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Earned Value Management (EVM), Earned Schedule (ES), Integrated Master Schedule (IMS)
The Chain: Cost, Schedule Control and Technical Performance Integration for Program and Project Management
Earned Value Tough Questions:
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Is your Program/Project EV Compliant?
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How will your EV Systems Description hold up to an audit? |
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Are you sure you will keep schedule?
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Are you getting what you are paying for?
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Do you know for certain if you have enough budget to complete the work? |
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How much budget do you have left?
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Do you know that your cost and schedule are tied together, and what are the ramifications if they are not? |
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Is your EVM Systems Description traceable? What about
your cost and schedule? |
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Do you know your ETC or EAC? |
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Is your SPI & CPI below “1” and that's a good thing, right?! |
HotFoot™ are experts with Earned Value Management, and on the leading edge of Earned Schedule (ES). Our commitment is to be your trusted alley in ensuring you have the answers to your EV questions no matter if your Program/Project is on weekly or monthly cycle. We bolster your efforts from either outsourced or direct hire, mentor or trainer perspectives.
What is EVM's objective?
EV is a performance-based measurement against project baselines which provides a ‘crystal ball' of sorts that will aid your efforts by:
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Measuring cost and schedule against performance |
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Present Risks, Issues and Opportunities before they become a problem |
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Clarifies impacts from budget changes
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Provides insight to where costs, schedule and performance need to be adjusted
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Maintain oversight of Supply Chain |
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Document how well you are managing to your budget |
EV performance reporting, data analysis, and forecasting estimates-at-completion (EAC) can:
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Assist with proposal preparation and source selection to ensure EVM methodologies are embedded in the contract requirements
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Establish the cost element structure |
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Prepare Integrated Baseline Reviews |
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Basis for supplier visits and audits
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Provide training to both contractor and program office staffs
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Analyze EVM data
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Forecast risks and support “what if” drills |
Earned Value Analysis (EVA) is a way to measure the amount of work actually performed on a project (i.e., to measure its progress) and to forecast a project's cost and date of completion. The method relies on a key measure known as the Earned Value also known sometimes as the “Budgeted Cost of Worked Performed”, (BCWP) or more recently - “EV”. This measure enables one to compute performance indices for cost and schedule (CPI & SPI), which tell how well the project is doing relative to its original plans. These indices also enable one to forecast how the project will do in the future. HotFoot™ are experts at EVMS, and advising & communicating to our clients their Cost & Schedule Performance.
You have the data – Now What…?
HotFoot™ turns the data captured from your Program/Project and turns it into reports that mean something. Meaningful reports that are not just a bunch of numbers and graphs, but tell a story of where you are and where you are going.
Clear and Salient reporting on where your project stands;
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Weekly basis
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Head-Count analysis: Who worked on what, for how long and how much
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Technical status: Showing measured performance |
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Schedule: Measures and Projects schedule status from previous week |
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Monthly basis |
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Cost curve graph plotting Planned Value (aka: BCWS), Earned Value (aka: BCWP), and Actual Cost (aka: ACWP) which shows your program status and trends |
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Monthly EAC, ETC and Variance at Complete (VAC) |
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Risk assessments |
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Quarterly basis |
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Risk assessment to accurately project your Estimated Cost at Completion
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Business-Case analysis to align your business to future growth and opportunities |
Earned Schedule: An Emerging Enhancement to Earned Value Management
Earned Schedule (ES) is a method of extracting schedule information from Earned Value Management (EVM) data. The method has been shown to provide reliable schedule indicators and predictors for both early and late finish projects. ES is considered a breakthrough technique to integrated performance management and EVM theory and practice.
The method has propagated rapidly and is known to be used as a management tool for software, construction, commercial, and defense projects in several countries, including the United States, Australia, United Kingdom, Belgium, and Sweden. The principles of ES have been included in the “Project Management Institute College of Performance Management, Practice Standard for EVM” as an emerging practice.
Earned Schedule Description
ES was created as a non-complex solution to resolve the problem of the EVM schedule indicators failing for late-finishing projects. The ES method requires only the data available from EVM and has been shown to provide better prediction than other EVM-based methods. Duration forecasting using ES is easier to do than detailed, bottoms-up estimation, and possibly yields better results, as well. ES is scalable up or down, and it is applicable to any project using EVM. ES facilitates identification of tasks with possible impediments, constraints, or future rework and has the potential to improve both cost and schedule prediction
HotFoot™ Value-Added Team Member
HotFoot™ EVM/ES are professionals with extensive experience in cradle-to-grave cost estimating, work breakdown structure (WBS), project planning, cost/scheduling control and development, and resource selection and planning. We also have expertise in risk identification, analysis and monitoring. |
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Even if your organization does not use “Earned Value” to measure performance, we can still help your group achieve efficiencies and tighter processes that will add to your bottom-line, all the while reporting cost and schedule performance.
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For more information about Program Management, Planning & Integration please contact us. |
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Program Management, Planning & Integration Development & Strategic Planning, Schedule Development
The backbone to a capturing the health of your program or project is having a well-planned, executed and communicated Integrated Master Plan (IMP) and/or Integrated Master Schedule (IMS).
By incorporating both Cost and Scheduling elements such as; WBS, Work Packages, Control Accounts, tasks, long-lead procurement items, customer deliverable ‘touch-points', milestones, inchstones and other items your project team and management will have the best ability to view, assess and make proactive decisions on the effort.
• Integrated Master Plan (IMP): Integrated Master Plan is developed to reflect an event-based Plan for your proposal or to aid your teams and supply chains with an overall view of primary objectives both in near and future.
• Integrated Master Schedule (IMS): The IMS expands the IMP to a working “networked schedule or network model”. HotFoot assists your staff with IMP & IMS development. During the IMP and IMS process, all the elements of the proposal are integrated into one master database be it Primavera, MS Project or other tools for cross team, supply chain association and reference.
• Risk Assessment & Management: All the planning in the world could be wasted without identify and analyzing program/project risks. By utilizing the IMS, WBS, Accountability Matrix RAM and team knowledge, HotFoot develops risk mitigation plans which diminishes or removes technical, cost and schedule risk items.
Our approach is to customize and develop an IMP, IMS, Risk Assessment/Management and Training to fit your company's unique processes culture and structure while mentoring your team in Project Management and Cost/Schedule Best Practices.
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