• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar

Project Management Knowledge

Simply explained by a PMI-certified Project Manager

  • Home
  • Acronyms and Abbreviations
  • Definitions
  • About the Author
  • Deutsch
  • Show Search
Hide Search
You are here: Home / Definitions / E / Earned Value Management

Earned Value Management

The phrase earned value management, also known by the 4 letter anagram EVM, refers to the actual methodology of management in which the project management team embarks in the process of integrating the scope, the schedule, and the resources that are determined to be needed in the process of making an objective measurement of the progress that has taken place to date on a project, and also on how successful the performance has been to date. Performance is measured by assessing the budgeted cost of all work that has been performed to date (also known as earned value, or EV) and comparing it to the actual cost of work that had been performed to date (which is also known as the actual cost). Progress is determined by comparing the earned value to date and measuring it against the planned or expected value. Earned value management is essential to maintaining a proper budget.

This term is defined in the 3rd and the 4th edition of the PMBOK.

Related Articles:

 
  • Estimate at Completion  The phrase estimate at completion, which can also be referred to by the three letter anagram EAC, is an input...
  •  
  • Actual Cost  The actual cost of a project represents the true total and final costs accrued during the process of completing all...
  •  
  • Cost Performance Index  The cost performance index, also referred to by the abbreviation (CPI), refers specifically to a method, chart, or other instrument...
  •  
  • Earned Value  Earned Value, also known by the 2 letter anagram EV, refers to the precise and specific value of all sum...
  •  
  • Earned Value Technique  Earned Value Technique which refers specifically to the specific technique in which the actual values of the work related performance...
  • Primary Sidebar

    Dear Visitor, I am a PMP (Project Management Professional), certified by the Project Management Institute since 2004. I have been managing dozens of projects, small and huge, successful and unsuccessful. This site is supposed to help you learn the required vocabulary of the project management world. Please feel free to check my certification status or to learn more about me.

    Copyright © 2021

    • Privacy Policy