Looking for project cost estimation template? So earned value analysis template in for you in excel and word format. According to milestone trend analysis, you can check project tasks status regarding each milestone.
There are several project management tools required to maintain a stagnant flow of things in any project. We see varied templates with different elements and focus areas. A few are used significantly for risk assessment, others for task breakdown, and some for the detailed insight of project financial matters.
- Download project status report template first, Before download Earned Value Analysis Template
- Current Status or Project VS Planned or estimated project
- Area focuses of project (Scheduling, Costing Plan)
- Download in XLX format (2016 to 2021)
- Man Power & activity report
- Download custom template or software through EZOWO tool
Earned Value Management works well for the budget analysis and cost measurement. So, it works as a tool for the project manager for auditing and maintaining the company accounts regularly.
- Fixed cost items, like subcontractors
Earned Value Management is also used by the project managers for the quantitative analysis of the project. This analysis impacts the further planning and the framework of the project.
How to Make Earned Value work on your Project?
This tool has unique properties and equips the project manager to align everything and avoid financial hurdles any project can face. It helps to develop a visible framework for cost regulation.
According to PMI, It gives greater insight into the budget and explains how to build error-free terms with the stakeholders or other related parties in a project. EVM explains how to efficiently lead a project towards successful outcomes.
Key Features of EVM Templates
In every template, some key elements set the foundation of the further plan and it is very important to understand the nature of these elements. Here are 3 elements that play a key role in earned value management templates.
- Planned Value– This is the calculated approved cost required for a project till a certain date. It can be categorized as cumulative and current planned value.
PV= Total Project Cost × % of planned work
- Earned Value– This is the total approved budget till the completion of the project.
EV= Total Project Cost × % of actual work
- Actual Cost– Actual expense on the (any specific) date of that project.
How to conduct earned value analysis through template?
There are different earned value management templates available on the internet. Companies use them according to their requirement. The most commonly used earned value analysis is excel templates. The excel templates are convenient to use.
Software-based Earned Value Analysis Template is an automated spreadsheet process and it has less chance of human errors, improves the speed and organization of the management plan. This as a result increases the overall efficiency of the project.
Here are few steps that can be followed to set up the right direction of earned value analysis.
Methodology and Reach of the Project:
A clear definition of the goals of a project plays a great role in the overall performance of a team. Pre-planning and selecting the right methodology accordingly help to root up more strongly. 3 factors are important for the precise documentation which are Work Breakdown Structure (WBS), Organization Breakdown Structure (OBS), and Responsibility Assignment Matrix (RAM). These are the foundation steps for developing relations with the contractors, budgeting, and forming a work plan.
Related Article: Project Completion Report Template
Planning, Arranging, and Cost Calculation:
Good planning and homework lead the project towards progress without any hurdles. Organizing the priorities of the planning and then working according to it sets up the project towards a win situation. Budgeting before and continuous check during the projects keep the account matters in the limits. All sorts of expenses are added like staff salaries, utility bills, stock cost and other miscellaneous.
After cost allocation further financial matters are kept under constant monitoring by comparing the cost decided on the contract with the invoices provided by the vendor on the time of stock delivery. Slightest irregularity is investigated and a clearance process is done to remove the errors.
Report analysis is done by calculation of Actual Cost (AC), Earned Value (EV), and Planned Value (PV) also the variances. Estimated Value templates are used for the purpose. And the computed reports are free of human errors.
Maintenance of Data:
Any project management professional is well aware about the importance of data maintenance. The data is arranged and stored in case any confusion among the contractors occurs even after months or years, this data helps to rule out those misconceptions. Transparency is maintained. There are different categories of risk that can take place in a project. Out of them few are likely to occur after the completion of the project. And these troubles mostly take place when the closing of a project is done.
Suggest Topic: Rough Order of Magnitude
What is Estimate at Completion Template?
For project management, an estimate at completion is used to make a cost estimation of an ongoing project. EAC for different projects varies according to their subjectivity. And based on it the formula of EAC is drawn. One such example of the EAC formula is given below;
EAC= BAC/ CPI
Where EAC is estimate at completion
- BAC is Budget at completion
- CPI is Cost Performance Index
The formula of EAC depends upon the case of the project.
Earned Value Analysis Template Excel Examples
You can also search for this template project time estimation excel sheet, cost breakdown structure and project scheduling plan Vs forecasting. Download quality management plan template with this template for quality improvement.
Project Scheduling Template
Although Gantt chart project management is a ultimate tool of project scheduling, using this tool with Gantt chart scheduling is a easy way to calculate.
Project Cost Estimate Template
You can also download separate cost estimation template for project planning
Here below you can find some examples of EVA according to your construction, IT and other engineering projects.
Questions and Answers
How ProjecTimes.Net can help you regarding download this template? You have to visit Template124.com E-commerce site for download this template either free or download complete product bundle.
Is this Excel sheet of EVM template?
Yes, complete formula based excel sheet, you can easily access though site
Is PowerPoint Templates include in this bundle?
Yes, we have ultimate bundle of PPT slide of project costing with EVM graph, so you can easily download with this bundle