Earned Value Management System (EVMS) is a project management system that combines scope, schedule, and cost data to measure project performance. It is used to track the progress of a project and compare it to the original plan. EVMS provides an objective way to measure progress and identify potential problems early on in the project.
The system uses three key metrics: planned value (PV), earned value (EV), and actual cost (AC). These metrics are used to calculate the cost and schedule performance indices, which provide insight into how well the project is progressing. EVMS also provides a way to forecast future costs and completion dates based on current performance.
The primary benefit of using EVMS is that it allows for better control over projects. By tracking progress against the original plan, managers can quickly identify any issues or delays that may arise. This helps them take corrective action before the project gets too far off track.
EVMS also provides visibility into the overall health of a project. Managers can use the performance indices to assess whether they are on track for success or if they need to make changes. This helps them make informed decisions about how best to move forward with their projects.
Earned Value Management System (EVMS) is an effective tool for managing projects. It provides visibility into progress and allows managers to take corrective action when needed. By tracking performance against the original plan, EVMS helps ensure that projects stay on track and meet their goals.
Using EVMS can help organizations save time and money by avoiding costly delays or overruns. It also provides valuable insights into how well projects are performing, allowing managers to make informed decisions about how best to move forward.