From the course: Excel for Project Management
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Applying EVM to understand project progress and success - Microsoft Excel Tutorial
From the course: Excel for Project Management
Applying EVM to understand project progress and success
- [Presenter] So let's talk about earned value management. Now, some of this you've actually seen already used in the course, but I want to provide a little bit more focus here because EVM is a very important concept in project management, and it helps us understand how we're performing in an objective way, so it gives us some data to evaluate our performance. And the other thing is that it integrates various risks into the metrics themselves. So it helps us understand the scope, the cost, and the schedule, and where we are with all of those things. And finally, it helps the people in your organization understand what the future of the project's going to be. So let's talk about three metrics. We've used them in some way already, and you're likely to come across them as you manage projects as well. Okay, so planned value is the total cost of the work planned to be completed. So that means that you take the amount budgeted and you proportion it out to the amount of time that's elapsed…
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