Are you Auctioning Off Your Profits with eBay?
This is the time of year where there’s a lot of spring cleaning. You have yard sales to get rid of all of your winter clothing items. In this video, I am discussing how you can use earned value management with eBay. I sell on eBay and feel that this video will help so many people beyond the resale market. If you want to get the most time and money out of your rummage sale event, then this video will help you accomplish this. Here I’ve applied how to use earned value management in eBay sales.
I start off with the basic three variables: planned value, earned value and actual cost. Planned value is the original planned work. Earned value is the actual work that’s done. Actual cost is how much money you’ve spent on a project. These three variables are used to compute the cost variance and the schedule variance. The schedule variance is earned value — planned value. It compares how much work you’ve completed against the original plan. The cost variance is earned value — actual cost.
Let’s give an example:
Say your monthly planned value is $500. Your earned value is $600. Your actual cost for listing fees is $50. There are three categories for both schedule variance and cost variance.
- EV > PV = ahead of schedule
- EV = PV = on schedule
- EV < PV = behind schedule
- EV > AC = under budget
- EV = AC = on budget
- EV < AC = over budget
Using earned value management, your schedule variance is SV = EV — PV = $600- $500 + $100. This means that you are ahead of schedule. Your cost variance is CV = EV- AC = $600- $50 = $550. This means that you are under budget. This is an example of how you can apply earned value management to evaluate your eBay sales.
I want to write this article so that people can stop fearing earned value management and project management. Project management is NOT exclusively for the office. You can apply this to your home projects and side hustles. This example shows a little of what you’ll learn in my Earned Value Management Explained.
I am offering my Earned Value Management course on pre-order for $197. It is $100 off the $297 regular price. This price is only good from now until this Friday, April 14, 2017. Earned Value Management Explained here: www.carlarjenkins.com/evmexplained
Also I am hosting a FREE YouTube Live session this Friday, April 14, 2017 to answer all of your questions. It’s FREE to join. Click here:
Originally published at www.pm.expert on April 11, 2017.