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What is EVM?
August 27, 2007 | Author: PM Hut | Filed under: Cost Management
What is EVM?
By National Aeronautics and Space Administration (NASA)
EVM is an integrated management control system for assessing, understanding and quantifying what a contractor or field activity is achieving with program dollars.
- Integrates technical, cost, schedule, with risk management
- Allows objective assessment and quantification of current project performance
- Helps predict future performance based on trends.
EVM provides project management with objective, accurate and timely data for effective decision making
Analysis Considerations
Favorable and unfavorable variances should be carefully evaluated. The program analyst should examine and understand the reasons for underruns as well as overruns because they could be masking a serious problem.
- Establishing Thresholds for Reporting and Analysis
- Establish threshold reporting based on risk and tailored to WBS by specific dollar amount and/or variance percentage.
- Identification of threshold reporting should also consider program phase, risk and WBS criticality.
- Good Variance Analysis Identifies
- The Problem
- Cause of the Problem
- Impact to the Program (Cost, Schedule and Technical)
- Corrective Action
- Get well date
- Areas to Address
- Poor initial planning or estimating
- Technical breakthroughs or problems
- Cost (or usage) of labor, material, or Other Direct Costs higher or lower than planned
- Front-end loading
- Reconciliation Analysis
- Other budget/funding documentation
- Labor resource planning documentation
- Schedules/li>
With permission from NASA. The EVM section on NASA’s website can be found here.
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