EVM (earned value management) is often discussed but often not understood. EVM combines the management of scope, schedule, and cost into an analytical set of formulas.  EVM can play a crucial role in answering management questions that are critical to the success of the project, such as: are we ahead of or behind schedule; how efficiently are we using our time; when is the estimated completion date; how efficiently are we using resources; at this point in time are we under or over budget; what is the remaining work estimated to cost; what is the entire project estimated to cost; how much will we be under or over budget? If the project EVM results show that the project is behind schedule or over budget, the project manager can use the EVM methodology to help identify: where problems are occurring; whether the problems are critical or not; what it will take to get the project back on track. Organizations have such confidence in the EVM method that they require it as mandatory trending and reporting starting as soon as the project has resources.  The attraction to the use of the earned value is that it provides accurate measurements of performance as early as 15 percent into the project.  With an accurate “early warning” signal, actions can be taken by a project manager to avoid final cost and schedule over runs. Earned value management involves calculating three independent yet related variables.  These include: ·         Planned Value (PV) - describes how far along a project is supposed to be at any given point in the project schedule. It is a numeric reflection of the budgeted work that is scheduled to be performed, and it is the established baseline (also known as the performance measurement baseline) against which the actual progress of the project is measured. Once it is established, this baseline may change only to reflect cost and schedule changes necessitated by changes in the scope of work. PV is also known as the Budgeted Cost for Work Scheduled (BCWS). ·         Earned Value (EV) is a snapshot of a project at a given point in time that reflects the amount of work that has actually been accomplished, expressed as the planned value for that work.  EV is also known as the Budgeted Cost for Work Performed (BCWP). ·         Actual Cost (AC) is an indication of the level of resources that have been expended to achieve the actual work performed to date or in a time period.  AC is also known as the Actual Cost of Work Performed (ACWP). EVM (earned value management) formulas include: Earned value if not provided: EV = % Complete x PV Schedule variance and cost variance can be calculated by: ·         SV = EV – PV ·         CV = EV – AC Note: negatives are unfavourable, positives are favourable Variance at completion can be calculated by: ·         VAC = BAC – EAC (budget at completion – estimate at completion) Note: negatives are unfavourable, positives are favourable Schedule performance index and cost performance index can be measured by: SPI = EV / PV CPI = EV / AC Note: if SPI > 1 this is good (ahead of schedule) or < 1 behind schedule, if CPI is > 1 this is good (under budget) or < 1 over budget Estimate at completion can be measured by: Note:  ETC is estimate to complete, BAC is budget at completion) EAC = AC + ETC (original estimates were flawed and a new estimate is needed) EAC = AC + (BAC – EV) (variances will not follow the trend to date, future performance will not be the same as the past) EAC = AC + [(BAC – EV) / CPI] variances will follow similar trend to date, future performance will be the same as all past performance EAC = AC + [(BAC – EV) / ((EVi + EVj + EVk) / (ACi + ACj + ACk))] Future cost performance will be the same as the last three measurement periods (i, j, k) EAC = AC + [(BAC – EV) / (CPI x SPI)] Future cost performance will be influenced additionally by past schedule performance EAC = AC + [(BAC – EV) / (.8 CPI + .2 SPI)] Future cost performance will be influenced jointly in some proportion by both indices Emerging EVM practice formulas: SV(t) = PT - ET (planned time - elapsed time) SPI(t) = PT / ET Note:  this method gives another perspective for projects that run over schedule and do not want only a work based method to evaluate schedule IF this all sounds complicated, it is because it can be.  So until you start to feel comfortable, do not over do it.  Stick to accounting basics. Understand what your stakeholders need to know (ask them if unsure) and understand what you need to know and report on. At a minimum, any point in time you must have in your back pocket, info that can be communicated related to (and ensure the entire team knows this): Schedule 1 - are you ahead or behind schedule 2 - what percentage are you ahead or behind schedule 3 - what was original and new estimated end date Budget 1 - are you ahead or behind in budget 2 - what percentage are you ahead or behind in budget 3 - what was original and new estimated budget For more information regarding EVM methodology, you can refer to the Practice Standard for Earned Value Management (2nd Ed.), published by the Project Management Institute (PMI). Also, the two links listed below provide more details and understanding related to the EVM methodologies. You will find a deeper level of detail and examples. http://energy.gov/management/office-management/operational-management/project-management/earned-value-management http://evm.nasa.gov/docs/Training/EVM_Gold_Card.pdf

If trying to pass the PMP Exam, or also if just generally following the PMI Methodology, you will know that main framework has 5 Process Groups and 10 Knowledge Areas.  This is a foundational platform from which all project and business management can follow (no matter what industry, all departments and all sizes of projects ($1,000 to $100 million).

The beautiful thing about these Process Groups is that they explain how to "flow" through a project or business event (Initiate, Plan, Execute, Close and continual Monitoring and Controlling throughout) similar to phases or stages.  And then while flowing through the project, you have Knowledge Areas that are similar to having sub-plans within the project, which include: Scope, Time, Cost, Quality, HR, Communications, Risks, Integration, Procurement, Stakeholders.

However, to take things one more step into the details, each Knowledge area in turn is broken down into Inputs, Tools and Techniques, and Outputs.  Often the Inputs and Outputs do not get a lot of recognition, the focus is usually the tools and techniques.  It can be noted that they also have much overlap with tools that have been around for decades and come from the TQM movement - from guys like Demming, Juran, Crosby, Taguchi, etc.
 
The three parts can be defined as;

• Inputs - items that will be acted on
• Tools and techniques - mechanisms applied to the inputs to create the outputs
• Outputs - items that are a result of the process

If you are writing the PMP exam, you should know the inputs/output in addition to the tools and techniques. For detailed lists/matrix/presentations, check out the links below:


Presentation - Amit Gupta
 
Presentations - University of Luton

Matrix - Proplan

visual of the iPhone app


NOTE:  there are also apps on the iPhone or Android that help you memorize the inputs and outputs, just conduct a search for PMI and you will be find several tools to support your studies.
Good Luck :)

When we face those tough audiences, they put up barriers so your message will not get through.  Each of us develops our own techniques to get through or around those barriers. A great technique is always humour, simple, globally accepted across all roles, ages, industries, we need to utilize it more often.

A couple quotes from an article from Forbes:
Kerr says dozens of surveys suggest that humor can be at least one of the keys to success.
- found that 91% of executives believe a sense of humor is important for career advancement;
- while 84% feel that people with a good sense of humor do a better job.
- found that the two most desirable traits in leaders were a strong work ethic and a good sense of humor.

For full article, goto:  Forbes - humour at work


REMEMBER, humour can also backfire, so ensure it is " Tasteful and Well-Placed Humour that aligns with your Culture"


Attached below are a few good images that you can save and reuse for that: kick off a meeting, sensitive meeting, creative thinking session, change in plans announcement, etc.










At the link below, you can see more cartoons from Harvard Business Review and even their competition if you'd like to join....

https://hbr.org/2014/01/strategic-humor-cartoons-from-the-march-2014-issue

• There are no mistakes
• We all have a supreme destiny, a true path and direction that we are on
• When we feel it, listen and know and understand it, we will get on the right track and that is when things really happen in life.
• When we don’t listen, we can get on a wrong path, but then eventually we get back on the right path
• Failure is simply the way to get us back onto the path.
• Life is bigger then one experience, the losses are when we are off the track and help to wake us up
• One message when you are at the end to give to your younger self, is to relax, it all will work out
• When you stray off course, that is normal, the key is to figure out how to get through the challenge and what is the next right move to get back on course.  Then you can see life is cumulative going off course and finding your way back (is just how you drive in this thing called life).   
• One challenge is just a moment in time, the failures and challenges we have help us know we need to steer back to our path and our true direction of life.

 

• Trust yourself, believe in yourself
• Break the rules (not the law) and think outside the box
• Don’t be afraid to fail, are you willing to fail, don’t be paralyzed by fear
• Don’t listen to the naysayers, cant do it, never done before
• Work your but off, when you feel pain – that is when it really counts
• Give back, find the time to help others for true satisfaction

• Awareness and elimination – ensure there is a systematic approach to identify the hazards that exist for the job at hand.  Hazards (risks) will change depending on the variables at the time (e.g. time of day, weather, team members, urgency, mind set, etc).  Take every step possible to eliminate the hazard or if not possible to lessen the probability, impact and/or cause.  Conduct safety shares as part of a regular practice in meetings and work events.
• Cleanliness and Organized work space – a sign of how work is done is evident in how clean and organized your work area is.
• Condition of your tools – tool condition and functionality needs to be monitored and managed (replace/repair/etc) e.g. a dull knife hurts more people then a sharp knife.
• Mechanical Controls – where or whenever possible, ensure the equipment utilized has all protective devices or constraints properly working and installed.  Investigate if the device can be designed or set-up to eliminate or lessen accident or injury.  If additional safety barriers/constraints/etc can be installed ensure an analysis is conducted to weigh the options.  Note:  ensure that the device is not outside manufactured specifications.
• Safety processes – develop a systematic approach to ensure the work is completed in a safe and reliable manner.  Develop policies, programs, procedures, tools, templates, techniques, etc.  Base the processes on Occupational Health and Safety legislation, global standards, best practices, past experiences, associations, industry communities, etc.  Incorporate quality management system attributes into the safety system.
• Personnel protective equipment (PPE) – this equipment is standardized for the specific type of job that will be completed.  Examples of the basic equipment needed includes:
• hard hat;
• safety glasses with side shields;
• ear plugs;
• respirators;
• protective coveralls/jackets/gloves;
• harnesses;
• protective boots.
• Safety equipment – safety nets, shields, support bracing, fire protection, warning devices, etc.
• Reviews – formalized inspections or checks of equipment, material, vehicles, tools, PPE, etc.
• Safety communications – consistent types of communication that all stakeholders are aware of and is commonly displayed (signs, reference cards, etc).  Examples include:
• site signs and billboards;
• office memo boards;
• tool box meetings;
• internal websites;
• high risk areas;
• safety meetings;
• memos.
• Training and education – as required, specific training for complex work or equipment or hazardous material should be planned for and delivered.  This is closely aligned with the level of experience and expertise of the resources.  Training can be formal (in class, away from site, conferences, on-site spot tests) or informal (coaching, shadowing, mentoring, lunch and learns, document reviews).
• Safety inspections – inspections can take several forms, including: ones that are planned and all parties are aware of;
• on the spot surprise inspections;
• internal inspections;
• 3^rd party inspections.
• Accident investigations – it is critical that every accident be clearly identified, assessed, analyzed, documented and reviewed by parties involved and other SMEs.  Generally insurance companies require some level of investigation.  The information gathered should be detailed enough to ensure lessons are learned from it and it does not happen again.
• Medical facilities – plans should exist to deal with all potential accidents.  Generally it depends on the severity of the accident.  Trained personnel should be on site to assess the severity and this will determine the speed and location of the facility to be utilized.  At the site there should be clearly identified medical tools (e.g. first aid equipment, stretchers, eyewash equipment, etc) and a medical station (protected from the environment) and a vehicle (or set of vehicles and detailed processes) to take the injured person to an off-site medical facility if required.
• Drug testing – to ensure employees are not influenced by drugs and more prone to accidents, many organizations conduct random or standardized drug testing.  This helps to enforce strict standards of drug usage.