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Earned Value Prerequisites :
To calculate the Earned Value, all the following activities must be performed in your project plan.
- Resources assigned to tasks
- Resources should have Rate information
- Summary tasks should not have resources assigned
- Saved Baseline
- Updated project progress
Earned Value Calculations:
Earned value calculations are based on following factors. To get the accurate EV numbers, you need to specify the below three settings on MS Project Plan.
- Status Date
- Baseline number
- EV Calculation Method
Status Date: Status date may be current date, a date in the past, or a date in the future. Setting the status date to the date you last updated project progress is always the best practice.
Steps:
1)Under Project menu, choose Project Information
2)Select Status Date and click OK
3)Save Project Plan
Baseline Number: If you have multiple baselines saved for your project, you have a option to specify which baseline that you want to consider for EV Calculations.
EV Calculation Method: Earned value calculations always based on % Complete or Physical % Complete
% Complete vs. Physical % Complete: Percent Complete is a calculation field and MS project calculates the value based on actual work and duration that you entered. Also if you enter directly the Percent Complete value, MS Project calculates the Actual and Remaining Duration for the task.
Physical Percent Complete is always entered directly by you. MS Project will not calculate the value for this column. Use physical percent complete when Percent Complete would not be an accurate measure of actual work and cost information.
Steps:
1)Under Tools menu, choose Options
2)Click on Calculation tab and Click on Earned Value
3)Choose Default task Earned Value method and Baseline for Earned Value calculations from dropdown and click OK
3)Save Project Plan
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