Earned Value Management (EVM) is a project performance measurement technique that provides an accurate comparison of the actual work performed against that planned. It achieves this by placing a baseline value on each deliverable at project commencement and crediting the project with that value when the deliverable is completed. This facilitates early identification of variances from plan allowing management to take corrective action before problems escalate.
The essential elements of the technique are as follows:
The EVM technique is used in project management only. EVM metrics assume a project with a fixed set of deliverables conducted over a defined period in time. EVM is therefore not useful in managing continuous business operations.
Earned Value Metrics
Earned Value Variances
Cost Variance (CV)
> 0 means under budget
Schedule Variance (SV)
> 0 means ahead of schedule
Earned Value Indices
Cost Performance Index (CPI)
> 1 means better progress for the money
Schedule Performance Index (SPI)
> 1 means more work performed than scheduled
Percent of project work complete.
To Complete Performance Index (TCPI)
The cost performance index required to complete the project on budget.
Earned Value Forecasts
Estimate at completion (EAC)
The estimated total cost at project completion.
Variance at completion (VAC)
The estimated variance between actual total cost and planned total cost at project completion.
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