How to Work with Earned Value Analysis in Microsoft Project 2016 - Part 1

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During this Microsoft Project 2016 advanced training tutorial video, we will talk about the basic terminology of earned value analysis and will explain some of the ways in which Project 2016 does earned value analysis.
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Hello again and welcome back to our course on Project 2016 Advanced.

In this section we’re going to start to look at Earned Value Analysis. I am going to assume that you have come across Earned Value Analysis before but even so I’m going to start in this section by clarifying the terminology and just explaining some of the ways in which Project 2016 does Earned Value calculations for us. And then in the next section I’ll take a look at one or two examples of Earned Value Analysis using our website project. And we’re starting off with version 16 of the website project here.

Now let’s start with some very basics of terminology. What I’ve got here is a four day task and let’s say that the value of this task is $100. It doesn’t really matter what I mean by the value as such. Let’s just say that as far as my project is concerned the value of this task to the project is $100. If I assess the situation at the end of the second day, so this is at the end of Tuesday, and I decide that although I’m halfway through the duration of the task I’ve actually achieved ¾ of the outcome, so I’m ¾ of the way through deducing the result that is clearly a good situation to be in or at least it appears to be because I seem to have done more work than I was scheduled to do. But supposing that in order to do that I had used twice as many resources. So although I’ve achieved three days worth of value I’ve used four days worth of effort. So two people for two days.

Now this simple example explains what Earned Value Analysis is all about. It’s not enough to say I am a certain proportion of the way through a task there fore this is the situation. You also need to know how much of the value of the task you’ve achieved. If you’re halfway through that doesn’t necessarily mean you’ve achieved half of the value.

And you also need to know the cost of what you’ve done. Again you may be halfway through the duration of the task. That doesn’t necessarily mean that you used half of the amount of cost that you’d allowed for. You may have used a lot more than half of the cost. As I say, you may have had two people working on it instead of one. You may have used less than that amount of cost. Maybe somebody only had to work on it half time and yet they’ve still got half of the value of the task done but with less than half of the cost.

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Видео How to Work with Earned Value Analysis in Microsoft Project 2016 - Part 1 канала Simon Sez IT