Week 5 Project

Page 1 of 1 MGT3035 Fundamentals of Project Management

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The EVM The EVM is a sophisticated technique that attempts to measure all parameters, especially cost and schedule of the triple constraint, in one set of metrics. Thus, the EVM tries to improve upon the limitations inherent in measuring the scheduled progress or the budget in isolation. For example, it is possible to be within the budget at a particular point in time but not on schedule in making advancements in technology. In such a case, the project may greatly exceed the overall budget at its completion, as by the time the project has caught up with making the technological improvements, the expended funds could far exceed the overall budget. The EVM links cost and time management in one set of numbers. The EVM is generally not worth the effort (necessary for large data collection) for small, low- visibility projects. However, it becomes popular when managing large, high-visibility projects with powerful external stakeholders requiring accurate, periodic reporting.