Critically assess the benefits of Earned value management(EVM) in project and project management practices

Critically assess the benefits of Earned value management(EVM) in project and project management practices

In project management context, the need to ascertain and answer the question: “What did we get for the money we spent?” gave rise to the Earned Value Management.

The Earned Value Management (EVM) therefore provides an objective measurement of the amount of work that has actually been completed when compared against the amount of work planned to be achieved.

What makes the earned value management different from other project performance measurement technique is that it integrates scope, time, and cost data in its calculations.

When a baseline is given, project managers can determine how well the project is meeting scope, time, and cost goals by entering actual information and then comparing it to the baseline. A baseline is simply the original schedule or the anchor point for measuring performance.


References:

http://www.12manage.com/methods_evm.html accessed on 28th October 2009.