Project Management: Cost & Schedule Monitoring using EVM from Udemy

The course will help you understand the basic concepts of Earned Value Management which is one of the most important technique for effective Project Management.

By the end of this course you will learn the key terms of Earned Value Management, their definitions and the various formulas used to analyze whether the project is getting executed on track with respect to cost and schedule.

The course lets you understand the concept of Budget, Planned Value, Earned Value. It also teaches how to calculate Cost and Schedule Variance, Cost and Schedule Performance Index, Estimate At Completion, Estimate To Complete and To Complete Performance Index.

The course also includes examples showing the various scenarios of a project during execution phase and how Earned Value Management aids in recognizing the project status at any point of time with respect to budget and project completion schedule.

What's inside

Learning objectives

Earned value management
Project management
Cost control
Cost management
Cost monitoring
Quantity surveying
Budget control & monitoring
Cost variance & schedule variance
Cost performance index & schedule performance index

Estimate at completion
Estimate to complete
Budget at completion
Planned value
Earned value
To complete performance index
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Earned value management
Project management
Cost control
Cost management
Cost monitoring
Quantity surveying
Budget control & monitoring
Cost variance & schedule variance
Cost performance index & schedule performance index
Estimate at completion
Estimate to complete
Budget at completion
Planned value
Earned value
To complete performance index
Show more
Show less

Syllabus

Introduction

What is Earned Value Management ?

Understanding the Components of Earned Value Management

Key Terms

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what should give you pause

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Explores earned value management, which is a technique recognized for its ability to monitor project performance against baselines

Teaches how to calculate cost and schedule variance, which are essential for identifying deviations from the project plan

Develops skills in cost control and monitoring, which are crucial for maintaining project profitability and financial health

Includes example scenarios of project execution, which helps learners apply earned value management in real-world situations

Requires understanding of key terms, definitions, and formulas, which may necessitate some prior exposure to project management concepts

Reviews summary

Evm basics for project management

According to learners, this course provides a solid introduction to Earned Value Management (EVM), a key technique for project cost and schedule monitoring. Students found the course covers the fundamental concepts, key terms, and essential formulas clearly. The inclusion of example scenarios was frequently mentioned as a helpful way to understand practical application. While many found it highly beneficial for beginners or those needing a quick overview, a few noted that it focuses strictly on the basics and might not offer enough depth for experienced professionals or complex real-world situations.

Excellent starting point for those new to EVM.

"This course is perfect for someone starting out with EVM."

"As a beginner, I found the explanations easy to follow."

"It’s a great way to quickly get up to speed on EVM basics."

"Ideal for anyone who needs an introduction to this project management technique."

Scenarios illustrate EVM application effectively.

"The course also includes examples showing the various scenarios of a project during execution phase..."

"The examples provided were very helpful in understanding how the formulas are applied."

"Seeing EVM used in different scenarios really solidified the concepts for me."

"The practical examples make the theory much easier to grasp."

Solid introduction to core EVM concepts.

"This course provides a great foundation on Earned Value Management."

"I learned the basic concepts of Earned Value Management which is one of the most important technique for effective Project Management."

"The course clearly explains key terms, definitions, and formulas."

"It helped me understand the concept of Budget, Planned Value, and Earned Value."

May lack depth for advanced practitioners.

"While good, the course stays at a very introductory level."

"I was hoping for a bit more detail on complex EVM applications."

"It's a good overview, but doesn't go deep enough for experienced PMs."

"Good for fundamental understanding, but don't expect advanced techniques."

Activities

Be better prepared before your course. Deepen your understanding during and after it. Supplement your coursework and achieve mastery of the topics covered in Project Management: Cost & Schedule Monitoring using EVM with these activities:

Review Project Management Fundamentals

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Reinforce foundational project management knowledge to better understand EVM concepts.

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Review the project lifecycle phases.
Study key project management processes.
Familiarize yourself with project constraints.

Read 'Earned Value Project Management' by Quentin Fleming and Joel Koppelman

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Deepen your understanding of EVM with a comprehensive guide.

View Earned Value Project Management (Fourth Edition) on Amazon

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Read the book chapter by chapter.
Take notes on key concepts and formulas.
Work through the examples provided.

Practice EVM Calculations

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Solidify understanding of EVM formulas through repetitive problem-solving.

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Find practice problems online.
Calculate PV, EV, AC for various scenarios.
Compute SV, CV, SPI, CPI, EAC, ETC, TCPI.
Analyze the results and draw conclusions.

Four other activities

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Create an EVM Cheat Sheet

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Condense key EVM terms, formulas, and concepts into a concise reference guide.

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List all EVM key terms and definitions.
Summarize all EVM formulas.
Organize the information logically.

Read 'Practice Standard for Earned Value Management'

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Learn about the best practices for EVM implementation.

View The Standard for Program Management - Fifth... on Amazon

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Read the standard carefully.
Note the key recommendations.
Consider how to apply them to your projects.

Apply EVM to a Past Project

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Apply EVM techniques to a project you've previously worked on to analyze its performance.

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Select a past project with available data.
Gather planned vs. actual cost and schedule data.
Calculate EVM metrics at different points in time.
Analyze the project's performance using EVM.

Develop an EVM Dashboard

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Create a visual dashboard to track project performance using EVM metrics.

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Choose a suitable dashboarding tool.
Define the key EVM metrics to display.
Design the dashboard layout.
Populate the dashboard with project data.

Career center

Learners who complete Project Management: Cost & Schedule Monitoring using EVM will develop knowledge and skills that may be useful to these careers:

Project Manager

As a project manager, you are responsible for planning, executing, and closing projects on time and within budget. This course directly supports the core functions of a project manager by providing a strong understanding of Earned Value Management. This will help in understanding key terms, definitions, and formulas to analyze project performance with respect to cost and schedule. A project manager must know how to recognize a project's status at any point in time with respect to budget and project completion schedule, all covered in this course.

See salaries and explore the career path for Project Manager

Project Controller

Project controllers are responsible for monitoring project costs, schedules, and performance, and providing regular reports to project managers and stakeholders. This course aligns directly with the responsibilities of a project controller. Being able to understand the key terms of Earned Value Management, their definitions, and the various formulas used to analyze whether the project is getting executed on track with respect to cost and schedule is critical. This course teaches exactly that.

See salaries and explore the career path for Project Controller

Project Analyst

Project analysts support project managers by collecting, analyzing, and reporting project data. This course directly addresses the data analysis aspect of the role. Project analysts will find value in understanding the key terms of Earned Value Management, their definitions, and the various formulas used to analyze whether the project is getting executed on track with respect to cost and schedule. Project analysts can use the knowledge gained to prepare valuable reports.

See salaries and explore the career path for Project Analyst

Project Coordinator

Project coordinators assist project managers in planning, organizing, and executing projects, ensuring smooth operations and effective communication. This course could prove useful in providing a solid foundation in Earned Value Management. Project coordinators can use the definitions and formulas learned to analyze project execution with respect to cost and schedule. The course will help you understand Budget, Planned Value, and Earned Value concepts.

See salaries and explore the career path for Project Coordinator

Quantity Surveyor

Quantity surveyors manage and control project costs, ensuring projects stay within budget and comply with regulations. This course is highly relevant, as one of its learning objectives is quantity surveying. Quantity surveyors will significantly benefit from understanding earned value management concepts, key terms, and formulas. Furthermore, this course aids surveyors in analyzing whether a project is on track concerning cost and schedule, crucial for effective cost control.

See salaries and explore the career path for Quantity Surveyor

Construction Manager

Construction managers oversee construction projects from start to finish, managing budgets, schedules, and resources. This course could be useful in ensuring projects stay on track financially and according to the planned timeline. Construction managers can apply the concepts of Budget, Planned Value, and Earned Value taught in this course. You can also use what this course teaches toward calculating Cost and Schedule Variance.

See salaries and explore the career path for Construction Manager

Estimator

Estimators are responsible for preparing cost estimates for projects. This course is quite relevant, teaching you about Earned Value Management, one of the most important techniques for effective project management. Estimators can use this information to understand key terms, definitions, and formulas. This course equips you with skills in analyzing whether the project is on track with respect to cost and schedule.

See salaries and explore the career path for Estimator

Program Manager

Program managers oversee multiple related projects, coordinating efforts to achieve strategic goals. This course helps program managers monitor the financial health and schedule adherence of their programs. Program managers can benefit from understanding Earned Value Management, a technique to analyze whether a project is getting executed on track with respect to cost and schedule. This course will help you understand the Budget, Planned Value, and Earned Value and how to calculate Cost and Schedule Variance.

See salaries and explore the career path for Program Manager

Cost Estimator

Cost estimators prepare detailed cost estimates for construction projects, factoring in materials, labor, and other expenses. This course can help refine your estimation skills by understanding Budget, Planned Value, and Earned Value. Cost estimators will find value in learning to calculate Cost and Schedule Variance, Cost and Schedule Performance Index, Estimate At Completion, Estimate To Complete, and To Complete Performance Index. This course may be useful in seeing how Earned Value Management aids in recognizing project status with respect to budget and project completion schedule.

See salaries and explore the career path for Cost Estimator

Budget Analyst

Budget analysts are involved in the development, analysis, and management of budgets. This course directly strengthens your skills in Earned Value Management, one of the most important techniques for effective project management. Budget analysts will significantly benefit from understanding Budget, Planned Value, and Earned Value, as well as how to calculate Cost and Schedule Variance. If you want to be a Budget Analyst, this is a great course to take.

See salaries and explore the career path for Budget Analyst

Program Coordinator

Program coordinators assist in the planning, implementation, and coordination of programs, ensuring they align with organizational goals. This course may be useful for understanding the financial aspects of program management and tracking progress against budget and schedule. A program coordinator can benefit from understanding Budget, Planned Value, and Earned Value and how to calculate Cost and Schedule Variance, as well as understanding how Earned Value Management aids in recognizing project status.

See salaries and explore the career path for Program Coordinator

Financial Analyst

Financial analysts analyze financial data, prepare reports, and provide recommendations to improve financial performance. This course may be useful in gaining insights into project cost management and performance tracking. You can use it to calculate Cost and Schedule Variance, Cost and Schedule Performance Index, Estimate At Completion, Estimate To Complete and To Complete Performance Index. A financial analyst can use that information to help recognize the project status at any point of time.

See salaries and explore the career path for Financial Analyst

Cost Accountant

Cost accountants analyze and track production costs, providing insights into profitability and efficiency. This course may be useful in understanding how project costs are managed and tracked throughout the project lifecycle. A cost accountant can use that information to recognize the project status at any point of time. The course helps build your foundation about Budget, Planned Value, and Earned Value and how to calculate Cost and Schedule Variance.

See salaries and explore the career path for Cost Accountant

Business Analyst

Business analysts analyze business processes and systems, identify areas for improvement, and recommend solutions. This course may be useful for business analysts involved in project-related initiatives. Business analysts may find that this course helps build a foundation relating to Budget, Planned Value, and Earned Value and knowing how to calculate Cost and Schedule Variance. You can also use what this course teaches to recognize the project status at any point of time.

See salaries and explore the career path for Business Analyst

Management Consultant

Management consultants advise organizations on how to improve their performance and efficiency. This course may be useful in helping management consultants understand project management methodologies. Management consultants may find this course useful in understanding Earned Value Management, a technique for effective project management. This course will help build a foundation relating to Budget, Planned Value, and Earned Value and how to calculate Cost and Schedule Variance.

See salaries and explore the career path for Management Consultant

Project Management

Cost & Schedule Monitoring using EVM

What's inside

Learning objectives

Syllabus

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Reviews summary

Evm basics for project management

Activities

Career center

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