We’re going to stay in the Project tab and I’m going to click up here on status date.
Next we’ll set the project status date for few months from the project start date so we’ll be in Gantt Chart view. I can confirm this by clicking again and I can see that it was last saved today Thursday, September 17 and I’m just going to click cancel. So I can set more than one if things change, but the best practice is to just use baseline for the first one, and I’ll click OK. If I click here you'll see there are 11 different choices for baseline. So I’ll click on the Project tab and then I’ll choose set baseline. In order to analyze my earned value, remember I’m going to have to set my baseline.
Let’s say we're doing a project for a new office building. Very quickly, in order to prepare to use earned value and to analyze it you’ll need to input rates for each resource, set the baseline, you’ll need to set the status date, also update status of project tasks. You'll see a section called earned value of options for this project and then just choose your default task earned value method. By default, Project 2013 uses percent complete, but if you'd like to switch to physical percent complete just use the Project Options dialog box and you can access that by clicking on File and then Options and then Advanced. That’s the percentage of actual output completed on a task or project vs. That's the percentage of actual time spent on a task versus planned time. This likely means that your project is in serious trouble and you should take some immediate corrective action to get it back on track If the actual cost is higher than earned value, then you’re over budget.
So, if planned value is higher than earned value, you're behind schedule. The budgeted cost of work performed is compared to planned value and actual cost. Microsoft Project 2013 uses both sets of terms so you’ll see both of these used. budgeted cost of work scheduled (BCWS)), and AC (actual cost vs. budgeted cost of work performed, which is BCWP).
The current edition of the PMBOK Guide prefers these terms: EV (earned value vs. This will give you a picture of the total project performance. Earned value is a powerful tool for monitoring scope, time and cost. Not interested in the video or don't like my voice today? Here's the transcript!Īs you begin executing a project, it's very important that you monitor scope completed, time elapsed and how much money that you’ve spent on your project, making sure that your project is going to be completed according to specifications, on time and within budget. Interested in more training on Microsoft Project? Check out our FREE TRIAL to access all of the training videos in our members-only Learning Site. Members also get a discount on live, remote MS Project classes.
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