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Earned Value Management (EVM) Simulator

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Earned Value Management Simulator
Earned Value Management (EVM) Simulator

Earned Value Management (EVM) Simulator

Created By : Ir. MD Nursyazwi

Visualize and analyze project performance using key EVM metrics in real-time.

How to Use This Simulator

This tool helps you understand Earned Value Management by calculating and charting project health based on three key values:

  • Planned Value (PV): The work you planned to have completed by a specific point in time. It's the budget for the work that was scheduled.
  • Earned Value (EV): The value of the work you have actually completed. It's the budget for the work that has been performed.
  • Actual Cost (AC): The actual money you have spent so far on the project.

Use the sliders in the Data Input section to set your project's initial budget, total duration, and your current progress (work performed and actual costs). The new Performance Variation (%) slider introduces a random fluctuation to the earned value and actual cost, simulating real-world project uncertainty. The simulator will then display a comprehensive set of performance metrics and a visual chart to help you instantly understand the project's status.

Data Input

Adjust the sliders below to set the project parameters and simulate its performance.

100,000
52
26
40%
50%
0%
Project is on track and under budget.

EVM Metrics & Results

Planned Value (PV)
Earned Value (EV)
Actual Cost (AC)
Cost Variance (CV)
Schedule Variance (SV)
Cost Performance Index (CPI)
Schedule Performance Index (SPI)
Estimate at Completion (EAC)
Estimate to Complete (ETC)
Variance at Completion (VAC)

EVM Performance Chart

The Science of Earned Value Management

Earned Value Management (EVM) is a project control methodology that integrates project scope, schedule, and cost data to provide an objective measure of project performance. The following metrics are fundamental to EVM.

  • Budget at Completion (BAC): The total planned budget for the entire project. This is the baseline value against which all performance is measured.
  • Planned Value (PV): The budgeted cost for the work scheduled to be completed by a given point in time. It is calculated as: PV = BAC * (Current Time / Total Duration).
  • Earned Value (EV): The budgeted cost for the work actually completed. It is a direct measure of the work performed, independent of cost. It is calculated as: EV = BAC * (Work Performed Percentage).
  • Actual Cost (AC): The total cost incurred for the work performed up to a given point in time. It is calculated as: AC = BAC * (Actual Cost Incurred Percentage).

Performance Metrics

These metrics quantify the variance of the project's performance from its plan at the current time.

Cost Variance (CV) = EV - AC
Schedule Variance (SV) = EV - PV

Indices provide a ratio-based view of performance, where a value greater than 1.0 is favorable.

Cost Performance Index (CPI) = EV / AC
Schedule Performance Index (SPI) = EV / PV

Forecasting Metrics

These metrics forecast the final cost and schedule of the project based on current performance trends.

Estimate at Completion (EAC) = BAC / CPI
Estimate to Complete (ETC) = EAC - AC
Variance at Completion (VAC) = BAC - EAC

References & Further Reading

To learn more about Earned Value Management, you can consult these reputable sources:

  • Project Management Institute (PMI): The global leader in project management. Their PMBOK® Guide is a foundational text.
  • Investopedia: A well-known resource for financial and business terms. Their article on Earned Value Management (EVM) provides a clear overview.
  • **U.S. Department of Energy (DOE)**: Provides extensive documentation and a Guide to EVM for large-scale projects.
  • Fabrikatur Blog - Project Performance Analysis using EVM
  • Fabrikatur Blog - Cost of Quality Model to Optimize Your Project

    • Other Simulators

    Explore other interactive tools to help with project management and business analysis:

    Location: Sandakan, Sabah, Malaysia

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