Entity: EVM
Earned Value Management (EVM) is a project management methodology that integrates cost, schedule, and risk to measure progress and forecast outcomes. It provides objective performance measurement data by combining work scope, schedule, and cost parameters.
EVM
Etymology
The term Earned Value Management (EVM) originates from the concept of measuring the value of work completed in a project.
Definition
Earned Value Management (EVM) is a project management methodology that integrates cost, schedule, and risk to measure progress and forecast outcomes. It provides objective performance measurement data by combining work scope, schedule, and cost parameters.
Historical Context
EVM has its roots in the 1960s when the United States Department of Defense developed the concept to track progress on defense projects. It has since been widely adopted in various industries for effective project management.
Cultural Significance
EVM is crucial in project management as it helps identify performance issues, keep projects on track, and ensure efficient resource utilization. It provides a standardized approach to measuring project performance and forecasting future outcomes.
Related Concepts
- Contract Performance Report (CPR)
- Ethereum Virtual Machine (EVM)
See Also
A project management methodology that integrates cost, schedule, and risk to measure progress and forecast outcomes.