Earned Value Management (EVM) in construction projects
The Us federal government introduced Earned Value management(EVM) in 1967 as a part of the cost/schedule control systems criteria (C/SCSC) to understand the financial aspects of programs and to be used in acquisition programs of large degree in an attempt to generate a consistent method based on best practices. Earned Value management and methods that vary from EVM to a small degree have been used under handful of names, including earned value project management, earned value analysis, earned value method and cost/schedule summary reporting. Earned Value management is a systematic process that is used to measure the performance of a project at different times throughout the life cycle of a project. EVM is useful to help project managers or people in general that are responsible for a project to determine whether a project is on schedule, or if the project is over or under budget. EVM can also be used to compare the actual work that has been performed to the work that was estimated and planned for the project at a certain time during the project, EVM can also be used to forecast projected performance. EVM is a technique that can be applied, to at least some degree, to the management of projects in any industry and using any contracting approach. Cite error: Closing </ref> missing for <ref> tag
Further reading
THE USE OF EARNED VALUE ANALYSIS (EVA) IN THE COST MANAGEMENT OF CONSTRUCTION PROJECTS
