Project Management: Earned Value Management Across Industries

This report explores Earned Value Management (EVM), a critical technique for measuring project performance beyond simple schedule and cost reviews. EVM, as detailed in the report, involves tracking the budgeted cost of work performed to calculate performance indices and assess cost and schedule efficiency. The report emphasizes the importance of EVM for global competitiveness, highlighting its ability to link time-phased budgets with project activities and provide auditable data for proactive project management. It also details the benefits of EVM, such as improved project control, communication, and quality management, leading to enhanced accountability and scalability. The report further discusses the relevance of EVM across various industries including software, construction, and government projects, providing insights into how EVM can be applied in these sectors. References are provided to support the claims and concepts discussed.

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Project Management: Earned Value Management across Industries
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PROJECT MANAGEMENT
Earned Value Management across Industries
EVM is a technique or method used to measure the activity amount that has actually been
performed by the supervisor on any project beyond basic schedule and cost review result. This
method permits the projects to be measured through progress activities (Fleming & Koppelman,
2016). EV can also be defined as a budgeted cost of work that is already performed by the
project associates. Not only this but also, in order to calculate performances indices, cost burn
rate and schedule performances EVM method is used.
For global competitiveness and economic success most the industries there days use the
concept of EVM. It helps to relate time phased budget with particular work statement and
contract activities. It also delivers valid, auditable as well as data timely to manage project
proactively. It provides the basis that captures evolution of work considering the baseline project
plan running inside an industry. EVM project tracking approach can generate more information
than the normal project tracking (Chen, Chen & Lin, 2016). Using EVM project related schedule
variance, cost performance index, cost variance, schedule performance index, earned value,
actual cost and planned value can be generated. The EVM approach helps to reach great project
control activities along with greater visibility. Apart from this, the process of communication and
project quality management become more effective after the application of EVM in the project.
It will improve the accountability, visibility and scalability of any running project in an industry.

PROJECT MANAGEMENT
References
Chen, H. L., Chen, W. T., & Lin, Y. L. (2016). Earned value project management: Improving the
predictive power of planned value. International Journal of Project Management, 34(1),
22-29.
Fleming, Q. W., & Koppelman, J. M. (2016, December). Earned value project management.
Project Management Institute.