Earned Value Analysis (EVA) takes consideration of the following in a project (Context for the plant & actual expenditure, integrates the project scope, schedule and resource characteristics into a comprehensive set of measurements. The use of earned value analysis can be categorized in the following ways: Financial Databases for EVA
Earned Value Definitions
Establishing Earned Value Budgets
Determining Earned Value
Variance Analysis, and Forecasting
There are three important sources that are independent for financial data. They each are cost baseline for the project and look at the project from a specific angel. There is the planned project expenditures also known as the planned value. This goes from when the project actually starts up to the present time. This gets established when the project was planned to start. This can be done by adding up all the project task estimated time based on the project schedule.
As for the actual project expenditure know as the actual cost of the present time. This can be obtained through the business financial cost accounting systems. This includes all the costs that go along with all the work that has been completed on the project up to the present instant time. For the actual project progress also known as earned value which is what's planned at the beginning for the expenditures to the work that is completed up to the present time.
The earned value is determined by the tasks that are completed or the progress on the tasks that are underway. It is important in this measurement that the values for each task is based on the original estimated value of the task. This is done by assigning each task a value that is embodied in the original task estimate. Regardless of how much the work actually cost, once the task is completed an estimated value will represent the value that is earned . This is done by completing the work on the project task.
Earned value has few different acronyms. Planned Value (PV) is developed...
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