width: 709px) 85vw, (max-width: 909px) 67vw, (max-width: 984px) 61vw, (max-width: 1362px) 45vw, 600px\" \/><\/figure><\/div>\n\n\n\n<p>The EAC is the total cost expected for a scheduled activity.<\/p>\n\n\n\n<p>It is considered that the remaining work is performed on schedule and based on the current CPI and SPI.<\/p>\n\n\n\n<p>The EAC is a <strong>periodic evaluation of the project<\/strong>.<\/p>\n\n\n\n<p>It is usually carried out on a monthly basis or when there is a<strong> significant change in the project<\/strong>.<\/p>\n\n\n\n<p>A common formula that allows to determine the EAC is expressed as the budget to completion divided by the current project IPC: EAC = BAC \/ CPI.<\/p>\n\n\n\n<p>The BAC indicates the total value of the costs initially foreseen for the project and is calculated by summing the <strong>initial costs foreseen for each individual activity<\/strong>.<\/p>\n\n\n\n<p>The BAC must always be equal to the total PV of the project.<\/p>\n\n\n\n<p>If these two values do not match, the calculations related to the earned value will be inaccurate.<\/p>\n\n\n\n<p><!-- START QUOTE BOX --> <\/p> <div class=\"quote-box\"> <div class=\"quote-content\"><p>\tBy exploiting worklog analyses, resources have learned to ask themselves, when estimates were exceeded, why their planning had not been optimal with respect to the actual final data. \t<\/p><\/div> <div class=\"quote-link\">Read <a href=\"https:\/\/twproject.com\/customers\/gap-studi-e-consulenze\/\" target=\"_blank\" rel=\"noopener\">the interview with Gap Studi e Consulenze<\/a> \tand find out how it has learnt to better manage time and cost deviations with Twproject\t<a class=\"quote-arrow\" href=\"https:\/\/twproject.com\/customers\/gap-studi-e-consulenze\/\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" src=\"https:\/\/twproject.com\/blog\/wp-content\/uploads\/2023\/06\/quote-arrow.png\"><\/a><\/div> <\/div>\n\n\n\n<p><\/p>\n\n\n\n<p>In conclusion, here are five basic<strong> rules for effective Earned Value Management<\/strong>:<\/p>\n\n\n\n<ol class=\"wp-block-list\"><li><strong>Organize the project team<\/strong> and the project scope using a Work Breakdown Structure (WBS);<\/li><li><strong>Plan activities<\/strong> in a logical way so that the lower level elements support the following elements and the higher level milestones;<\/li><li><strong>Check the budget<\/strong> regularly;<\/li><li>Establish objective means <strong>to measure the realization of work<\/strong>. The budget should always respect what is planned.<\/li><li>Control the project by analyzing the cost and time deviations, evaluating the final costs, checking the changes with respect to the<strong> project baseline<\/strong> and developing corrective actions when necessary.<\/li><\/ol>\n\n\n\n<p>It must be clear that applying the Earned Value Method is certainly more complex than it may appear in this article.<\/p>\n\n\n\n<p>A lot of discipline and detailed information are needed to manage it properly.<\/p>\n\n\n\n<p>But we think, it is useful to simplify the concepts in order to make the approach easier for those who want to experiment with this method.<\/p>\n\n\n\n<p>What is essential to remember is that everything starts with <strong>good project planning<\/strong>.<\/p>\n\n\n\n<p>Thus, <a href=\"https:\/\/demo.twproject.com\/applications\/teamwork\/welcome\/createUserEnvironment.jsp\" target=\"_blank\" rel=\"noopener\"><strong>using good project management software<\/strong><\/a> can make all the difference.<\/p>\n\n\n\n<p><strong>Twproject helps you simplify complex processes because it has all the useful project management features<\/strong> integrated on one platform. It records and cross-references all the data you enter, making your business simpler and more efficient.<\/p>\n\n\n\n<p>Have you ever had a chance to put the Earned Value Method into practice in one of your projects? Tell us about your experience!<\/p>\n\n\n\n<div class=\"tw_promobox box_type2 sBlue sFilter sImage\" style=\"background-image: url('https:\/\/static.twproject.com\/blog\/wp-content\/uploads\/get-it-now-r.jpg'); background-size: 140%; background-position: -90px -290px;\">\n<div class=\"av_promobox avia-button-yes avia-builder-el-1 el_after_av_promobox avia-builder-el-last\">\n<div class=\"avia-promocontent\">\n<h2>Start planning your project.<\/h2>\n<\/div>\n<div class=\"avia-button-wrap avia-button-right \"><a class=\"avia-button avia-icon_select-no avia-color-custom avia-size-xlarge\" href=\"https:\/\/twproject.com\/on-your-server\/\"><span class=\"avia_iconbox_title\">Try Twproject!<\/span><\/a><\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>In project management, the Earned Value method is one of the most appreciated and well-known project management tools. It is a project management technique that allows to measure performance and progress. It combines the measures of the project management triangle: scope, time and costs. CONTENT INDEX What is the Earned Value Method? The requirement for &hellip; <a href=\"https:\/\/twproject.com\/blog\/the-earned-value-method\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;The Earned Value Method: What is it and how to use it&#8221;<\/span><\/a><\/p>\n","protected":false},"author":3,"featured_media":10511,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_custom_body_class":"","_custom_post_class":"","footnotes":""},"categories":[58],"tags":[],"class_list":["post-10231","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-project-management"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The Earned Value Method: what is it and how to use it<\/title>\n<meta name=\"description\" content=\"The earned value method is one of the most appreciated and well-known project management tools. 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