What is EARNED VALUE MANAGEMENT (EVM) in Project Cost Management (2023)? PMP Training Videos | PMBOK
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- čas přidán 1. 06. 2024
- Learn what is Earned Value Management (EVM) in project Cost Management for your PMP Exam (2023). This PMP tutorial video teaches you the basic concepts of Earned Value Management which you need to remember for your PMP Certification Exam. It is also equally important to know this theory if you want to understand Earned Value Management as a topic. Here we understand the Earned Value Management technique through an example...which makes it super easy! Link to new PMP Exam Content Outline 2023: Domain-Process, Task-5 (Plan and manage budget & resources)
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--------⏰TIMESTAMPS⏰---------
0:00 Earned Value Management (EVM) - Introduction
1:10 What is Earned Value Management (EVM)?
8:35 Spending Curves and Cost Variance Formulas (SV, CV, SPI, CPI)
15:55 To Complete Performance Index (TCPI)
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#earnedvaluemanagement, #pmbokedition6, #pmpwithray
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//DISCLAIMER
PMI, PMP Certificate, PMI-PMP Badge, PMBOK, PMP, PgMP, PfMP, CAPM, PMI-SP, PMI-RMP, PMI-ACP, and PMI-PBA all are registered marks of the Project Management Institute, Inc. Views expressed in this video are fully personal and does not guarantee any direct correlation or causation towards increased probability of passing the PMP examination. Links shared in the description section may be affiliate links.
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Declaration: I am not a PMI R.E.P.
Check my Earned Value Management Course on Udemy (9 PDUs - PMI Approved): www.udemy.com/course/project-management-with-earned-value-management-evm-9-pdus/?referralCode=9AA377EE371EB9FEAB00
Hi Ray, I just passed my PMP exam today on my first try! I want to thank you for your videos, especially this one on the EVM which I had a hard time memorizing the formulas. I did read through the entire PMBOK, but it was just way too much information and I kept struggling with mock exams. I did not feel confident as days were approaching until I found your video just a few days ago. Your videos provided good strategies to approach the exam questions (especially the situational questions). Thank you again for these great videos, and I hope many other viewers can benefit from you!
Hi Shawn,
Many many congratulations for achieving this milestone in your career! It is all because of your hard work & dedication...enjoy the achievement! Welcome to the club...
Please refer to my CZcams channel, website (pmpwithray.com) and my 200-Q Udemy mock within your network & peer group! That's the only way I can reach out to more potential PMP aspirants like you!...and help them achieve success...
Wish you all the best in your career ahead...which I am sure will scale new heights now with PMP!!!
I am really happy that I was a part of your journey for PMP....
All the best, stay well...
Best,
Ray
You're winning!
Thank you!!! I was having such a snag understanding this portion of the training and your video was the only one of several I watched that spelled it out in a comprehensive way. Much appreciated.
Glad it helped! Thank you for your comment. Please check out my full training course on EVM (business case study based) on Udemy if you need an in-depth understanding on the topic: bit.ly/EVM_PMPWITHRAY
Thank you so much... the way you explain things is excellent. You manage to condense a vast amount of effort, knowledge, and work into a nutshell.
You're very welcome! And glad it was helpful
I am so glad I came across your channel. You have really helped me make big progress in my studying journey. I had a hard time understanding how to get EV when it wasn't given which was a big wall in my progress. I finally am able to move on and practice what I have learned. Thanks.
Thank you Esmeralda for watching and commenting!
Great explanation. Thank you!!
Glad it helped! Thank you for watching and commenting!
Thanks to upload this Valuable Video.
Thank you very much.
Thank you for watching and commenting!
This is great !!
Thanks for watching!
Thanks a lot.
Thank you Saptarshi for watching and commenting!
these videos are amazing, best and most clear ones i have found online! thank u so much
Glad it helped! Thank you for watching & commenting :)
Thanks for explaining this. Really helpful !
You're very welcome! Thank you for watching & commenting :)
Thanks a lot... Really
You are most welcome! Thank you for watching & commenting.
Thank you so much sir, and god bless you. 🙏🙏🙏
You are most welcome! Thank you for watching & commenting :)
Super…Thanks
Thank you for watching & commenting!
Tip for you guys, personal experience. Attempt mathematical question at the end of exam.
Appreciate sharing your views. Thanks for watching & commenting :)
Thank you very much !! Very clear
Glad it helped! Thank you for watching & commenting :)
sooooooooooo HELPFUL!!!!! THANK YOU!
Glad it helped! Thank you for watching & commenting!
Great work sir. Your videos are really helpful. Thank you.
You are most welcome! Thanks for watching.
Thank you so much...!!!
Welcome 😊 Thank you for watching!
Thank you!
You're welcome!
thank you, very good explanation !!
Hi Khaled
So glad you liked it.I wish you all the very best for your PMP prep! Keep an eye on my CZcams channel for more upcoming tutorial videos (as per the new format of the PMP exam in 2021) and please share them within your network & peer group who are also preparing for the PMP exam…
Take care,
Ray
Ray, simple and precise explanation. The example helps to understand the concept thoroughly.
Thank you for watching & commenting Nikhil...!
you made it really easy :)thank you so much
Glad it helped! Thank you for watching :)
What a fantastic easy to understand video. Excellent example as well. Hats off :))
Glad it helped! Thank you for watching & commenting.
Thanks a lot man!!
My pleasure!
Great learning 👍
Thank you! Cheers!
You have nicely explained about EV; I have to pause several time and listen, very interesting and you made it easy to follow - best video ever - Thanks a lot.
Glad you enjoyed it! Thank you for watching & commenting :)
This video is really helpful for me to understand the terminology of PV, EV, AC and remaining things. Thanks Nilotpal Ray for made such a informative video.. THANKS A LOT
Glad it was helpful! Thank you for watching & commenting :)
Good
Thank you for watching & commenting :)
What a wonderful video!
I am planning to write my PMP soon and I am sure your videos would be super helpful.
Thank you so much for creating quality content like this :)
Cheers!
Glad it was helpful! Thank you for watching & commenting!
Such a nice explanation and thanks for the valuable content all the time.
Thank you for watching and commenting!
YOU MADE IT SO EASY TO UNDERSTAND.... THANKS A LOT
Glad it was helpful! Thank you for watching & commenting :)
pls make videos on topics which you think are difficult for self study. This is very useful video.
Thank you for your comment. Please watch the other videos on my CZcams channel and you will be able to find a lot of self-study videos
Thank you sir, your video really helped.
I'm gate aspirant, decided to study construction project management and these basics are really important to be clear in mind.
Thank you for participating and commenting!
That's a highly excellent explanation. EVM concept was always difficult to comprehend and till then it seems vague and complex to understand. With this explanation, all important parameters of EVM could be understood. Thank you for simplifying this concept.
Glad it was helpful! Thank you for watching & commenting!
Thank you, Ray - I passed my PMP exam yesterday with 5 AT! Your videos helped me a lot, especially the ones on situational questions, change management, and ITTO quizzes. Great content!
Hello Minn,
Many many congratulations for achieving this milestone in your career! It is all because of your hard work & dedication...enjoy the achievement! Welcome to the club...
Please refer my CZcams channel, website (pmpwithray.com) and my 200-Q Udemy mock within your network & peer group! That's the only way I can reach out to more potential PMP aspirants like you!...and help them achieve success...
Wish you all the best in your career ahead...which I am sure will scale new heights now with PMP!!!
I am really happy that I was a part of your journey for PMP....
All the best, stay well...
Best,
Ray
Your example is incredibly helpful.
Glad it was helpful!
conceptually explained ❤❤
You are most welcome! Thank you for your comment!
Thanks for the detailed explanation👍
Glad it was helpful Raghavendra!
great Bro. Nice interpretation. Thanks
Glad you liked it! Thank you for watching & commenting!
Super
Thanks :)
Very lucid and clear explanation... Great
Glad you liked it! Thank you for your comment!
Excellent Explanation
Glad it was helpful! Thank you for watching & commenting.
Thank you :)
You're welcome!
Thanks
Welcome. Thank you for your comment :)
Thanks buddy it was just so simple I was dying to learn the method
🤟
Thank you for watching & commenting!
super hit
Glad it helped! Thank you for watching & commenting :)
Hey Ray, thanks again for another great video. I am watching all of your videos in addition to reading the PMBOK, and doing Head First PMP prep. I plan on starting my mock exams this coming Tuesday. I tried to follow your link to the 200 question mock exam on the PMI website, but for some reason, it is only available in India!!! Your tip on calculating float in the Critical Path video was very helpful too! Please keep up the good work my man, and keep those videos coming!!! I will be eternally grateful to you when I pass my PMP exam on the very 1st attempt!
Thank you Jayson for your wonderful comment. Happy to be a part of your PMP journey! :)
Very informative.
Thanks a lot for your comment! All the best for your PMP prep :)
Very nice explanation , thanks so much
Glad it was helpful! Thank you for watching & commenting :)
Thanks - this is great. Would love to see a video on types of risk analysis and assessments - how to tell which one to use and distinguish them.
Hello Elena, yes I will definitely keep that as a future video idea. Thank you for watching & commenting :)
It's a wonderful videos, your explanation skills are great.
Thank you for making this video.
Glad you like them! Thank you for watching & commenting!
Very nicely explained sir
Thank you for watching and commenting!
Thank you Sir ❤️ I’m from Sri Lanka 🇱🇰
Thank you for watching & commenting! :) All the best for your PMP.
Well explained with an example
Thank you for watching & commenting Naresh. All the best for your PMP :)
Your content really helped me a lot with my exam prep for the capm. I passed my exam today above target !
Congratulations! Thank you Shalini for watching and commenting!
Love your explanation going to have exam within 3 days. Wish me a luck
You can do it Nomin! Best of luck! May God be with you always...:)
Hi Ray, love your videos, I did your udemy simulator as well; you indicated to take tough ones but yours was relatively easy on simulator I think; also you indicated to do some questions at the end of EVM video; it is missing; all said and done, your videos have lots of clarity - well done
Great to hear! Thank you for watching & commenting. Please checkout my EVM course on Udemy here: bit.ly/EVM_PMPWITHRAY
Great work, Ray! EVM is explained in a very simple, yet VERY EFFECTIVELY. And of course what is the importance of this tool in the real world scenario.
By the way, I am doing my revisions for my first attempt of PMP. Here are the steps I am following -
* Re-read each chapter in PMBOK followed by the Rita Mulcay book.
* Solve the exercise based on the chapter from Rita, Andey Crowe 'The PMP Exam' book, and from Kavita Sharma 'Practice Test Updated for 2021'
Find the knowledge gap, work on it, and then move to the next chapter.
* Watch your videos for additional tips etc. just I watched this one.
After completing all the chapters in this way, I will be going for a full length mock test (PAID and at least 4, and I have marked yours' n Simplilearn here as one of them)
Please let me know if you would like to suggest anything here.
Hi Abhilasha, the prep roadmap seems good to me. Remember to read a lot on Agile/Hybrid project management & solve as many scenario based question on those as possible (my Udemy course definitely covers that)....remember to build error logs & revise them daily as well. Cheers!
Hi Abhilasha,
I am preparing for my PMP exam. I was wondering if you have links to ebooks of the authors you have just mentioned?
This is one of the most illustrative explanation of important EV analysis terms. Great job!! You may want to add some concept about BAC=AC+[(BAC-EV)]/(CPI*SPI)] that may help to understand as how positive SPI may possibly offset the negative CPI at advanced project completion date.
Hi Ejaz, thanks for the suggestion. I will definitely keep that as one of the future video ideas ! Cheers...
Thanks for your lesson. It would be great to have a deep dive into the diefferent EAC formulas and were to apply which one, based on example questions
Great suggestion! Will definitely take that into account for future videos!
@@PMPwithRay Hurry up as I will have my exam on 23rd May ;) ;)
Sure. I will try :) Will the exam centers open up by 23rd May? Or are you writing it online from home?
@@PMPwithRay I'll take my exam at home. I'm trying to udnerstand how to deal with the fact that I won't be able to use any pen or paper: using only the whiteboard provided will be a challenge, especially for schedule networks and EVM questions...
Hi. I would suggest to defer your exam date till the exam centers open up (if you can). It would be very difficult to solve EVM/scheduling questions without a pen and a paper. Also, this 'at home' stuff PMI is conducting for the first time and there is bound to be glitches and faults in their system. So, better use your attempt in the right conditions.
Ray, your example of computing EV from BAC assumes the scope can be broken down into units (need to do a WBS) and the cost per unit can be determined. Is that the assumption?
Hello Ezsutra, yes that's correct. That WBS level decomposition of project work along with the costs associated for each one of them is part of the triple constraint baseline (scope, cost, schedule) before you start the project.
The video is very useful. thanks for your time to create such nice videos.
Shall I get copy of the notes? not only specific video for all of them
Hi Sangamesh. Thank you for watching & commenting! Unfortunately I don't have a copy of the notes. However, you can do a screen capture and print them out from the video itself. Even better, make the notes yourself while watching the video...that way your learning would be 100% complete.
Does PMI allow to do these calculation in the exam on a rough sheet ? If not then how are these values calculated in real exam.
I feel, I don`t need to remember any formula now, example, explanation, graphical representation made this so simple.. Very helpful. Only 1 question: why do we have (rather need) so many other formulas in Ritas book or in PMBOK ?
I am glad that you found the video helpful. With the new format of the PMP Exam, you need not to remember all the formulas apart from the basic ones such as CPI & SPI. But make sure you know how to interpret the values of TCPI, EV etc....questions in the PMP exam will be more deductive based...rarely they will give you math problems. Hence, concept building is important.
Pls explain BAC calculation as well. All the other content is awesome.
Hi Bini
Thanks for watching. I would definitely keep your suggestion in mind.
Hello Ray this video has really been very helpful, I have understood everything. I just have one doubt, any further elaboration on EAC and ETC is required or what's told in the video is enough?
The theory explained should be enough. You need to practice Q&As now to see if you can apply what you have learnt. Also, check out this article from PMI to read a bit more about EVM: www.pmi.org/learning/library/earned-value-management-systems-analysis-8026
you saved my life
Thanks for watching. All the best for your exam.
can you please elaborate how you calculated the EAC & ETC values
Hello, those are advanced concepts of EVM and are covered in my Udemy course: bit.ly/EVM_PMPWITHRAY
That s Give Me Clear Idea. Thanks Ray.
Ur welcome. Thanks for watching!
Dear Sir,
Could you please upload Project Resource management video ?
Hello Mahendra. Yes, will do soon! Thank you for watching & commenting! :) All the best for your PMP exam!
HI Ray, Great video. helps a alot to understand, though I have a doubt that your ETC and EAT is incorrect that you mention on your "Spending Curve Chart".
EAC*
Hi Ahtesham. Thank you for watching & commenting. Can you tell me why do you think that ETC & EAC is incorrectly explained in this video?
Hi Ahtesham. Thank you for watching & commenting. Can you tell me why do you think that ETC & EAC is incorrectly explained in this video?
@@PMPwithRay Ray, according to me:
EAC = BAC/CPI
EAC = 80/0.83
EAC = 96.38
ETC = EAC-AC
ETC = 96.38-30
ETC = 66.38
OR
EAC = AC+BAC-EV
EAC = 30+80-25
EAC = 85
ETC = EAC-AC
ETC = 85-30
ETC = 55
Correct me if I'm wrong?
@@ahteshamsiddiqui1194 Hello, let me explain.
EVM provides multiple ways to forecast the cost performance of the project. Each is based on different assumptions.
[Approach-1]
The project will continue with the same cost-performance as it has been til now. CPI is a measure of current cost-performance.
EAC = BAC/CPI
ETC = (BAC-EV)/CPI
[Approach-2]
Going ahead the project will proceed as per the plan, not as per the current CPI.
EAC = AC + (BAC-EV)
ETC = BAC - EV
There are many other approaches too. I gave you two of them as a reference.
All the best with your PMP exam preparations!!
#SunnySensei
Harba ❤
Thank you for watching & commenting!
Finally found god for PM
Thank you so much, Milan for your kind words. I am just a mentor in your path to success. All the best.
Please make a video on calculating EAC and ETC ... also variance at completion
Also I gave the mock test by u at Udemy... one question talks about spi less than 1 n correction ans says project left midway ... is that the case every time
SPI
Hi Ray can you please solve the pmp exam questions related to EVM
Yes. I will upload a video soon where I would be solving EVM questions for the PMP exam. Thanks for watching and commenting Amit...
Dear Ray, if the project is ahead of the schedule, how come you multiply $30 by 4? (to find 120$)
Isn't EAC equal to BAC/CPI? EAC=80$/0.83=$96.38 ???
and ETC=EAC-AC =96.38-30=66.38$ ???
Hello...yes you are correct. If this was a EVM problem where you are asked to calculate the EAC, then it would be BAC/Cumuative CPI. But note the 2 things as mentioned below:
1. The $120 given as EAC here is an 'assumed' figure to help you understand the concept of EVM. Moreover, the CPI used is absolute CPI and not a cumulative CPI right?
2. What if after week2 or week3, the project gets heavily delayed & your EAC jumps beyond $96 (as your calculation provides you now)? Then it's very possible that it touches the $120 mark. right?
So, I recommend....don't take this illustration as a EVM problem asking you to calculate EAC....but take it as a concept building exercise to develop understanding of the earned value concepts.
That's absolutely correct... EAC is 96$ and not 120$..
ETC is 66$ and not 90$...
Curve needs to be adjusted accordingly... Great question
One quick question. In few books it’s mentioned EAC=BAC/CPI. In your example it should be coming to 96 but you have taken it as 120 in the graph. Please help get it clarified
i have the same confusion. using unitary method also we can show that EAC=96 . For example 1.25 unit of work takes $30 so 4 unit of work should take 30*4/1.25=$96 . Ray sir plz clarify
Hello Subhankar...yes you are correct. If this was a EVM problem where you are asked to calculate the EAC, then it would be BAC/Cumuative CPI. But note the 2 things as mentioned below:
1. The $120 given as EAC here is an 'assumed' figure to help you understand the concept of EVM. Moreover, the CPI used is absolute CPI and not a cumulative CPI right?
2. What if after week2 or week3, the project gets heavily delayed & your EAC jumps beyond $96 (as your calculation provides you now)? Then it's very possible that it touches the $120 mark. right?
So, I recommend....don't take this illustration as a EVM problem asking you to calculate EAC....but take it as a concept building exercise to develop understanding of the earned value concepts.
Hello Tareq...yes you are correct. If this was a EVM problem where you are asked to calculate the EAC, then it would be BAC/Cumuative CPI. But note the 2 things as mentioned below:
1. The $120 given as EAC here is an 'assumed' figure to help you understand the concept of EVM. Moreover, the CPI used is absolute CPI and not a cumulative CPI right?
2. What if after week2 or week3, the project gets heavily delayed & your EAC jumps beyond $96 (as your calculation provides you now)? Then it's very possible that it touches the $120 mark. right? Then your unitary assumption does not hold true...
So, I recommend....don't take this illustration as a EVM problem asking you to calculate EAC....but take it as a concept building exercise to develop understanding of the earned value concepts.
Sir, could you share TCPI based on EAC/ETC. thanks
Sure. Will do soon via another video. Thank you for watching & commenting :)
Hi Ray, In one of your videos you said that PMI gives a sample paper once we enroll for PMP. Well, I have scheduled the exam but can't find the sample paper...Could you let me know how to obtain it please ?
Hello Manas, you can find the details of the sample paper in this video of mine: czcams.com/video/HeEk8b5oOPg/video.html
Join my FREE Webinar for your PMP Exam Preparation in 2023: event.webinarjam.com/channel/pmpwithraywebinar
Ray, if I’m ahead of schedule, wouldn’t the project (fence) finish on cost ahead of schedule ?
You cannot say that for sure. If you are ahead of schedule by CRASHING, then your costs may go up due to additional labor or resources...is that clear?
Just looked up crashing..I understand now. Thanks !
Lets say there is a project for migrating on-premise applications to Azure cloud. In this project, vendor has provided budget of 100K USD for just 2 months. how to evaluate this and how to decide whether this quotation is really good or vendor is trying to earn too much. I think technical knowledge on cloud migration is must, will PMP help in this?
Hi Sumant. What you should do here is:
1. Take competitive quotes from alternate vendors (similar scale) to evaluate whether your vendor has really quoted high. That's standard bidding process that's part of procurement management
2. Hold a meeting with the vendor and discuss the scope & associated cost items with him, to see if there are any scope to bring down the cost without sacrificing time or quality
You learn these kind of things when you prepare for PMP
There are 4 type of EAC formulas...Its bit confusing to use when & which formula...can you guide us please..
Hi. Yes, will come up with a video soon on that one. Thanks for the suggestion.
@@PMPwithRay Hi Ray..thank you for the video. It really helps. Have you come up with the video for other EAC formulas
Can you make all the formula calculation related to Pmbok guide 6th edition.
Are you talking about a list of all the mathematical formulas for PMP? I have already made it. Watch here: czcams.com/video/psu3ZfwIf1Q/video.html
Thankyou,
I am planning to attempt exam in this month any suggestions?
There is a lot I share over my experience sharing email series at: www.pmpwithray.com/how-to-prepare-for-pmp-exam-2019/
Simply Superb, Please do on quality, S.H. Comm and Procurement too
HI Srikanth, yes will come up with these videos soon! :)
pls how did you calculate 30 dollars for cost incurred.
That's an assumption,...to explain the concept. Take it as one of the given data points before you start solving a problem...
How have you calculated EAC as 120
Hi, the rationale is explained in the video :) Please rewind and re-watch and let me know if you are not able to understand.
Should the EAC not be $96.38, how did you get $120 please
Hello Nigel...please note the 2 things as mentioned below for the $120 figure:
1. The $120 given as EAC here is an 'assumed' figure to help you understand the concept of EVM. Moreover, the CPI used is absolute CPI and not a cumulative CPI right.
2. What if after week 2 or week 3, the project gets heavily delayed & your EAC jumps beyond $96 (as your calculation provides you now)? Then it's very possible that it touches the $120 mark. right?
So, I recommend....don't take this illustration as a EVM problem asking you to calculate EAC....but take it as a concept building exercise to develop understanding of the earned value concepts.
Sir,how to contact you for PMP Coaching because I am the aspirant of PMP.....
Hello Arunabha, you can email me at nilotpal.ray87@gmail.com
RAY I have watched this video and I still cant figure out you got 30$ for the first week of completion can you explain.
Hi. The $30 is an assumption to explain the concept. All numerical problems have some data points provided initially right? Consider this $30 as one of those given data for your to calculate EV.
Why this course is showing 3099/- few days back it was around 599/- It's too costly to buy..
Please check with discount code AUGUSTFLASH85. It will give you a good discount.
I understand how you got the $25. I don't understand how yu got $30. Thank you. You have explained this well, I just need a touch more clarity. Thank you.
Hi Jacqueline, Thank you for watching & commenting :) The $30 value is used for explaining the example. Consider it as a given data for the problem.
HI there was no formula provided for EAC and ETC
Hi Lisa, thank you for watching & commenting. EAC & ETC will be covered in a separate video. This is the first video in the EVM series. Stay tuned!
@@PMPwithRay Hi, i was looking for this too. And when i use EAC = BAC 80/ CPI 0.83 it gives me 96.38, not 120. What do i do wrong? Also ETC = EAC - AC (30) is not 120 but 66.
bro how are you getting 30 dollar after 1 week ? it should be 25dollar
Hi SIddhant, you are confusing between EV and AC. In this problem, consider AC as a given datapoint of $30 (in all problems you have some given datapoints right?). The EV is $25...which is deducted as shown.
Great vedio....How I can ping you on email..
Hi Nasim, Thanks for watching & commenting. You can reach me at nilotpal.ray87gmail.com
Dude, you don't know math. How are you teaching formulas???
Thank you for watching & commenting! :)
Thanks
Thank you Hoomayun for watching and commenting!