Earned Value Management System Description

Earned value management terms and formulas for project managers.

Earned value management system description.

This reference guide is a supplement to the lbnl evm system description and implementing procedures maintained by lbnl s project management office pmo. Earned value management evm is an umbrella term that defines a set of requirements or guidelines 32 to be precise that a management system must comply with. The objectives of evm are. Uncovering the relationship between planning technical performance and cost performance.

The basic premise of earned value management evm is that the value of a piece of work is equal to the amount of funds budgeted to complete it. This article explains the process of practicing eva by examining it within the larger frame of an earned. A well built system description should be built around the typical process flows your team will face. But because many project professionals do not fully understand eva s purpose and benefits many managers often fail when attempting to apply eva to their projects.

It has the ability to combine measurements of the project management triangle. Improves the planning process. Earned value analysis eva is a tool that can significant help project managers understand how their projects are performing. As part of evm you use the following information to assess your schedule and cost performance throughout your project.

Lcls earned value management system description vi project information critical to monitoring progress identifying significant issues and implementing corrective actions as needed. The slac evms is designed to provide project managers with a tool to promote optimal planning. Ideally an earned value management system description is a regularly referenced document wiki tool that your staff uses actually uses to manage a project no matter what project they are working on. The lbnl evms complies with the criteria for project cost and sched ule control as required by doe order 413 3a doe manual 413.

Nasa gov brings you the latest images videos and news from america s space agency. Assess whether the contractor s evm system description adequately documents the processes and procedures which support how its system meets the intent of the 32 guidelines. Scope time and costs. Earned value management is a project management technique for measuring project performance and progress.

Fosters a clear definition of the work scope. Key earned value management system evms terms and processes. Establishes clear responsibility for work effort. Integrates technical schedule and cost performance.

Earned value management evm is a widely accepted industry best practice for program management. Get the latest updates on nasa missions watch nasa tv live and learn about our quest to reveal the unknown and benefit all humankind.