The perfect tool to stay within your budget for a project, the Earned Value Template can help you and your business save money. If you find yourself having to pay for scheduled contracts for various projects inside or outside your own team, this template can help you track the Planned Value (PV), Earned Value (EV), and Actual Cost (AC). Using this free template, you can track the budgeted and actual cost of your project over time and compare that information with this data to ensure that the amount of work performed is equal to the cost. This type of project budgeting is often referred to as value management and has proven to save businesses a lot of money when it comes to longer and more expensive projects.
How to Use the Earned Value Template
After downloading the free template to your computer start in the “Report” tab at the bottom of your screen.
This section highlights all the information of the other “EV” and “AC” tabs and serves as a summary page for your project management investment. The template comes with example information to show you the data it will display.
Begin in the “WBS” and “Task Name” tables. This is where you break down the stages of your project into their own sections and titles.
The next section allows you to enter the total budget cost (TBC) for that specific project. This is the figure you’ll try to stick to over the course of this project. At each stage of the TBC chart, enter the portion of your total budget that you’ll be spending. Note, this is the chart with week’s 1-12 at the top. However, you can change these to whatever timeline fits your project.
The next step is to click on the “AC” tab. Here, you will go through and enter all the actual costs for each project stage in the corresponding areas. The budget will take your information and apply it to both the main summary page and the “EV” page as well. The “EV” page gives you the percentage of your budget you spent for each item. Going over 100% means you went over the budget and should reexamine the issue.
The summary page will display all three categories (PV, AC, and EV) at the bottom of the page and in the form of a line graph at the top. The “EV” is intended to show you that you got your money’s worth for planning and completion when compared to your budget.
Using the Earned Value Template no project is too large, download the Earned Value sheet for free today.
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