Looking for project evaluation tools & templates, in this post you can easily access and analysis of your forecasted projects.
Project Manager’s using (EVM) matrix for costing and budgeting of any project. Just like BCG Matrix, this analysis is also using for project progress tracking.
- 1 What is Earned Value Management?
- 2 Project Manager & Earned Value Management Templates for Project Analysis
What is Earned Value Management?
Identifying issues faced in your projects is just important for coming up with a realistic solution possible. Earned value management (EVM) templates are already utilized in many corporations for making project progress even faster and for quality outcomes as well.
Related Articles: Forecasting Financial project
There is not a single method of evaluating your project progress level, however, project managers always chose dashboards and charts prepared for tracking progress and this is even more important for controlling costs as well.
Why Is The Earned Value So Important?
It’s so important, in many project management software a separate portion or sheet for a forecasting project plan or compare variances with planned projects.
- Mainly use in project Task management, or program schedule
- In the US, this system is widely using in mostly Government and Private organizations
- Play a role in calculating Actual Vs Planned Project status
- Also, Help in creating MIS report
- Use in creating Gap analysis and other documentation
Advantages of Earned Value Management & Forecasting
Before downloading these templates, make sure this is useful for you or not? Some main benefits and advantages are mentioned below.
- Reducing risk
- Profitability analysis
- Project forecasting
- Expense Budget Management
Raw materials are required at a constant rate along with the availability of labor, ensuring that project is going according to the plan and this is ensured through earned value management templates prepared in excel tool.
Earned Value Management (EVM) In Excel
Check out how these templates are actually helpful for your company:
To know what is the current stage of the project and the related cost.
- If the project is worked upon as planned, its success is not only dependent on timely completion.
- To check out if costs are under controlled or if there is any major difference, it is shown from this template.
Check out important value of the projects.
- Actual cost: check out actual expenses incurred on a specific project till now.
- Planned cost: expenses and cost as planned according to the budget can be shown from the graph.
- Earned value: it’s actually the value earned by a specific project.
- Cost variance: it is calculated from formulae EV- AC
In the first sheet, you can manage source data manually, which show in shape of Trend analysis chart another sheet of excel.
- Budget at Completion (BAC)
Earned Value (EV)
Actual Cost (AC)
Planned Value (PV)
Cost Variance (CV)
Schedule Variance (SV)
Cost Performance Index (CPI)
Schedule Performance Index (SPI)
Estimate to Completion (ETC)
Estimate at Completion (EAC)
Variance at Completion (VAC)
Trend Analysis Sheet
In this sheet, you can see data through chart or trend analysis, project performance report is also shown in the next chart.
Project Manager & Earned Value Management Templates for Project Analysis
Earned value template is prepared with formulas incorporated to help you show the graph based on actual calculations and data. You are always able to check the budget at completion of the project and therefore its success factor.
Without EVM, your project lacks something very important. Mostly project manager understands the importance before drafting any project plan in from of stakeholders, and investors. These templates of Excel, make your project easy through proper assessment and documentation.
Highly flexible project plans can then be made to make upcoming projects of the same nature successful. Check out the cost performance index from the graphs as well.
The driving project successfully from its initiation till clear up stage is possible through efficient management and controlling project budgets at any specific point, possible through earned value management software.
Personal finance management software’s are also added here. Struggles and pressures are often faced by project managers at the end of projects, however now they are able to check project value at any stage through getting earned value management templates added here in excel tool.
Traditionally only manual planning was possible and assembling all the data is required for analyzing whether the project is according to budget or not, however, now the availability of advanced tools and software’s helps in analyzing project success just by looking at a single spreadsheet and even better managing available resources. This software is actually based on different factors, affecting project actual value.
Earned value (EVM) software format
Here is a list of some software which supports your project at each stage and some features are added here as well:
- Eco Sys
- Decision edge
ECO SYS (powerful examination software)
Understanding complexities of the different types of project, this software is actually designed; by some of the top professionals have keen experience of all the important indicators of the project.
It shows your project earned value using different spreadsheets and each is actually targeting a specific area. You are not able to calculate the earned value of the project; in fact, it helps in planning for the upcoming projects and helps you design functional budgets for projects.
At any appropriate stage, you are able to check actual and planned cost for your projects through getting this software. Unlike other tools and software, this is choice of most of the organizations worldwide, due to its features which provides you control over all the projects and helps in making comparisons among the project’s processes as well.
Related Sources & References:
https://www.projectsmart.co.uk/earned-value-management-explained.php (Explain, what’s it)
https://en.wikipedia.org/wiki/Earned_value_management (History, Types, and other pros)
https://pmstudycircle.com/2012/05/planned-value-pv-earned-value-ev-actual-cost-ac-analysis-in-project-cost-management-2/ (Formulated examples about EVM)