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The following article was published in our article directory on July 25, 2012.
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Earned Value Management - what is it?

Article Category: Business

Author Name: Chris Humphreys

What is earned value management (EVM)? The basic concept of EVM is more than a unique project management process or technique. It is an umbrella term for 32 guidelines that define a set of qualifications that a contractor's management system must meet. 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 management action.
Supply managers with a practical level of summarization for effective decision making.
Once the contractor's EVM System is designed and executed on a project, there are significant benefits to the contractor and to the customer. Contractor benefits include increased visibility and control to quickly and proactively respond to matters which makes it easier to meet project schedule, cost, and technical objectives. Customer benefits include confidence in the contractor's ability to manage the project, identify problems early, and provide objective, rather than subjective, agreement cost and schedule status.

Earned value management does introduce a few new terms. Contractors' internal systems must be able to provide:

Computed cost for work scheduled (BCWS), sometimes called the planned value.
Calculated cost for work performed (BCWP) or earned value.
Actual cost of work performed (ACWP).
Budget at completion (BAC).
Estimate at completion (EAC) which is comprised of the cumulative to date actual cost of work performed plus the estimate to complete the remaining work.
Cost variance (CV) which is calculated as BCWP minus ACWP. A result greater than 0 is favorable (an underrun), a result less than 0 is unfavorable (an overrun).
Schedule variance (SV) which is calculated as BCWP minus BCWS. A result greater than 0 is favorable (ahead of schedule), a result less than 0 is unfavorable (behind schedule).
Variance at completion (VAC) which is calculated as BAC minus EAC. A result greater than 0 is advantageous, a result less than 0 is negative.

The Analysis and Management Reports section below makes clear using the variances to track trends over time as a management tool.

About the 32 Guidelines
The 32 guidelines in the ANSI-748 Standard for EVMS are divided into five categories which are reviewed below.

Organization
Planning, Scheduling and Budgeting
Accounting Considerations
Analysis and Management Reports
Revisions and Data Maintenance

Keywords: earned value management - evm

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