It can be found as follows – Go to Report Tab, click on Cost drop down and select Earned Value Report. It is a pictorial representation of progress from start of the project until date of measurement. It will show following EVM measurements – PV, EV, SV and SPI.Įarned Value Report is a report that sketch earned value graph based on values of PV, EV and AC. Select Earned Value Schedule Indicator table. Go to View Tab, click on Tables drop down and select More Tables to open More Table dialogue box. It will show following EVM measurements – PV, EV, CV, CPI, BAC, EAC, VAC and TCPI.Įarned Value Cost Indicator table can be found as follows. Select Earned Value Cost Indicator table. It will show following EVM measurements – PV, EV, AC, SV, CV, BAC, EAC and VAC for tasks scheduled in the project.Įarned Value Cost Indicator table can be found as follows. Following views, tables and reports can be used for EVM measurement and reportingĮarned Value table can be found as follows. MS Project provide tables and reports to measure for EVM reporting. EVM Measurements in Microsoft Project 2016 Better the accuracy of actual data, better will be performance measurements.
HOW TO USE MICROSOFT PROJECT 2016 UPDATE
We should also update remaining duration or work for ongoing and future tasks if there is any change from the planned duration or work. EVM tells us – are we delayed, on time or ahead of plan, are we over budget, on budget or under budget, at what rate we are progressing, how much more we need to spend to complete the project, forecasted cost at completion etc.? To measure these schedule and cost performance, it is important that actual data of accomplishment & cost is updated in MS Project in a timely manner. Obviously progress cannot be measured until actual progress data is updated. We will not be able to measure performance of any task using EVM if either we have not assigned resources to the task or resource rates are not defined for the resources assigned to that task. As the EVM is a cost based measurement techniques, assigning resources to each task and defining cost or billing rate for each resource is necessary. We must list all the resources in resource sheet, provide their cost or bill rates and assign them to tasks. Click on drop down for “Baseline for Earned Value calculations” and select the baseline you want to set for measuring progress. Go to the File, choose Options, select Advance in left navigation panel and scroll down on the right panel until you see “Earned Value Options for this project”. In case of multiple baselines, we should define the baseline against which we will measure the performance. Establishing a performance baseline gives us a reference point to compare the project progress with respect to duration, efforts, cost and dates. Once the project schedule is agreed up, we must baseline the schedule otherwise EVM parameters cannot be calculated. More the detailing we do, our progress measurement and forecast will be more precise and accurate. For better progress monitoring, project scheduled be as detailed as possible. We should prepare a project schedule and get the stakeholder’s concurrence on the same before executing it. Important things to remember for using EVM in MS Project 2016 However to use Earned Value Management, we must remember few things… MS Project has all EVM term inbuilt and can be calculated at any point of time in the project life cycle. Will complete the project in remaining budget of remaining work. When variance observed as of now will not be observed in future. When observing no variance, will continue with same expenditure rate When original estimates are fundamentally flawed Variance of total projected cost from budget Measure of cost performance to be achieved on remaining work to meet project objectives The variance of total project cost project as of today Value of the work that is completed as of today (PV of completed work)įorecasted total project cost as of today EVM Terms: EVM TermsĮstimated value of the work planned to be spent as of today. EVM converts all progress into cost and compare these values to measure progress. In Earned Value Management we track the cost and schedule performance by measuring three parameters – Planned Value (PV), Earned Value (EV) and Actual Cost (AC). Microsoft Project has inbuilt fields for all EVM measurements.
HOW TO USE MICROSOFT PROJECT 2016 PROFESSIONAL
MS Project 2016 Professional and it earlier versions like MS Project 2013 and MS Project 2010 fully support EVM. PMI® (Project Management Institute) recommends this technique in its book – PMBOK® Guide (Project Management Body of Knowledge Guide). Using EVM Capability of Microsoft Project 2016Įarned Value Management (EVM) is one of the well-defined project tracking methods.
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