{"id":473,"date":"2011-01-18T20:12:38","date_gmt":"2011-01-18T20:12:38","guid":{"rendered":"http:\/\/www.projectsguru.co.uk\/blog\/?p=473"},"modified":"2011-01-18T20:15:47","modified_gmt":"2011-01-18T20:15:47","slug":"are-you-earning-your-value-2","status":"publish","type":"post","link":"https:\/\/www.amberhill.biz\/blog\/?p=473","title":{"rendered":"Are you earning your value ? #pmot #in"},"content":{"rendered":"
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\"earned-value\"Earned Value<\/strong> is a term which allows us to determine where we are in a project in terms of progress against plan. If we talk about expended cost at a particular moment of time we have no idea whether we are ahead or behind the plan unless we measure the amount of work done and the time expended doing it.<\/p>\n

Earned Value allows us to make a measured judgment and may be defined as “The value of work performed expressed in terms of the the approved budget assigned to that work for a scheduled activity” – PMBOK<\/p>\n

Earned Value Technique integrates the time, cost and work done.<\/p>\n

EV = Earned Value – Estimated Value of the actual work completed.<\/p>\n

AC = Actual Cost – Actual cost charged for the work done so far.<\/p>\n

CV = Cost Variance – Difference of Earned Value minus Actual Cost.<\/p>\n

CV = EV – AC<\/p>\n

A positive value means UNDER budget.<\/p>\n

A negative value means OVER budget.<\/p>\n

Earned Value Technique is a useful tool for measuring progress against plan and for helping to control budget effectively.<\/p>\n

chris@projectsguru.co.uk<\/a><\/p>\n

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