Earned Value Management Earned Value Management is a methodology used to measure and communicate the real physical progress of a project taking into account the work complete, the time taken and the costs incurred to complete that work. Earned Value helps evaluate and control project risk by measuring project progress in monetary terms. We spend time and materials in completing a task. If we are efficient we complete the task with time to spare and with minimum wasted materials. If we are inefficient we take longer and waste materials. We also plan how we will accomplish the task. How long it will take, the resources we need and the estimated costs. By taking a snap-shot of the project and calculating the Earned Value metrics we can compare the planned with the actual and make a subjective assessment of the project progress. By extrapolating the curves and further calculation we can also estimate the costs to project completion and the probable co...
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Showing posts from October, 2021