EVM: The easiest way to get accurate data from Jira

[#1]

Big projects require transparency at every moment of their execution. If you are Project Manager and work on a project requiring EVM management, you might know how challenging it is to get accurate data from Jira to build the EVM report. We want to change it. 

The Cost Tracker app's user-friendly functionality will help you generate informative cost reports and more. So, let's get started.

What is Earned Value Management (EVM)?

Earned Value Management (EVM) is a project management technique used to measure project performance and progress objectively and quantitatively. It compares the actual progress and cost of a project to its planned progress and cost and provides a set of metrics to assess the project's performance, identify variances, and forecast its future performance.

EVM uses three key performance indicators (KPIs) to measure project performance:

• Planned Value (PV) - the approved budget for the planned work to be completed up to a specific date.
• Actual Cost (AC) - the total actual cost incurred in completing the work up to a specific date.
• Earned Value (EV) - the value of the work completed up to a particular date, as measured by the budgeted cost of the completed work.

Using these KPIs, EVM generates several performance metrics, including Schedule Variance (SV), Cost Variance (CV), Schedule Performance Index (SPI), and Cost Performance Index (CPI).

These metrics help project managers to evaluate the project's progress and performance, identify any variances from the planned baseline, and take corrective actions to keep the project on track. EVM often uses in software development, where large, complex projects require careful management and monitoring of resources and budgets.

Cost Tracker for Jira Cloud & EVM

Below is a short instruction on getting the most relevant data from Jira for EVM using Cost Tracker for Jira Cloud add-on.

What data can Cost Tracker provide?

1. Amount of logged hours for every month within a fixed scope
2. Total cost per each issue in the fixed scope for every month

Based on the most popular EVM templates, the above data is everything you would need to complete the report.

Step-by-step instructions:

1. Install the app.
2. Submit the hourly rates for every project team member.
3. Prepare the Jira filter with the scope you want to analyze for the EVM report.
4. Open the Cost Tracker app -> Report section. Then Generate the report for every project period (months).

Every Cost report includes the Scope tab you need for your EVM process.

5. Export Scope tab and use the “Time log for period” and “Cost” columns for EVM reports.
6. Repeat 4&5 steps for every period (month).

Takeaway

Cost Tracker for Jira Cloud can be useful for implementing earned value management (EVM) in a project. This application provides project managers with a cost management solution to track and analyze project costs.

Thus, the Cost Tracker app can be a helpful tool for implementing EVM in a project in its first steps. 

By setting rates for team members and adding the necessary one-time and recurring costs, you can generate informative cost reports and export them for further manipulation.

We have a 30-day trial, so you can get to know the app better. It's free for teams of up to 10 users.