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Project Management

Control using the Earned Value and Risk

Daniel Trabucchi and Tommaso Buganza

Project Management is a fundamental theme to understand and work in any business environments. Once projects are properly planned, the job of a Project Manager is just started. Indeed, PMs need to properly control, re plan, and manage risks during the execution of the project. During the course, the Earned Value Management System – the standard and most diffused technique to properly manage time and cost in a project – is presented. In doing so, the concepts of BCWS (the time-phased budget), the BCWP (the earned value) and ACWP (the actual costs of what has been performed) are introduced along with the main indicators that help managers in taking decision on how to replan the projects according to the estimation at completion. Finally, the main approaches to identify and manage risks are introduced along with the closing phase.

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What's inside

Syllabus

Controlling and Closing a Project

Good to know

Know what's good

, what to watch for

, and possible dealbreakers

Covers earned value management, a project management technique widespread in the industry

Taught by instructors with industry experience

Provides a solid understanding of project management's execution phase, including controlling, replanning, and risk management

Utilizes a mix of videos, readings, and discussions to enhance learning

Notably, it relies on older software versions, which may limit its relevance in the current industry landscape

Assumes prior knowledge of project management fundamentals, so may not be suitable for complete beginners

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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: Control using the Earned Value and Risk with these activities:

Refresh knowledge of Earned Value Management

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Earned Value Management is a key topic in this course. Review the concepts before starting the course.

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Read an article or blog post about Earned Value Management.
Review your notes or lecture materials from a previous course on project management.
Take a practice quiz or test on Earned Value Management.

Follow a tutorial on project management

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Start by reviewing the basics of project management to solidify your foundation.

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Identify a tutorial that covers the fundamentals of project management
Follow the tutorial step-by-step and take notes on the key concepts

Discuss Earned Value Management with a peer

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Discussing Earned Value Management with a peer can help you reinforce your understanding of the concepts.

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Find a peer who is also taking or has taken this course.
Schedule a time to meet with your peer.
Discuss the concepts of Earned Value Management and how they apply to project management.

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Develop a project charter

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Craft a project charter to define the purpose, scope, and objectives of your project.

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Gather project requirements and define the project scope
Identify stakeholders and their involvement in the project
Develop a project timeline and budget
Write and finalize the project charter

Participate in a project management study group

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Engage in discussions and collaborate with peers to exchange ideas and deepen your understanding.

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Find or create a study group with other students in the course
Set regular meeting times and establish a study schedule
Discuss course materials, case studies, and real-world examples
Work together on project assignments and provide feedback to each other

Practice Earned Value Management calculations

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Earned Value Management calculations are an important skill in project management. Practice these calculations to improve your understanding.

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Find a set of practice problems or exercises on Earned Value Management.
Solve the problems or exercises using the Earned Value Management formulas.
Check your answers against the provided solutions.

Practice using project management tools

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Develop proficiency in using project management tools to enhance your practical skills.

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Choose a project management tool and familiarize yourself with its features
Create a project plan and track its progress using the tool
Collaborate with others on a project using the tool

Volunteer on a project related to your field

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Gain valuable hands-on experience and apply your skills in a real-world setting.

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Identify organizations or projects that align with your interests and skills
Contact the organization and inquire about volunteer opportunities
Attend training or orientation to familiarize yourself with the project
Participate in project activities, meetings, and tasks
Reflect on your experience and identify areas for improvement

Develop a Project Plan with Earned Value Management

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Creating a Project Plan is a valuable way to bring together the concepts of this course.

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Identify the project scope and objectives.
Develop a work breakdown structure.
Estimate the costs and schedule for each task.
Calculate the Earned Value, Actual Cost, and Budgeted Cost at Completion for each task.
Create a project plan that includes the Earned Value Management calculations.

Create a presentation on project management

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Reinforce your understanding by creating a presentation that summarizes the key concepts of project management.

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Outline the main topics and subtopics to be covered in the presentation
Gather information and prepare content for each slide
Design the slides using clear and concise visuals
Practice delivering the presentation and gather feedback

Contribute to an open-source project related to project management

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Get involved in the project management community by contributing to open-source tools and resources.

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Identify open-source projects related to project management that interest you
Review the project documentation and familiarize yourself with the codebase
Identify areas where you can contribute, such as bug fixes or feature enhancements
Submit pull requests with your contributions and provide clear descriptions of your changes
Engage with the project community and seek feedback on your contributions

Career center

Learners who complete Project Management: Control using the Earned Value and Risk will develop knowledge and skills that may be useful to these careers:

Project Manager

Project Management: Control using the Earned Value and Risk teaches the fundamentals of managing time and cost in a project. This knowledge is essential for Project Managers who need to properly control, replan, and manage risks during the execution of projects. The course covers the Earned Value Management System, a standard technique used to manage time and cost in projects. It also covers the main approaches to identify and manage risks. This course can help Project Managers build a strong foundation in project management and develop the skills needed to be successful in the field.

See salaries and explore the career path for Project Manager

Program Manager

Project Management: Control using the Earned Value and Risk can be useful for Program Managers who want to learn more about project management and risk management. The course covers the Earned Value Management System, a standard technique used to manage time and cost in projects. It also covers the main approaches to identify and manage risks. This knowledge can help Program Managers develop the skills needed to be successful in the field.

See salaries and explore the career path for Program Manager

Risk Manager

Risk Managers may find Project Management: Control using the Earned Value and Risk to be useful for developing a better understanding of project management, time management, and cost management. The course covers the Earned Value Management System, a standard technique used to manage time and cost in projects. It also covers the main approaches to identify and manage risks. This knowledge can help Risk Managers develop the skills needed to be successful in the field.

See salaries and explore the career path for Risk Manager

Quality Manager

Quality Managers may find Project Management: Control using the Earned Value and Risk to be somewhat useful for developing a better understanding of project management, time management, and cost management. The course covers the Earned Value Management System, a standard technique used to manage time and cost in projects. It also covers the main approaches to identify and manage risks. This knowledge can help Quality Managers develop the skills needed to be successful in the field.

See salaries and explore the career path for Quality Manager

Consultant

Consultants may find Project Management: Control using the Earned Value and Risk to be somewhat useful for developing a better understanding of project management, time management, and cost management. The course covers the Earned Value Management System, a standard technique used to manage time and cost in projects. It also covers the main approaches to identify and manage risks. This knowledge can help Consultants develop the skills needed to be successful in the field.

See salaries and explore the career path for Consultant

Product Manager

Product Managers may find Project Management: Control using the Earned Value and Risk to be somewhat useful for developing a better understanding of project management, time management, and cost management. The course covers the Earned Value Management System, a standard technique used to manage time and cost in projects. It also covers the main approaches to identify and manage risks. This knowledge can help Product Managers develop the skills needed to be successful in the field.

See salaries and explore the career path for Product Manager

Business Analyst

Business Analysts may find Project Management: Control using the Earned Value and Risk to be somewhat useful for developing a better understanding of project management, time management, and cost management. The course covers the Earned Value Management System, a standard technique used to manage time and cost in projects. It also covers the main approaches to identify and manage risks. This knowledge can help Business Analysts develop the skills needed to be successful in the field.

See salaries and explore the career path for Business Analyst

Financial Analyst

Financial Analysts may find Project Management: Control using the Earned Value and Risk to be somewhat useful for developing a better understanding of project management, time management, and cost management. The course covers the Earned Value Management System, a standard technique used to manage time and cost in projects. It also covers the main approaches to identify and manage risks. This knowledge can help Financial Analysts develop the skills needed to be successful in the field.

See salaries and explore the career path for Financial Analyst

Sales Manager

Sales Managers may find Project Management: Control using the Earned Value and Risk to be somewhat useful for developing a better understanding of project management, time management, and cost management. The course covers the Earned Value Management System, a standard technique used to manage time and cost in projects. It also covers the main approaches to identify and manage risks. This knowledge can help Sales Managers develop the skills needed to be successful in the field.

See salaries and explore the career path for Sales Manager

Data Analyst

Data Analysts may find Project Management: Control using the Earned Value and Risk to be somewhat useful for developing a better understanding of project management, time management, and cost management. The course covers the Earned Value Management System, a standard technique used to manage time and cost in projects. It also covers the main approaches to identify and manage risks. This knowledge can help Data Analysts develop the skills needed to be successful in the field.

See salaries and explore the career path for Data Analyst

Marketing Manager

Marketing Managers may find Project Management: Control using the Earned Value and Risk to be somewhat useful for developing a better understanding of project management, time management, and cost management. The course covers the Earned Value Management System, a standard technique used to manage time and cost in projects. It also covers the main approaches to identify and manage risks. This knowledge can help Marketing Managers develop the skills needed to be successful in the field.

See salaries and explore the career path for Marketing Manager

Operations Manager

Operations Managers may find Project Management: Control using the Earned Value and Risk to be somewhat useful for developing a better understanding of project management, time management, and cost management. The course covers the Earned Value Management System, a standard technique used to manage time and cost in projects. It also covers the main approaches to identify and manage risks. This knowledge can help Operations Managers develop the skills needed to be successful in the field.

See salaries and explore the career path for Operations Manager

Account Manager

Account Managers may find Project Management: Control using the Earned Value and Risk to be somewhat useful for developing a better understanding of project management, time management, and cost management. The course covers the Earned Value Management System, a standard technique used to manage time and cost in projects. It also covers the main approaches to identify and manage risks. This knowledge can help Account Managers develop the skills needed to be successful in the field.

See salaries and explore the career path for Account Manager

Software Engineer

Software Engineers may find Project Management: Control using the Earned Value and Risk to be somewhat useful for developing a better understanding of project management, time management, and cost management. The course covers the Earned Value Management System, a standard technique used to manage time and cost in projects. It also covers the main approaches to identify and manage risks. This knowledge can help Software Engineers develop the skills needed to be successful in the field.

See salaries and explore the career path for Software Engineer

Web Developer

Web Developers may find Project Management: Control using the Earned Value and Risk to be somewhat useful for developing a better understanding of project management, time management, and cost management. The course covers the Earned Value Management System, a standard technique used to manage time and cost in projects. It also covers the main approaches to identify and manage risks. This knowledge can help Web Developers develop the skills needed to be successful in the field.

See salaries and explore the career path for Web Developer

Reading list

We've selected 16 books that we think will supplement your learning. Use these to develop background knowledge, enrich your coursework, and gain a deeper understanding of the topics covered in Project Management: Control using the Earned Value and Risk.

The Standard for Program Management - Fifth Edition

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Is the standard reference for project management and provides a comprehensive overview of the field. It valuable resource for both beginners and experienced project managers.

Project Management

Control using the Earned Value and Risk

What's inside

Syllabus

Good to know

Save this course

Activities

Career center

Reading list

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