Project Budget

Earned Value Management Free Template

We offer the project management template that objectively measures a project's performance index and progress. Free to download, the solution represents a convenient addition to earned value management systems for businesses of any size and industry.

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Download the free template in Excel format.
The template is ready for immediate use for your project.

Earned Value Management Free Template
Earned Value Management Chart

What is the main idea behind the EVM template?

The main idea behind our solution is to compare costs to a budget considering the project schedule. This method is especially vital when your funds are limited.

With the Earned Management Template, project managers can detect issues at an early stage and estimate a project's costs considering actual progress. Download the template to see how it works

What is earned value management in a project?

Earned value management is a technique that helps you track a project’s performance (both budget- and schedule-wise). With the free EVM template, you will be able to calculate the projected budget and schedule at the beginning or any time during project development.

Filling out the template after each development iteration makes it possible to evaluate budget variance per each feature, the cost performance index, and enhance the projected timeline. The earned value spreadsheet template helps project managers genuinely say that the project will be delivered "on schedule and budget."

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Planned Value

When creating a project schedule, managers allocate a TBC (Total Budgeted Cost) to each and every task. If a task is lengthy, a TBC may extend over multiple periods and be non-linear.

In such a case, the EVM Template indicates the budgeted cost for each period and calculates the TBC for separate tasks. In its turn, the Planned Value is the baseline to compare the results.

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Actual Cost

The Actual Cost of Work Performed (ACWP) is the total amount spent on the project so far and other associated costs.

An essential metric to report, an Actual Cost is the amount of money you have already spent and can be attained by simply analyzing the schedule.

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Earned Value

Using the Earned Value Management Template, project managers can calculate the EV by multiplying the percentage Complete by the TBC for every task.

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Estimate at Completion

EAC is the anticipated overall cost at the end of the project. EAC is the sum of Actual Cost (AC) and Estimate To Complete (ETC). EAC is calculated using various forecasting techniques.

How to use the free earned value management template?

At any moment, you can see both projected costs and schedule to compare it with your projection.

1

Before starting the project, structure its scope and get a detailed estimation from your development team.

2

Put the functional scope and number of hours required to implement it. You need to fill separate lines for all project activities (e,g, Business Analysis, QA, etc.).

3

Add efforts and materials costs to each line in the table.

4

Set a start date for the first feature. After that, all other features will be calculated.

5

Update real performance with actual efforts and costs. Also, indicate the percent compete for each feature. You should update these values on a scheduled basis (preferably once a week).

Budget
Efforts, h
Cost, $
Planned Start Date
Planned Finish Date
Actual Cost
Efforts, h
Cost, $
% Complete
Login
8
400,00
3 Jan 2021
4 Jan 2021
8
400,00
100%
Reset password
4
200,00
5 Jan 2021
5 Jan 2021
6
300,00
100%
Registration wizard
16
800,00
6 Jan 2021
8 Jan 2021
14
700,00
100%
Location Component
16
800,00
9 Jan 2021
12 Jan 2021
17
850,00
85%
List Component
4
200,00
13 Jan 2021
13 Jan 2021
6,5
325,00
100%
Notifications
8
400,00
14 Jan 2021
15 Jan 2021
7,5
375,00
100%
Business analysis
48
2 400,00
1 Jan 2021
29 Jan 2021
42
2 100,00
100%

Earned Value Management Example

A picture worth a thousand words. Discover how the earned value analysis template works by downloading this Earned Value Management Example based on our Fleet Management template. With this Excel file filled with actual numbers, it's easier to realize the basic principle behind the solution.

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EVM template

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EVM example

Earned Value Management FAQ

 How is earned value management different from straight financial accounting?
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There are several differences. For instance, the reporting structure is based on different elements. Besides, cost hierarchies and comparative analysis are different too. In all, these two notions have distinctive features in their own right.

Which industries use baseline earned value management?
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The adoption of earned value management is a cross-industry trend. Earned Value can be used effectively in any type of project and industry sector.

Why is it essential to use earned value management in the overall management of a project?
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Earned value management serves as the foundation for assessing work progress against a baseline plan and tracking performance. EVM provides data for proactive management and provides managers with a summary of effective decision-making action points.

What are the benefits of EVM?
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EVM is all about realistic project planning. Project managers can gain real-time visibility of centralized information, measure schedule and budget accuracies, anticipate risks and intervene early. Overall, EVM enhances the accountability and motivation of the team.

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