From the course: Data-Driven Project Management: Project Metrics That Matter
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Earned value metrics: Schedule variances and indexes
From the course: Data-Driven Project Management: Project Metrics That Matter
Earned value metrics: Schedule variances and indexes
- When will the project be done? Are you ahead or behind schedule? Time and cost performance are two of the most important metrics in project management. In this video we'll look at how to determine the amount of work you've accomplished and compare it to what you plan to accomplish. We'll use two simple metrics to measure schedule performance using earned value management. Let's start by looking at how to determine the value of work accomplished, this is called the earned value. For example, in the Mesquite neighborhood project, if the blueprints are estimated to cost 900,000, and you've completed that work, you've earned $900,000 worth of work. If you're 50% complete, you've earned 450,000. Let's calculate the earned value for the Mesquite neighborhood at the end of month four. By looking at this schedule, we can see how much we plan to accomplish, that's the plan value through month four. We should be done with…
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