PRACTICE STANDARD FOR EARNED VALUE MANAGEMENT

INTRODUCTION
1. Has been developed as a supplement to A Guide to the Project Management Body of Knowledge (PMBOK Guide)
2. Purpose of this Practice Standard
  1. Identiﬁes a subset of project management practices that are used for earned value management. Also promotes a common vocabulary.
3. Relationship to the PMBOK ® Guide
  1. The Practice Standard for Earned Value Management focuses on the effective integration of those project management practices that are used for earned value management.
4. Assumptions
  1. While the basic concept of EVM can and perhaps should be applied on every project where resource management and cost/schedule outcomes are important, this practice standard presents information for implementation on a large project.
5. Structure of the Practice Standard
  1. This practice standard has ten chapters.
  2. This ﬁ rst chapter is an introduction. Chapter 2 provides a highlevel overview of EVM.
EARNED VALUE PROJECT MANAGEMENT OVERVIEW
1. Outlines the basic principles and concepts of earned value management.
2. Basic EVM Terminology
  1. Throughout this practice standard, core terminology is used frequently and is fairly unique to earned value management.
  2. Actual Cost (AC)
  3. Budget at Completion (BAC).
  4. Contingency Reserve
  5. Control Account
  6. Distributed Budget.
  7. Earned Value (EV)
  8. Estimate at Completion (EAC)
  9. Estimate To Complete (ETC)
  10. Management Reserve (MR)
  11. Performance Measurement Baseline (PMB)
  12. Planned Value (PV)
  13. Planning Package
  14. Project Budget Base (PBB).
  15. Summary Level Planning Budget (SLPB).
  16. Undistributed Budget (UB).
  17. Work Package
  18. Work Breakdown Structure (WBS)
  19. Work Breakdown Structure Dictionary
3. Introduction
  1. Earned value management is a management methodology for integrating scope, schedule, and resources; for objectively measuring project performance and progress; and for forecasting project outcome.
  2. The Practice Standard for Earned Value Management was developed as a supplement to A Guide to the Project Management Body of Knowledge (PMBOK ® Guide) .
4. EVM and the Project Management Process
  1. The practice of EVM is consistent with good project management as outlined in A Guide to the Project Management Body of Knowledge ( PMBOK ® Guide ).
  2. Project planning is mostly a matter of determining:
    1. What work must be done (scope) and in what pieces (work breakdown structure).
    2. Who is going to perform and manage the work (responsibility assignment matrix)
    3. When the work will be done (schedule).
    4. The cost and quantity of the labor, material, and related resources the work will require.
5. Basic EVM Concepts
  1. Proper planning requires a ﬁ rm grasp of product and project scope.
  2. During the planning process, emphasis is placed on gaining agreement among the key stakeholders regarding the project objectives.
  3. In the project execution process, EVM requires the recording of resource utilization (i.e., labor, materials, and the like) for the work performed within each of the work elements in the project management plan
6. Considerations
  1. While this practice standard assumes the implementation of EVM on a large project in order to provide all necessary information on EVM, this practice standard may be applicable to smaller scale projects as well.
  2. EVM basics:
    1. Measuring and comparing the value of the work performed (earned value) with the value planned and actual costs expended to accomplish that work as the project progresses.
    2. Developing forecasts, for example, EAC, ETC, VAC, etc.
Is a complement to A Guide to the Project Management Body of Knowledge ( PMBOK guide).

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PRACTICE STANDARD FOR EARNED VALUE MANAGEMENT

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