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INTRODUCTION
1.1 PURPOSE OF THE STANDARD FOR EARNED VALUE MANAGEMENT
This standard provides a perspective of earned value management (EVM) that is consistent with current practice.
This update to the former practice guide broadens the perspectives regarding the choices and decisions about the
optimal approach for the planning and delivery of projects. This in turn supports the ability of the project team and
their stakeholders to tailor their planning, management, and delivery implementation framework accordingly. This
standard provides guidance on the use of EVM in agile, hybrid, and predictive contexts.
The PMI Lexicon of Project Management Terms [1]
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defines EVM as a methodology that combines scope, schedule,
and resource measurements to assess project performance and progress. An earned value management system
(EVMS) is a set of principles, methods, processes, practices, and tools for managing project performance. When
EVM is used in concert with the Process Groups, Knowledge Areas, and processes defined in A Guide to the Project
Management Body of Knowledge (PMBOK
®
Guide) [2], the project manager, the broader project team, and relevant
stakeholders will be able to understand project progress and gain insight into future performance based on the
analysis and interpretation of project performance information. The use of EVM improves the overall project delivery
process through increased insight into efficiencies, opportunities, risk management, and better project outcomes.
This standard was developed with the project manager, project team, and stakeholders as the primary beneficiaries.
The purpose of this standard is to provide information and guidance for the project team to help identify and implement
practices and processes that enhance and improve project delivery.
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The numbers in brackets refer to the list of references at the end of this standard.
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