Management

Earned Value Project Management

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we approach the half-century point of modern
earned value management (EVM) we find it interesting to note that there are
really two perceptions of the concept. Both are valid. But one is better suited to the
management of major projects, and the other appropriate for use on all projects. We
cover both in this book, but do have a bias in favor of simple, broad-based EVM for
use on all projects.
Ask anyone who has ever worked with earned value as a part of the United States
Government to describe the concept and they are apt to say: “Earned value is any
management system compliant with ANSI-EIA Standard 748.”1 True. This is a valid
definition. Any management control system which satisfies the 32 criteria as specified
in the ANSI-EIA Standard 748 (ANSI-EIA 748) will represent a full and robust
earned value system. This approach is appropriate for all highly complex projects of
significant size and duration. But with all due respect, the 32 criteria are likely to be
too prescriptive for the typical project. Thus, for the most part, this fully compliant
approach has been limited to major projects. The Appendix to this book describes
the 32 ANSI-EIA 748 criteria one by one, together with our interpretation of what is
required to fully comply with all criteria.
The second perception of earned value is employing the concept based on
implementing a few fundamental principles, using project management best practices.
This approach can employ the earned value technique to all projects, of any
size and duration, in any industry. Some organizations have elected to call this second
approach “Earned Value-Lite.”
Most important: This second approach is consistent with the description of
earned value coverage contained in the Project Management Institute’s A Guide to
the Project Management Body of Knowledge (PMBOK® Guide) — Fourth Edition.2
This is the recommended approach of the authors. And should any organization feel
the need to expand the concept to include all the requirements of a full ANSI-EIA
748 earned value system compliance, they can do so easily.

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Detail Information

Series Title

Earned Value Project Management

Call Number

-

Publisher

USA : Project Management Institute, Inc.., 2010

Collation

1-232

Language

English

ISBN/ISSN

978-1-935589-08-2

Classification

NONE

Content Type

-

Media Type

-

Carrier Type

-

Edition

4th Edition

Subject(s)

Project Management

Specific Detail Info

-

Statement of Responsibility

-

Other version/related

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