Analyze project performance with earned value analysis in MS Project 2007

Author: mety Nagm Labels::



Earned value (earned value: A measure of the cost of work performed up to the status date or current date. Earned value uses your original cost estimates saved with a baseline and your actual work to date to show whether the actual costs incurred are on budget.) analysis is a method for measuring project performance. It indicates how much of the budget (budget: The estimated cost of a project that you establish in Project with your baseline plan.) should have been spent, in view of the amount of work (work: For tasks, the total labor required to complete a task. For assignments, the amount of work to which a resource is assigned. For resources, the total amount of work to which a resource is assigned for all tasks. Work is different from task duration.) done so far and the baseline cost (baseline cost: The original project, resource, and assignment cost as shown in the baseline plan. The baseline cost is a snapshot of the cost at the time when the baseline plan was saved.) for the task (task: An activity that has a beginning and an end. Project plans are made up of tasks.), assignment (assignment: A specific resource that is assigned to a particular task.), or resources (resources: The people, equipment, and material that are used to complete tasks in a project.).

earned value analysis

Three key values are at the root of earned value analysis:
Earned value analysis is always specific to a status date that you choose. This can be the current date or any date before the current date.

Calculate and review earned value

  1. On the Tools menu, click Options, and then click the Calculation tab.
  2. Click Earned Value.
  3. In the Default task Earned Value method box, click the calculation method that you want Office Project 2007 to use when it calculates the BCWP. Note Changing this setting affects only the tasks that are added to the task list after the setting is changed. It has no effect on the existing tasks. To change the earned value method for the existing tasks, select the tasks whose earned value method you want to change, click Task Information Button image, and then click the Advanced tab. In the Earned value method box, click the calculation method that you want.
  4. In the Baseline for Earned Value calculations box, select the specific set of baseline values that you want Office Project 2007 to use when it calculates the earned value totals, and then click Close.
  5. To see project and task-level earned value totals in tables, on the View menu, click More Views.
  6. In the Views list, click Task Sheet, and then click Apply.
  7. On the View menu, point to Table, and then click More Tables.
  8. In the Tables list, click Earned Value, Earned Value Cost Indicators, or Earned Value Schedule Indicators, and then click Apply. Note To see detailed information about each Earned Value field, point to the field heading.
  9. To see a breakdown of the earned value of tasks by period, so you can determine the exact date that your project will run out of money, on the View menu, click Task Usage.
  10. On the Format menu, click Detail Styles, and then click the Usage Details tab.
  11. In the Available fields list, select the Earned Value fields that you want to display, click Show, and then click OK.
Notes
  • Use the Earned Value Over Time report to view a chart that plots AC (actual cost of work performed), planned value (budgeted cost of work scheduled), and earned value (budgeted cost of work performed) over time. To generate this report, on the Report menu, click Visual Reports. Click Earned Value Over Time and then click View.
  • If you want to see the values in the Earned Value fields calculated up through and including a date that you specify rather than the current date, click Project Information on the Project menu. In the Status date box, type or select the date that you want Office Project 2007 to use as a status date.

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