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Overview
Earned Value is an approach where you monitor the project plan (budget), actual work, and percent completed value to see if a project is on track. Earned Value shows how much of the budget and time should have been spent, considering the amount of work done so far.
Key Concepts
| • | Budget – The budget is the sum of the budgeted dollars for the project over time. This is calculated from the Resource Schedule (Project Planning applet) . Alternatively, if you do not want to build the schedule to determine the budget, you can enter the start and end date with a respective budget amounts at the lowest levels of the project and use the “Spread Budget by WBS Start/End date” option in the EVM pop up window. |
| • | Actuals – The actuals come from the Timesheets. You can optionally include both unsubmitted and unapproved time. |
Field Descriptions
Header
| • | Spread Budgets by WBS Start / End Dates - When checked, the budgets are spread throughout the chart using the start and end dates on the project WBS. |
| • | Period Type - Time increment that you would like the Earned Value chart to display in. Options are Day, Week, Two Week, Four Week, Thirty Day, Month and Year. |
| • | Name - Left window displays the Project Name for easy navigation. |
Budgets (PV) - Planned Value
| • | Include Labor - When checked, Labor Budgets will be included in the Planned Value (PV) figures. |
| • | Include ODC - When checked, ODC Budgets will be included in the Planned Value (PV) figures. |
| • | Include OCC - When checked, OCC Budgets will be included in the Planned Value (PV) figures. |
| • | Include ICC - When checked, ICC Budgets will be included in the Planned Value (PV) figures. |
Actuals (AC) - Actual Cost
| • | Include Unsubmitted - When checked, unsubmitted time will be included in the Actual Cost (AC) figures. |
| • | Include Unapproved - When checked, Unapproved time will be included in the Actual Cost (AC) figures. |
Percent Complete (EV) - Earned Value
| • | Use Only Labor - When checked, only labor will be used when calculating the Earned Value (EV) figures. |
Show
Description - When checked, the following items will show in the Earned Value grid.
| • | Scheduled Performance Index (SPI) |
| • | Cost Performance Index (CPI) |
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