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Earned Value Management (EVM) is a systematic approach to the integration and measurement of cost, schedule, and technical (scope) accomplishments on a project. When properly applied, EVM provides an early warning of performance problems. Additionally, EVM promises to improve the definition of project scope, prevent scope creep, communicate objective progress to stakeholders, and keep the project team focused on achieving progress.

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Essential Features of any EVM Implementation Include:

Earned Value Management (EVM) is a systematic approach to the integration and measurement of cost, schedule, and technical (scope) accomplishments on a project. When properly applied, EVM provides an early warning of performance problems. Additionally, EVM promises to improve the definition of project scope, prevent scope creep, communicate objective progress to stakeholders, and keep the project team focused on achieving progress.

  • A project plan that identifies work to be accomplished,
  • A valuation of planned work, planned value (PV) or
  • Budgeted Cost of Work scheduled (BCWS)
  • Pre-defined "earning rules" (also called metrics) to quantify the accomplishment or work, called Earned Value (EV), or Budgeted Cost of Work Performed (BCWP). EVM implementations for large or complex projects include many more features, such as indicators and forecasts of cost performance (over/under budget) and schedule performance (behind/ahead of schedule). The most basic requirement of an EVM system, however, is that it quantifies progress using PV and EV.