Project Earned Value and Project Tracking by alicejenny

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                 Microsoft Project Earned Value and Project Tracking
                                       Summer

   1. Default Date in Project to calculate reports is today’s date. To Set Project Status
      Date to use instead –
          a. From any view
                   i. Click on Project -- Project Information – Status Date List Box
                  ii. Select date you want Project to use when it calculates reports
                 iii. Click OK
          b. You must change this date each time you run a status report for each
             quarter.
   2. All reports should reflect the title of the report, current date of report, and your
      name on that report.
          a. Reports > cost > Earned Value
          b. Page setup > Header
          c. Type in title, date, your name.

Tracking Actual and Remaining Durations

   1. On the View menu, point to Table, and then click Tracking.

   2. In the Act. Dur. (Actual Duration) enter the actual durations for the tasks you
      want to update.

   3. In the Rem. Dur. (Remaining Duration) type the remaining durations for the
      tasks you want to update.


Earned Value Reporting
Microsoft Project contains four (4) Earned Value tables
   1. Earned Value for Tasks
   2. Earned Value Cost Indicators
   3. Earned Value Schedule Indicators
   4. Earned Value for Resources

   Earned Value for Tasks
      1. compares relationship between work and costs for tasks
      2. evaluates budget to estimate future budget needs and to prepare accounting
         statements of project
      3. answers – if work is being done for the amount of money spent or if a
         particular task needs more or less money


   Earned Value for Resources
      1. compares relationship between work and costs for resources
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        2. evaluates budget to estimate future budget needs and to prepare accounting
           statements of project
        3. answers – if work is being done for the amount of money spent or if a
           particular task needs more or less money


     Earned Value Cost Indicators and Earned Value Schedule Indicators
        1. enables you to compare various cost factors in project
        2. enables you to focus on effects of scheduling variances on cost of your project

     Earned Value Cost Indicators table closely resembles the Earned Value for Tasks
     table, but focuses on different earned value fields.


Charting Earned Value

The easiest way to create a chart is to run reports off of Microsoft Project and then pull
the data manually and key it into an Excel spreadsheet to create the graphs.


Category       Name                 Definition
ACWP           Actual cost of       Shows actual costs incurred for work already done on
(now AC)       work performed       a task, up to the project status date
BAC            Budget at            Shows the total planned cost for a task, a resource for
               completion (also     all assigned tasks, or for work to be performed by a
               Baseline cost)       resource on a task
BCWP           Budgeted cost of     The cumulative value of the task’s, resource’s, or
(now EV)       work performed       assignments’ percent complete multiplied by the
               (also earned         timephased baseline costs up to project status date.
               value)
BCWS           Budgeted cost of     The cumulative timephased baseline costs up to the
(now PV)       work scheduled       status date.
               (also planned
               value)
CPI            Cost performance     The ratio of budgeted (or baseline) costs of work
               index                performed to actual costs of work performed, up to
                                    the project status date.
CV             Earned value cost    Shows the difference between how much it should
               variance             have cost and how much it has actually cost to
                                    achieve the current level of completion up to the
                                    status date.
                                    CV = EV - AC
EAC            Estimate at          Shows the expected total cost of a task based on
               completion (also     performance up to status date.
               forecast at          EAC = ACWP + (baseline cost – BCWP)/CPI
               completion FAC)      (comparing EAC against original BAC yields VAC)
                                                                            3


SPI    Schedule          Shows the ratio of the budgeted cost of work
       performance       performed to the budgeted cost of work scheduled
       index             (BCWP/BCWS). Used to estimate the project
                         completion data.
SV     Earned Value      Shows the difference in cost terms between the
       Schedule variance current progress and baseline plan of a task, all
                         assigned tasks of a resource, or for an assignment up
                         to the status date.
                         SV = EV - PV
TCPI   To complete       Shows the ratio of work remaining to be done to funds
       performance       remaining to be spent as of status date.
       index             TCPI = (BAC – BCWP)/(BAC-ACWP)
VAC    Variance at       Shows difference between the BAC and EAC for a
       completion        task, resource; provides early warning of “how bad it
                         will get if we keep this up”
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For both Part 5 and 6 print the following reports:
   1. Earned Value table
   2. Earned Value Cost Indicator table
   3. Earned Value Schedule Indicator table
   4. Tracking Gantt chart page 1.



                    Instructions for Part 5 of Computer Belt Project
                                Due Beginning of class


Following the instructions in your text book and answering all the questions in Part 5,

   1. Make sure that you input the correct status date before you run your reports.
   2. You will need to put in the Actual duration information BEFORE running your
       report.
   3. Your report will include:
       a. Title page (title of this project, your name, and the submission date of this
   report)
       b. Status Report must be typed. Double spaced. For the status report use the
   same layout as the report on page 439 in your text book.
       c. Make sure your status report answers all the questions asked in Part 5 for each
   quarterly report.
       d. Include all a Tracking Gantt Chart and reports which includes PV, EV, AC,
   BAC, EAC, SV, CV, and CPI for each task (as indicated in your textbook) as well as
   your reports attached to the front.
       e. Be sure to staple your work together in order (title page, status report and
   supporting tables, and charts.)
       f. label your printed project reports correctly.

                        Instructions for Part 6 of Computer Belt Project
                                   Due at beginning of class.

Following the instructions in your text book and answering all the questions in Part 6.
This is a separate report.

   1.   Write a MEMO that answers all the questions after you have made your updates.
   2.   Attach a cost table and Tracking Gantt Chart and Earned value report.
   3.   REMEMBER to change the status date.
   4.   Don’t forget your graph.

								
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