Introduction To EVM
Essential features of any EVM implementation include
- a project plan that identifies work to be accomplished,
- a valuation of planned work, called Planned Value (PV) or Budgeted Cost of Work Scheduled (BCWS), and
- pre-defined “earning rules” (also called metrics) to quantify the accomplishment of work, called Earned Value (EV) or Budgeted Cost of Work Performed (BCWP).
EVM implementations for large or complex projects include many more features, such as indicators and forecasts of cost performance (over budget or under budget) and schedule performance (behind schedule or ahead of schedule). However, the most basic requirement of an EVM system is that it quantifies progress using PV and EV.
Read more about this topic: Earned Value Management
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