The Standard for Earned Value Management
The Standard for Earned Value Management is an update and expansion upon PMI’s reference, The Practice Standard for Earned Value Management—Second Edition.
EVM is a management methodology used in project management for integrating scope, schedule, & resources; for objectively measuring project performance and progress; and for forecasting project outcome. EVM provides practices, methods and tools for project and program performance monitoring and has demonstrated itself to be of great value.
This standard will assist practitioners & organizations to:
- Mature their practices
- Drive continuous improvement
- Integrate these practices with existing project management practices
For project professionals, it is important to know that project work is being accomplished as planned, that costs are at the level expected, and what the remaining work is likely to cost. It is even more important to be able to identify where any problems are occurring, how serious the problems are, and what it will take to get the project back on track.
Earned Value Management (EVM), known as “management with the lights on”, is based on the principle that past patterns and trends can indicate future conditions. EVM helps you clearly and objectively see where your project is headed compared to where it is supposed to be.
The Standard for Earned Value Management is intended for any practitioner or organization who wants to expand their toolset and use EVM to improve project performance.