Earned value management (EVM), or Earned value project/performance management (EVPM) is a project management technique for measuring project performance and progress in an objective manner.
Because EVM has the ability to combine measurements of :
- scope
- schedule
- and cost,
in a single integrated system, Earned Value Management is able to provide accurate forecasts of project performance problems, which is an important contribution for 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. Popularity of EVM has grown significantly in recent years beyond government contracting, in which sector its importance continues to rise (e.g., recent new DFAR rules), in part because EVM can also surface in and help substantiate contract disputes.
Read more about Earned Value Management: Introduction To EVM, Project Tracking Without EVM, Project Tracking With EVM, History, Scaling EVM From Simple To Advanced Implementations, Limitations
Famous quotes containing the words earned and/or management:
“The theory [before the twentieth century] ... was that all the jobs in the world belonged by right to men, and that only men were by nature entitled to wages. If a woman earned money, outside domestic service, it was because some misfortune had deprived her of masculine protection.”
—Rheta Childe Dorr (1866–1948)
“The Management Area of Cherokee
National Forest, interested in fish,
Has mapped Tellico and Bald Rivers
And North River, with the tributaries
Brookshire Branch and Sugar Cove Creed:
A fishy map for facile fishery....”
—Allen Tate (1899–1979)