Practice Standard for Earned Value Management – Second Edition
For project professionals, it’s 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's 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’s supposed to be.
The EVM methodology addresses project scope, schedule, and costs, and applies to many of the PMBOK® Guide Knowledge Areas and Process Groups.
The Practice Standard for Earned Value Management – Second Edition is intended for any practitioner who wants to expand their toolset and use EVM to improve project performance.