Earned Value Management (EVM)
Earned value management (EVM), earned value project management, or earned value performance management (EVPM) is a project management technique for measuring project performance and progress in an objective manner.
EVM is more than a unique project management process or technique. It is an umbrella term for 32 guidelines that define a set of requirements.
The objectives of an EVMS are to:
- Relate time phased budgets to specific contract tasks and/or statements of work.
- Provide the basis to capture work progress assessments against the baseline plan.
- Relate technical, schedule, and cost performance.
- Provide valid, timely, and auditable data/information for proactive project management analysis and action.
- Supply managers with a practical level of summarization for effective decision making.