Earn Value Management (EVM)

Earned Value Management (EVM) helps project managers to measure project performance. It is a systematic project management process used to find variances in projects based on the comparison of worked performed and work planned. EVM is used on the cost and schedule control and can be very useful in project forecasting.
source: kyron bennett

The objectives of an EVMS are to:

> Relate time phased budgets to specific contract tasks and/or statements of work.
> Provide the basis to capture work progress assessments against the baseline plan.
> Relate technical, schedule, and cost performance.
> Provide valid, timely, and auditable data/information for proactive project management analysis and action.
> Supply managers with a practical level of summarization for effective decision making.

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