Earned value management (EVM) is a technique used to track a project’s progress and to ensure that it is on track to meet its objectives. EVM involves comparing the project’s actual progress to the planned progress and using this information to determine the project’s earned value.
To use earned value management, follow these steps:
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- Establish a baseline plan for the project, including the scope, schedule, and budget.
- Track the progress of the project and collect data on the actual costs and work completed.
- Calculate the earned value by multiplying the percentage of work completed by the planned value of the work.
- Compare the earned value to the actual costs and the planned value to determine the project’s cost and schedule variances.
- Use the variances to identify any potential issues or deviations from the plan and to adjust the project’s plan as needed.
Earned value management is a valuable tool for tracking the progress of a project and ensuring that it stays on track to meet its objectives. It is also a useful tool for identifying potential issues or deviations from the plan and for adjusting the project’s course as needed.
By using earned value management, it is possible to track the progress of a project and ensure that it stays on track to be completed on time and within budget.