Know about EVM

Earned Value Analysis (EVA) is a method that allows the project manager to measure the amount of work actually performed on a project beyond the basic review of cost and schedule reports. EVA provides a method that permits the project to be measured by progress achieved. The project manager is then able, using the progress measured, to forecast a project’s total cost and date of completion, based on trend analysis or application of the project’s “burn rate”. This method relies on a key measure known as the project’s earned value.

Planned Value: Planned Value represents the value of the work intended for completion within a specified timeframe. It signifies the value that should have been achieved according to the set schedule. This metric is derived from the configuration of the “Planned Start Date” and “Planned End Date”, where a percentage is calculated based on the number of days completed (from the planned start date up to the current day) and then multiplied by the Total Budget.

Planned Issues Completion %: Planned Issues Completion % represents the percentage of the intended to be completed, where a percentage is calculated based on the number of days completed (from the planned start date up to the current day). This metric gets derived from the configuration of “Planned Start Date” and “Planned End Date”.

Earned Value: Earned Value signifies the percentage of work completed, which is then multiplied by the Total Budget. This metric is calculated based on the completion of Issues and your settings for "Select Done Statuses" or "Issue completion %" in the “Configure” section.

Actual Issues completed %: Actual Issues completed % represents the percentage of the work completed. This metric is calculated based on the completion of Issues and your settings for "Select Done Statuses" or "Issue completion %".

Total budget: Configuring the budget would reflect in your EVM acts as complete budget of your project aka “Project Budget” or technically it's called as “Budget at completion”. This is derived from the Budget field from Project Field.

Currency: A real-world currency shorthand representation. This figure comes from Cost tracker. To understand cost tracker: https://trundl.atlassian.net/wiki/spaces/TPR/pages/4256432136

Actual Cost: Represents the total sum of all roles along with their respective hourly rates. This figure is derived from the Cost Tracker.

Cost variance: The calculation determines whether the project is within or exceeding the budget by deducting the "Earned Value" from the "Actual Cost". A higher value indicates better performance.

Schedule Variance: A measure to check whether a project’s schedule is on track or deviating from the planned timeline. We can measure it by subtracting “Earned value” and “Planned Value”. A higher value indicates better performance.

Cost Performance Index (CPI): This measurement is used to evaluate the efficiency of project expenditures. This indicates cost efficiency by dividing “Earned Value” by “Actual Cost”.

Schedule Performance Index (SPI): This measurement is used to evaluate the efficiency of the project completion in scheduled time. This indicates project efficiency by dividing “Earned Value” by “Planned Value”.

To get these settings, click on 3 dots and click on “Configure”

Planned Start Date: Planned Start Date signifies the start date of your project or phase. You can configure this date in “Configure” section.

Planned End Date: Planned End Date signifies the End date of your project or phase. You can configure this date in “Configure” section.

Select done statuses: Earned Value Management (EVM) considers issues in the "Done" status are finished by default. However, if your workflow includes multiple "Done" statuses or if you wish to mark additional statuses as completed, you have the option to adjust this setting. This customization will impact the Earned Value computation. You can modify this configuration in the "Configure" section.

Read more about it on the PMI website here - https://www.pmi.org/learning/library/earned-value-management-systems-analysis-8026