Before starting the project, structure its scope and get a detailed estimation by your development team.
We offer the project management template that objectively measures a project's performance index and progress. Free to download, the solution represents a convenient addition to earned value management systems for businesses of any size and industry.
Download the free template in Excel format.
The template is ready for immediate use for your project.
The main idea behind our solution is to compare costs to a budget considering the project schedule. This method is especially vital when your funds are limited.
With the Earned Management Template, project managers can detect issues at an early stage and estimate a project's costs considering actual progress. Download the template to see how it works
Earned value management is a technique that helps you track a project’s performance (both budget- and schedule-wise). With the free EVM template, you will be able to calculate the projected budget and schedule at the beginning or any time during project development.
Filling out the template after each development iteration makes it possible to evaluate budget variance per each feature, the cost performance index, and enhance the projected timeline. The earned value spreadsheet template helps project managers genuinely say that the project will be delivered "on schedule and budget."
When creating a project schedule, managers allocate a TBC (Total Budgeted Cost) to each and every task. If a task is lengthy, a TBC may extend over multiple periods and be non-linear.
In such a case, the EVM Template indicates the budgeted cost for each period and calculates the TBC for separate tasks. In its turn, the Planned Value is the baseline to compare the results.
The Actual Cost of Work Performed (ACWP) is the total amount spent on the project so far and other associated costs.
An essential metric to report, an Actual Cost is the amount of money you have already spent and can be attained by simply analyzing the schedule.
Using the Earned Value Management Template, project managers can calculate the EV by multiplying the percentage Complete by the TBC for every task.
EAC is the anticipated overall cost at the end of the project. EAC is the sum of Actual Cost (AC) and Estimate To Complete (ETC). EAC is calculated using various forecasting techniques.
At any moment, you can see both projected costs and schedule to compare it with your projection.
Before starting the project, structure its scope and get a detailed estimation from your development team.
Put the functional scope and number of hours required to implement it. You need to fill separate lines for all project activities (e,g, Business Analysis, QA, etc.).
Add efforts and materials costs to each line in the table.
Set a start date for the first feature. After that, all other features will be calculated.
Update real performance with actual efforts and costs. Also, indicate the percent compete for each feature. You should update these values on a scheduled basis (preferably once a week).
A picture worth a thousand words. Discover how the earned value analysis template works by downloading this Earned Value Management Example based on our Fleet Management template. With this Excel file filled with actual numbers, it's easier to realize the basic principle behind the solution.
There are several differences. For instance, the reporting structure is based on different elements. Besides, cost hierarchies and comparative analysis are different too. In all, these two notions have distinctive features in their own right.
The adoption of earned value management is a cross-industry trend. Earned Value can be used effectively in any type of project and industry sector.
Earned value management serves as the foundation for assessing work progress against a baseline plan and tracking performance. EVM provides data for proactive management and provides managers with a summary of effective decision-making action points.
EVM is all about realistic project planning. Project managers can gain real-time visibility of centralized information, measure schedule and budget accuracies, anticipate risks and intervene early. Overall, EVM enhances the accountability and motivation of the team.
Let us know what tools, templates, and formulas you're using. We'd like to find out how we can help you in your business endeavors with our solutions.