I've been watching quite a bunch of your videos and I simply LOVE how you explain concepts in a manner that can easily be understood. You break them down in a way that relates to real life. If just all the text books would put the information together like you do - simple, concise, logical and actually fun :) A big thank you to you!
I couldn't find a video in your catalogue that covers exam questions of EVM. I (and im sure many others!) Would benefit from you making an EVM exam prep video with scenario based questions in a longer length with your calculation summary after each question. Thank you for your amazing work
I have a problem that this all assumes that costs and effort are flat in a project or phase. It doesn’t work if a phase has a great deal of setup for human capital, or initial capital expenditure (hardware needed for the project). I’d be curious how many projects retrospectively hit the EVM projections. I’m memorizing all of the formulas for PMP, but it just seems over simplified and way over assumptive. I don’t know what could be substituted though.
Given a total quantity of 12000 CY of concrete to be placed, at a cost of $400/CY. At the 40% point, the contractor placed $2,160,000 worth of concrete. What is the CV? Can you help solve this problem. Thanks
We can class all those as the same, under Earned Value. The two key areas are: Earned Value analysis (PV, EV, AC, BAC), and; Variance analysis (SV, CV, CPI, SPI etc)
I dont understand how there can be an EV (which is calculated as a percentage of the project budget = how much of that budget has already been spent) and a different value for the AC (which seems to be the same thing, just not given as a percentage of the budget but an absolute number, which happens to be 50 % of the budget in the example). How can I spend 30 % and 50 % of the budget at the same time? How does the relative amount of the budget I spent tell you anything about value delivered to the customer?
Moreover, when calculating the Cost Variance based on these indicators, you are over budget when your AC is more than your EV (CV = EV - AC). But that would only make sense to me if EV actually means "Planned Costs". I can easily deliver no value to my customer while spending a lot (e.g., by buying a bunch of computers that I will need later for the programmers to write code) and while being perfectly in budget (because we allocated this budget for that from the start). So what does EV really mean?
Decent questions. Actual Cost (AC) is what we have spent. If we bought 10 computers for $10,000 but didn't deliver anything, our AC is $10,000 and our EV is $0. Earned Value (EV) is the allocated budget of the things we have actually delivered. So if it costs us $1,000 to deliver each Work Package (just to keep it simple), and we have delivered 8 of those, our EV is $8,000 (8 x $1000). If we actually spent $10,000 to deliver those Work Packages, our AC is $10,000. And if we had Planned (budgeted) only $500 for each Work Package originally, then our Planned Value would have been $4,000 at that point in time (8 x $500).
I've been watching quite a bunch of your videos and I simply LOVE how you explain concepts in a manner that can easily be understood. You break them down in a way that relates to real life. If just all the text books would put the information together like you do - simple, concise, logical and actually fun :) A big thank you to you!
I couldn't find a video in your catalogue that covers exam questions of EVM. I (and im sure many others!) Would benefit from you making an EVM exam prep video with scenario based questions in a longer length with your calculation summary after each question. Thank you for your amazing work
hi tommorow i have exam, hope i ll pass
I have a problem that this all assumes that costs and effort are flat in a project or phase. It doesn’t work if a phase has a great deal of setup for human capital, or initial capital expenditure (hardware needed for the project). I’d be curious how many projects retrospectively hit the EVM projections. I’m memorizing all of the formulas for PMP, but it just seems over simplified and way over assumptive. I don’t know what could be substituted though.
Given a total quantity of 12000 CY of concrete to be placed, at a cost of $400/CY. At the 40% point, the contractor placed $2,160,000 worth of concrete. What is the CV? Can you help solve this problem. Thanks
Sir what is difference earned value approach, earned value analysis, and earned value Management
We can class all those as the same, under Earned Value. The two key areas are:
Earned Value analysis (PV, EV, AC, BAC), and;
Variance analysis (SV, CV, CPI, SPI etc)
@@davidmclachlanproject thank you sir
very good information, you just went a little too fast.
I dont understand how there can be an EV (which is calculated as a percentage of the project budget = how much of that budget has already been spent) and a different value for the AC (which seems to be the same thing, just not given as a percentage of the budget but an absolute number, which happens to be 50 % of the budget in the example). How can I spend 30 % and 50 % of the budget at the same time?
How does the relative amount of the budget I spent tell you anything about value delivered to the customer?
Moreover, when calculating the Cost Variance based on these indicators, you are over budget when your AC is more than your EV (CV = EV - AC). But that would only make sense to me if EV actually means "Planned Costs". I can easily deliver no value to my customer while spending a lot (e.g., by buying a bunch of computers that I will need later for the programmers to write code) and while being perfectly in budget (because we allocated this budget for that from the start).
So what does EV really mean?
Decent questions. Actual Cost (AC) is what we have spent. If we bought 10 computers for $10,000 but didn't deliver anything, our AC is $10,000 and our EV is $0.
Earned Value (EV) is the allocated budget of the things we have actually delivered.
So if it costs us $1,000 to deliver each Work Package (just to keep it simple), and we have delivered 8 of those, our EV is $8,000 (8 x $1000).
If we actually spent $10,000 to deliver those Work Packages, our AC is $10,000.
And if we had Planned (budgeted) only $500 for each Work Package originally, then our Planned Value would have been $4,000 at that point in time (8 x $500).
👍👍👍👏👏👏Thank you👏👏🫡
You speak so fast. Makes it difficult to follow through.
So many mistakes learn a little bit mora before you can teach