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October 2012-webinar-calculating-earned-value-and-estimate-to-complete-in-p6

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Earned value management
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October 2012-webinar-calculating-earned-value-and-estimate-to-complete-in-p6

  1. 1. PROJECT MANAGEMENT SOLUTIONS THAT SIMPLY WORK. Calculating Earned Value and Estimate to Complete in Primavera P6 Business Process Outsourcing Presented By: Eric Costantino Associate Consultant
  2. 2. PROJECT MANAGEMENT SOLUTIONS THAT SIMPLY WORK. Business Process Outsourcing • Introduction to Earned Value • Calculate Planned Value Costs • Calculate Actual Costs • Calculate Earned Value Costs • Estimate to Completion (ETC)• Estimate to Completion (ETC) • Using CPI/SPI to calculate your ETC • Questions?
  3. 3. PROJECT MANAGEMENT SOLUTIONS THAT SIMPLY WORK. Business Process Outsourcing What is Earned Value? • Combines Measurements of • Scope • Your Original Plan• Your Original Plan • Schedule • Current Plan • Cost • Budget vs. Actual
  4. 4. PROJECT MANAGEMENT SOLUTIONS THAT SIMPLY WORK. Business Process Outsourcing Primavera Variables • Planned Value • Cost & Schedule information comes from baseline • Actual Value• Actual Value • Actual cost • Earned Value • What has physically been built
  5. 5. PROJECT MANAGEMENT SOLUTIONS THAT SIMPLY WORK. Business Process Outsourcing A Simplified Example: (PV) 10 Day Project to build 10 Concrete Forms • 1 Form Per Day • $100 Per Day• $100 Per Day $100$100 $100$100 $100$100$100$100$100$100 Time
  6. 6. PROJECT MANAGEMENT SOLUTIONS THAT SIMPLY WORK. Business Process Outsourcing At the end of day 5 • 5 Forms Completed • $500 • Planned Value – (PV) = 500• Planned Value – (PV) = 500 $100 $100 $100$100$100 $100$100$100$100$100 Time
  7. 7. PROJECT MANAGEMENT SOLUTIONS THAT SIMPLY WORK. Business Process Outsourcing Let’s Just Say.. • Day 5 • Only 3 Forms Completed • Our Earned Value – (EV) = 300 $100 $100 $100$100$100 $100$100$100$100$100 Time
  8. 8. PROJECT MANAGEMENT SOLUTIONS THAT SIMPLY WORK. Business Process Outsourcing Let’s also say we have a cost over-run.. • Day 5 • Only 3 Forms Completed • Each form cost $200 to build • Actual Cost – (AC) - ($200 x 3 Days) = $600• Actual Cost – (AC) - ($200 x 3 Days) = $600 $200 $200 $100$100$200 $100$100$100$100$100 Time
  9. 9. PROJECT MANAGEMENT SOLUTIONS THAT SIMPLY WORK. Business Process Outsourcing We now have our variables to compute Earned Value • Day 5 • (PV) = 500 • (EV) = 300• (EV) = 300 • (AC) = 600
  10. 10. PROJECT MANAGEMENT SOLUTIONS THAT SIMPLY WORK. Business Process Outsourcing • Day 5 • (EV) – (PV) = Schedule Variance • 300 - 500 = -200 • Behind Schedule • (EV) – (AC) = Cost Variance• (EV) – (AC) = Cost Variance • $300 - $600 = $-300 • Over Budget
  11. 11. PROJECT MANAGEMENT SOLUTIONS THAT SIMPLY WORK. Business Process Outsourcing Cost & Schedule Indices • Schedule Index • A ratio of what was earned vs. what was planned • An index less than 1 is behind schedule• An index less than 1 is behind schedule • An index greater than 1 is ahead of schedule • EV/PV = SPI (Schedule Performance index) • 300/500 = .6
  12. 12. PROJECT MANAGEMENT SOLUTIONS THAT SIMPLY WORK. Business Process Outsourcing • Cost index • A ratio of what we Earned vs. the Actual Cost • An index less than 1 is over budget Cost & Schedule Indices • An index less than 1 is over budget • An index greater than 1 is under budget • EV/AC = Cost Performance Index • $300/$600 = .5
  13. 13. PROJECT MANAGEMENT SOLUTIONS THAT SIMPLY WORK. Business Process Outsourcing Step 1. Add Activities, Tie Logic, Set % Complete to Physical
  14. 14. PROJECT MANAGEMENT SOLUTIONS THAT SIMPLY WORK. Business Process Outsourcing Step 2. Add Resource Assignments
  15. 15. PROJECT MANAGEMENT SOLUTIONS THAT SIMPLY WORK. Business Process Outsourcing Step 3: Maintain Baseline and Assign to Project 7
  16. 16. PROJECT MANAGEMENT SOLUTIONS THAT SIMPLY WORK. Business Process Outsourcing Step 4: Customize Columns for analysis
  17. 17. PROJECT MANAGEMENT SOLUTIONS THAT SIMPLY WORK. Business Process Outsourcing Step 5: Update Physical % Complete
  18. 18. PROJECT MANAGEMENT SOLUTIONS THAT SIMPLY WORK. Business Process Outsourcing Step 6: Update Resource Actual Units (Or Expenses) Step 7: Schedule Project, Advance Data Date
  19. 19. PROJECT MANAGEMENT SOLUTIONS THAT SIMPLY WORK. Business Process Outsourcing On Day 5, We can now analyze our “Earned Value” 7
  20. 20. PROJECT MANAGEMENT SOLUTIONS THAT SIMPLY WORK. Business Process Outsourcing Conclusions Based on Earned Value Analysis • Schedule Performance • The baseline indicates that 50% of the work should be complete. With only 30% Performance % Complete (Actual Labor Units) This shows the project is behind schedule. • Cost Performance • The baseline indicates that $500 worth of work should be complete (Planned Value Cost) As of the Data Date, (Actual cost) is $600 to achieve $300 worth of work (Earned Value Cost). This shows the project is over budget
  21. 21. PROJECT MANAGEMENT SOLUTIONS THAT SIMPLY WORK. Business Process Outsourcing Using CPI/SPI to analyze project efficiency • Cost Performance Index relates the amount of Physical Work completed vs. the $ spent to accomplish the work • CPI = (EV)/(AC)
  22. 22. PROJECT MANAGEMENT SOLUTIONS THAT SIMPLY WORK. Business Process Outsourcing Using CPI/SPI to analyze project efficiency • Schedule Performance Index relates to the Physical Work completed vs. the amount of work planned • SPI = (EV)/(PV)
  23. 23. PROJECT MANAGEMENT SOLUTIONS THAT SIMPLY WORK. Business Process Outsourcing Using CPI/SPI to calculate your “Estimate to Complete” • Set at the WBS Level
  24. 24. PROJECT MANAGEMENT SOLUTIONS THAT SIMPLY WORK. Business Process Outsourcing What is it going to cost to complete this project? • ETC uses one of two formulas • ETC = Remaining Cost of the activity • ETC = Performance Factor*(Budget at Completion – Earned Value Cost)
  25. 25. PROJECT MANAGEMENT SOLUTIONS THAT SIMPLY WORK. Business Process Outsourcing Performance Factors • 4 Optional Methods • PF = 1 *Optimistic Result • ETC = (PF * (Budget at Completion – Earned Value Cost • PF = 1/CPI *Most likely Result• PF = 1/CPI *Most likely Result • ETC = (1/CPI)* Budget at Completion – Earned Value Cost • PF = 1/CPI*SPI *Pessimistic Result • ETC = [1/(CPI * SPI)] * Budget at Completion – Earned Value Cost • PF = ____ • ETC = your custom PF * Budget at Completion – Earned Value Cost
  26. 26. PROJECT MANAGEMENT SOLUTIONS THAT SIMPLY WORK. Business Process Outsourcing Using Remaining Costs for Activities to Calculate (ETC)
  27. 27. PROJECT MANAGEMENT SOLUTIONS THAT SIMPLY WORK. Business Process Outsourcing Using CPI to Calculate (ETC) – Yields an Optimistic Result • PF = 1/CPI *Most likely Result • ETC = (1/CPI)* Budget at Completion – Earned Value Cost
  28. 28. PROJECT MANAGEMENT SOLUTIONS THAT SIMPLY WORK. Business Process Outsourcing Using CPI/SPI to calculate ETC – Worst Case Scenario • PF = 1/CPI*SPI *Pessimistic Result • ETC = [1/(CPI * SPI)] * Budget at Completion – Earned Value Cost
  29. 29. PROJECT MANAGEMENT SOLUTIONS THAT SIMPLY WORK. Business Process Outsourcing Key Concepts: • Perform Earned Value Analysis to compare the budgeted cost of the work to the Actual Cost • Calculate the Planned Value, Earned Value, and Actual Cost to determine how much work should have been completed, How muchdetermine how much work should have been completed, How much work was completed, and how much the completed work cost to build • Use Estimate to Completion to calculate what the remaining cost of the activity(s) in progress will be
  30. 30. PROJECT MANAGEMENT SOLUTIONS THAT SIMPLY WORK. Business Process Outsourcing Questions? Eric Costantino Associate Consultant ecostantino@drmcnatty.com T. (877) 367-7990 x7998 Web www.drmcnatty.comWeb www.drmcnatty.com

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