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Concept
Earned value management
Summary
Earned Value Management (EVM), earned value project management, or earned value performance management (EVPM) is a project management technique for measuring project performance and progress in an objective manner.
Earned value management is a project management technique for measuring project performance and progress. It has the ability to combine measurements of the project management triangle: scope, time, and costs.
In a single integrated system, EVM is able to provide accurate forecasts of project performance problems, which is an important aspect of project management.
Early EVM research showed that the areas of planning and control are significantly impacted by its use; and similarly, using the methodology improves both scope definition as well as the analysis of overall project performance. More recent research studies have shown that the principles of EVM are positive predictors of project success. The popularity of EVM has grown in recent years beyond government contracting, a sector in which its importance continues to rise (e.g. recent new DFARS rules), in part because EVM can also surface in and help substantiate contract disputes.
Essential features of any EVM implementation include:
A project schedule that identifies work to be accomplished. Sometimes incorrectly called a Project Plan.
A valuation of planned work, called planned value (PV) or budgeted cost of work scheduled (BCWS)
Pre-defined "earning rules" (also called metrics) to quantify the accomplishment of work, called earned value (EV) or budgeted cost of work performed (BCWP)
Actual Cost which is also known as Actual Cost of Work Performed (ACWP)
A plot of project cumulative costs vs time especially to show both early date and late date curves
EVM implementations for large or complex projects include many more features, such as indicators and forecasts of cost performance (over budget or under budget) and schedule performance (behind schedule or ahead of schedule). Large projects usually need to use quantitative forecasts associated with earned value management.
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