Earned Value Analysis with Microsoft Project

 Jan 20, 2014

Why do project managers often fail in monitoring and controlling project plans? I've found the top reasons generally are inefficient ways to document and track the project progress, inaccurate cost estimations and disregard of project warning signs. Earned Value Analysis is a project management process offered in Microsoft Project that has been embraced by project managers around the globe with success in monitoring and controlling a project progress. It allows project managers to track the performance of a project at any point in time and allows project managers to determine the status of the project performance against the original baseline plan. By using Earned Value Analysis, you are able to get your hands on information on:
  • How much work has been completed so far
  • Whether the project is on schedule, ahead or behind
  • Whether the costs are under control, over or under the stated budget
  • If there are any variances in the project
  • What the forecast is for the remaining duration of the project and whether there will be enough budget and time to complete the project in time
Although it's very simple to implement Earned Value Analysis, very few project managers are tracking their projects using this process. Earned Value Analysis is often underused because very few people know that all you have to do is simply set a 'Project Status' date before updating the project plan.

How to set the Project Status date in Project 2010

  1. Go to 'Project' tab in the navigation bar
  2. In the 'Status' group, set the 'Status Date' as required
  3. Click 'Update Project' to generate the Earned Value Analysis
  4. If you wish, you can also print your analysis report out and it'll look something like the below.

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About the Author:

Magdalena Todor  

With over 20 years experience as a facilitator and university lecturer, Magda is one of our most senior and experienced trainers. With previous practical on the job experience as a project manager she embodies a brilliant balance of training experience and business knowledge. With every event she delivers, Magda takes a wholehearted approach to ensure every course is impactful, relevant and a genuinely positive learning experience for all.

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