Earned Value Management (EVM)

An Explanation

Earned Value Management is a Project Management methodology that objectively integrates Technical Performance (i.e. the achievement of the Planned Scope of Work), Schedule Performance (e.g. adherence to the planned timescales) and Resource Performance (i.e. expenditure of budgeted quantities). Earned Value Management therefore measures Project Progress and Performance.

EVM Requirements

There are three principal components to allow an EVM methodology to be applied:

• A Project Plan that defines the work to be undertaken.
  (e.g. the definition at the time of project commencement; herein termed the "Baseline")
• A Project Plan that defines the current state of the work being undertaken.
  (e.g. an updated version of the "Baseline")
• A stipulated Earned Value Technique that will be employed to determine Project Performance.

The information that these three component expose can be seen graphically in the Basic Data page.

The Earned Value Techniques that can be employed are outlined in the EV Techniques page.

History

EVM