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The Standard for Earned Value Management

Author Project Management Institute
Release Date: 2019/12/01
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Book Description

The Standard for Earned Value Management builds on the concepts for EVM described in the Practice Standard for Earned Value Management and includes enhanced project delivery information, by integrating concepts and practices from the
PMBOK® Guide – Sixth Edition and the Agile Practice Guide.
A central theme in this standard is the recognition that the definition for value in
EVM has expanded. While the term retains its traditional definition in terms of project cost, it embraces current practice by including the concept of earned schedule.
This standard also integrates hybrid methodologies that blend together historical
EVM concepts with the needs of the agile practitioner, all with an eye towards
aiding the project team in enhancing overall project delivery

Table of Contents

  1. THE STANDARD FOR EARNED VALUE MANAGEMENT
    1. The Standard for Earned Value Management
    2. Copyright
    3. Notice
    4. Table of Contents (1/2)
    5. Table of Contents (2/2)
    6. List of Figures and Tables
    7. CHAPTER 1: INTRODUCTION
      1. 1.1 Purpose of the Standard for Earned Value Management
      2. 1.2 Structure of This Standard
      3. 1.3 What is Earned Value Management (EVM)? (1/2)
      4. 1.3 What is Earned Value Management (EVM)? (2/2)
        1. 1.3.1 EVM Overview
        2. 1.3.2 A Systems View of EVM
        3. 1.3.3 EVM and Project Management
        4. 1.3.4 Principal EVM Terminology and Metrics
      5. 1.4 Basic EVM Concepts
      6. 1.5 Relationship with Portfolios and Programs
        1. 1.5.1 The Domains of Portfolio and Program Management
        2. 1.5.2 Use of EVM for Managing Performance During the Whole Portfolio, Program, and Project Life Cycles
      7. 1.6 Benefits of the Application of EVM
      8. 1.7 Conditions Necessary for Successful EVM Implementation
    8. CHAPTER 2: INITIATING
      1. 2.1 Overview
      2. 2.2 Considerations for the Project Charter
      3. 2.3 Considerations for Stakeholders
      4. 2.4 Determining the Applicability of the EVM System (EVMS) (1/2)
      5. 2.4 Determining the Applicability of the EVM System (EVMS) (2/2)
        1. 2.4.1 Introduction
        2. 2.4.2 Considerations for Implementation of EVMS
        3. 2.4.3 Tailoring of EVM
        4. 2.4.4 Deployment of EVMS
    9. CHAPTER 3: PLANNING THE PROJECT
      1. 3.1 Overview
        1. 3.1.1 Planning for Projects that Use Earned Value Management (EVM)
        2. 3.1.2 Considerations for Planning the Use of EVM
      2. 3.2 Developing the Project Management Plan (1/2)
      3. 3.2 Developing the Project Management Plan (2/2)
        1. 3.2.1 Scope Planning
        2. 3.2.2 Schedule Planning
          1. 3.2.2.1 Considerations for Schedule Planning
          2. 3.2.2.2 Rules of Performance Measurement Criteria
        3. 3.2.3 Cost Planning
        4. 3.2.4 Resource Planning
          1. 3.2.4.1 Considerations for Resource Planning
        5. 3.2.5 Risk Planning
        6. 3.2.6 Other Planning (Quality, Communications, Procurement, and Stakeholder)
      4. 3.3 Developing Data and Integrating the Scope, Schedule, and Cost Baselines Considering Resources and Risks (1/3)
      5. 3.3 Developing Data and Integrating the Scope, Schedule, and Cost Baselines Considering Resources and Risks (2/3)
      6. 3.3 Developing Data and Integrating the Scope, Schedule, and Cost Baselines Considering Resources and Risks (3/3)
        1. 3.3.1 Resource Management
          1. 3.3.1.1 Assign Responsibility within an Organizational Breakdown Structure (OBS)
          2. 3.3.1.2 Integrate WBS and OBS into the Responsibility Assignment Matrix (RAM)
        2. 3.3.2 Risk Management
          1. 3.3.2.1 Agreed-Upon Response Strategies
          2. 3.3.2.2 Management and Contingency Reserves
        3. 3.3.3 Scope Baseline
        4. 3.3.4 Schedule Baseline
          1. 3.3.4.1 Schedule Structure
          2. 3.3.4.2 Schedule and Budget Relationship
          3. 3.3.4.3 Schedule Model
          4. 3.3.4.4 Schedule Evolution
        5. 3.3.5 Cost Baseline
      7. 3.4 Setting the Performance Measurement Baseline (PMB)
        1. 3.4.1 Project Budget
          1. 3.4.1.1 Management Reserve (MR)
          2. 3.4.1.2 Undistributed Budget (UB)
          3. Control Account (CA) Budgets
        2. 3.4.2 Establishing the PMB
          1. 3.4.2.1 Authorize the Work
          2. 3.4.2.2 Project Budget Log
          3. 3.4.2.3 Project Funding Requirements
          4. 3.4.2.4 Control Account Plan
        3. 3.4.3 Budget Versus Funding
      8. 3.5 Applying EVM in an Agile/Hybrid Environment
    10. CHAPTER 4: EXECUTING, MONITORING, AND CONTROLLING
      1. 4.1 Overview
      2. 4.2 Executing
        1. 4.2.1 System Implementation
        2. 4.2.2 Competency and Capability Development
          1. 4.2.2.1 Professional Development
          2. 4.2.2.2 Professional Discipline
          3. 4.2.2.3 Industry Trends
          4. 4.2.2.4 Developing Competencies and Capabilities
      3. 4.3 Collecting Data
        1. 4.3.1 Scope Data
        2. 4.3.2 Schedule Data
        3. 4.3.3 Cost Data
      4. 4.4 Managing Performance (1/5)
      5. 4.4 Managing Performance (2/5)
      6. 4.4 Managing Performance (3/5)
      7. 4.4 Managing Performance (4/5)
      8. 4.4 Managing Performance (5/5)
        1. 4.4.1 Variance Response
          1. 4.4.1.1 Cost Variance
          2. 4.4.1.2 Schedule Variance
          3. 4.4.1.3 Performance Indices
          4. 4.4.1.4 Potential Causes of Variances
          5. 4.4.1.5 Potential Management Actions
        2. 4.4.2 Forecasting
          1. 4.4.2.1 Scope Variance and Performance
          2. 4.4.2.2 Trend Analysis
          3. 4.4.2.3 Summary of EVM Metrics
        3. 4.4.3 Managing Performance With EVM for Agile
          1. 4.4.3.1 Supplementing Agile Reporting with EVM
          2. 4.4.3.2 Calculating PV, EV, and AC within Agile
          3. 4.4.3.3 Backlog Impacts on the PMB
          4. 4.4.3.4 Frequency of Measurement
        4. 4.4.4 Management Decision
          1. 4.4.4.1 Management by Exception
      9. 4.5 Stakeholder and Communication Considerations
        1. 4.5.1 Reporting
          1. 4.5.1.1 EVM Reporting for the Hybrid Project
        2. 4.5.2 Other External Communications
      10. 4.6 Integrated Change Control
        1. 4.6.1 Change Requests
        2. 4.6.2 Change Analysis
          1. 4.6.2.1 Scope Change Analysis
          2. 4.6.2.2 Cost and Schedule Change Analysis
        3. 4.6.3 Rebaselining
      11. 4.7 Process Improvement
    11. CHAPTER 5: CLOSING
      1. 5.1 Overview
      2. 5.2 Incorporating EVM into Project Closeout
      3. 5.3 Knowledge Management of Earned Value (EV)
    12. APPENDIX X1: DEVELOPMENT OF THE STANDARD FOR EARNED VALUE MANAGEMENT
      1. X1.1 Overview
      2. X1.2 Objectives
      3. X1.3 Approach
      4. X1.4 Overview of Sections
        1. X1.4.1 Section 1—Introduction
        2. X1.4.2 Section 2—Initiating
        3. X1.4.3 Section 3—Planning
        4. X1.4.4 Section 4—Executing, Monitoring, and Controlling
        5. X1.4.5 Section 5—Closeout
    13. APPENDIX X2: CONTRIBUTORS AND REVIEWERS OF THE STANDARD FOR EARNED VALUE MANAGEMENT
      1. X2.1 The Standard for Earned Value Management Core Committee
      2. X2.2 Significant Contributor
      3. X2.3 Reviewers
        1. X2.3.1 SME Review
        2. X2.3.2 Public Exposure Draft Review
        3. X2.3.3 PMI Standards Program Member Advisory Group (SMAG)
        4. X2.3.4 Consensus Body Review
        5. X2.3.5 Harmonization Team Core Team
        6. X2.3.6 Production Staff
    14. APPENDIX X3: APPLICATION OF EARNED VALUE MANAGEMENT (EVM) AT THE PORTFOLIO AND PROGRAM LEVELS
      1. X3.1 Earned Value Management (EVM) Principles at the Portfolio and Program Levels
      2. X3.2 Application of EVM Concepts for Performance Management of Portfolios and Programs (1/2)
      3. X3.2 Application of EVM Concepts for Performance Management of Portfolios and Programs (2/2)
    15. APPENDIX X4: PERFORMANCE MANAGEMENT EXAMPLE
      1. X4.1 Implementing Earned Value Management to Manage Performance During the Design and Construction of a Smart Building
      2. X4.2 Initiating a Project with EVM (See Section 2)
        1. X4.2.1 Project Title
        2. X4.2.2 Project Description
        3. X4.2.3 Project Purpose and Justification
        4. X4.2.4 Measurable Project Objectives and Related Success Criteria
        5. X4.2.5 High-Level Requirements
          1. X4.2.5.1 Project Risk
          2. X4.2.5.2 Summary Milestone Schedule
          3. X4.2.5.3 Budget and Preapproved Financial Resources
          4. X4.2.5.4 Key Stakeholders List
          5. X4.2.5.5 Project Approval Requirements
      3. X4.3 Planning a Project Using EVM
      4. X4.4 Executing and Monitoring and Controlling a Project Using EVM (1/2)
      5. X4.4 Executing and Monitoring and Controlling a Project Using EVM (2/2)
        1. X4.4.1 Week 10 (Year 1)
        2. X4.4.2 Week 25 (Year 1)
        3. X4.4.3 Week 44 (Year 1)
        4. X4.4.4 Week 52 (Year 1)
        5. X4.4.5 Week 10 (Year 2)
      6. X4.5 Closing A Project Using EVM
    16. REFERENCES
    17. BIBLIOGRAPHY
    18. GLOSSARY
      1. 1. Inclusions and Exclusions
      2. 2. Common Acronyms
      3. 3. Definitions
    19. INDEX (1/2)
    20. INDEX (2/2)
    21. The Standard for Earned Value Management
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