Microsoft Project Earned Value and Project Tracking



Microsoft Project Earned Value and Project Tracking

Summer

1. Default Date in Project to calculate reports is today’s date. To Set Project Status Date to use instead –

a. From any view

i. Click on Project -- Project Information – Status Date List Box

ii. Select date you want Project to use when it calculates reports

iii. Click OK

b. You must change this date each time you run a status report for each quarter.

2. All reports should reflect the title of the report, current date of report, and your name on that report.

a. Reports > cost > Earned Value

b. Page setup > Header

c. Type in title, date, your name.

Tracking Actual and Remaining Durations

1. On the View menu, point to Table, and then click Tracking.

2. In the Act. Dur. (Actual Duration) enter the actual durations for the tasks you want to update.

3. In the Rem. Dur. (Remaining Duration) type the remaining durations for the tasks you want to update.

Earned Value Reporting

Microsoft Project contains four (4) Earned Value tables

1. Earned Value for Tasks

2. Earned Value Cost Indicators

3. Earned Value Schedule Indicators

4. Earned Value for Resources

Earned Value for Tasks

1. compares relationship between work and costs for tasks

2. evaluates budget to estimate future budget needs and to prepare accounting statements of project

3. answers – if work is being done for the amount of money spent or if a particular task needs more or less money

Earned Value for Resources

1. compares relationship between work and costs for resources

2. evaluates budget to estimate future budget needs and to prepare accounting statements of project

3. answers – if work is being done for the amount of money spent or if a particular task needs more or less money

Earned Value Cost Indicators and Earned Value Schedule Indicators

1. enables you to compare various cost factors in project

2. enables you to focus on effects of scheduling variances on cost of your project

Earned Value Cost Indicators table closely resembles the Earned Value for Tasks table, but focuses on different earned value fields.

Charting Earned Value

The easiest way to create a chart is to run reports off of Microsoft Project and then pull the data manually and key it into an Excel spreadsheet to create the graphs.

|Category |Name |Definition |

|ACWP (now AC) |Actual cost of work performed|Shows actual costs incurred for work already done on a task, up to the project |

| | |status date |

|BAC |Budget at completion (also |Shows the total planned cost for a task, a resource for all assigned tasks, or |

| |Baseline cost) |for work to be performed by a resource on a task |

|BCWP (now EV) |Budgeted cost of work |The cumulative value of the task’s, resource’s, or assignments’ percent complete|

| |performed |multiplied by the timephased baseline costs up to project status date. |

| |(also earned value) | |

|BCWS (now PV) |Budgeted cost of work |The cumulative timephased baseline costs up to the status date. |

| |scheduled (also planned | |

| |value) | |

|CPI |Cost performance index |The ratio of budgeted (or baseline) costs of work performed to actual costs of |

| | |work performed, up to the project status date. |

|CV |Earned value cost variance |Shows the difference between how much it should have cost and how much it has |

| | |actually cost to achieve the current level of completion up to the status date. |

| | |CV = EV - AC |

|EAC |Estimate at completion (also |Shows the expected total cost of a task based on performance up to status date. |

| |forecast at completion FAC) |EAC = ACWP + (baseline cost – BCWP)/CPI |

| | |(comparing EAC against original BAC yields VAC) |

|SPI |Schedule performance index |Shows the ratio of the budgeted cost of work performed to the budgeted cost of |

| | |work scheduled (BCWP/BCWS). Used to estimate the project completion data. |

|SV |Earned Value Schedule |Shows the difference in cost terms between the current progress and baseline |

| |variance |plan of a task, all assigned tasks of a resource, or for an assignment up to the|

| | |status date. |

| | |SV = EV - PV |

|TCPI |To complete performance index|Shows the ratio of work remaining to be done to funds remaining to be spent as |

| | |of status date. |

| | |TCPI = (BAC – BCWP)/(BAC-ACWP) |

|VAC |Variance at completion |Shows difference between the BAC and EAC for a task, resource; provides early |

| | |warning of “how bad it will get if we keep this up” |

For both Part 5 and 6 print the following reports:

1. Earned Value table

2. Earned Value Cost Indicator table

3. Earned Value Schedule Indicator table

4. Tracking Gantt chart page 1.

Instructions for Part 5 of Computer Belt Project

Due Beginning of class

Following the instructions in your text book and answering all the questions in Part 5,

1. Make sure that you input the correct status date before you run your reports.

2. You will need to put in the Actual duration information BEFORE running your report.

3. Your report will include:

a. Title page (title of this project, your name, and the submission date of this report)

b. Status Report must be typed. Double spaced. For the status report use the same layout as the report on page 439 in your text book.

c. Make sure your status report answers all the questions asked in Part 5 for each quarterly report.

d. Include all a Tracking Gantt Chart and reports which includes PV, EV, AC, BAC, EAC, SV, CV, and CPI for each task (as indicated in your textbook) as well as your reports attached to the front.

e. Be sure to staple your work together in order (title page, status report and supporting tables, and charts.)

f. label your printed project reports correctly.

Instructions for Part 6 of Computer Belt Project

Due at beginning of class.

Following the instructions in your text book and answering all the questions in Part 6. This is a separate report.

1. Write a MEMO that answers all the questions after you have made your updates.

2. Attach a cost table and Tracking Gantt Chart and Earned value report.

3. REMEMBER to change the status date.

4. Don’t forget your graph.

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