Introduction and Explanation of Earned Value Management

Introduction and Explanation of EVM
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EVM Introduction and Explanation
Earned value management entails a methodology adopted to measure the performance of a project using the project baseline as the basis while incorporating cost and duration taken in the project (Babar et al., 2017). Through EVM, the project manager can identify and rectify discrepancies between the planned and actual project, all while staying within budget. The EVM is significant because it enables realistic project planning. It also allows one to get real-time visibility of data that would otherwise be centralized. Using tools such as grant charts, the project manager can gauge progress at every step. Furthermore, it helps the project manager better anticipate the risks (Batselier, 2017). Thus, it is easy to identify areas where risk may occur throughout the project’s life cycle, and adjustments are made to prevent deviation from the original plan.
Additionally, EVM can enhance any given project because it enables one to compare the current status against the baseline. Since the cost is incorporated, the unknown factors are quantified. Also, it brings insight into the big picture, whether at the portfolio level or the project level. Conversely, EVM only deals with numbers, which does not give a correct view of the project (Babar e...