Earned Value Management (EVM)…the basics
Should all projects or programs utilize Earned Value Management?
Short answer: No
Long answer: The industry standard for project control systems described in American National Standards Institute (ANSI) EIA-748, Earned Value Management Systems, must be implemented on all projects with a total project cost (TPC) greater than $20M for control of project performance during the project execution phase.
Earned Value Management (EVM) is a systematic approach to the integration and measurement of cost, schedule, and technical (scope) accomplishments on a project or task. It provides both the contractee and contractor(s) the ability to objectively examine detailed schedule information, critical program and technical milestones, and cost data.
In layman’s terms, it quantifies the estimated value of the work actually accomplished.
Related posts
- Impress Your PMP Friends By Understanding SPI and CPI
- Free COTS Package Evaluation Template
- Risks and Benefits of Cost-Reimbursable Contracts
- Value Proposition for the Expensive Meeting
- The Best Kind Of Contract To Manage Is…(3 of 3)
2000
First of all congratulation for such a great site. I learned a lot reading the article here today. I will make sure i visit this site once a day so i can learn more.