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Earned Value Management (EVM)

What is Earned Value Management (EVM)?

Earned Value Management (EVM) is a project management technique used to measure the progress of a project. It combines scope, cost and schedule information into a single integrated system. EVM provides an objective way to measure performance and progress on a project. It helps project managers to identify potential problems early on and take corrective action before they become major issues.

How Does Earned Value Management Work?

EVM works by measuring the value of work completed against the planned value of that work. The planned value is the budget allocated for each task or activity in the project plan. The earned value is the actual amount of work completed at any given point in time. By comparing these two values, EVM can provide an accurate picture of how well the project is progressing.

Benefits of Earned Value Management

The main benefit of using EVM is that it allows project managers to quickly identify potential problems and take corrective action before they become major issues. It also helps to ensure that projects are completed on time and within budget. Additionally, EVM can be used to compare different projects and determine which ones are performing better than others.