Earned Value Management for Projects (Fundamentals of Project Management)

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Performance measurement is nowadays commonly accepted as a general best practice in Project Management. The most commonly used and recommended tool to implement performance monitoring systems in project environments is the Earned Value Management (EVM) method. As a consequence, EVM has been recently the focus of much attention in the international market, especially in organizations whose business model is based on the delivery of projects. With the growing trend of the management by projects approach to the general management of organizations, as a natural response to the fast changing environment, EVM is now on the way to practically all types of industries and organizations. Having been introduced to the Project Management community for a number of decades - initially developed in 1962 as a result of a joint effort between NASA and the US Department of Defense - its practical application was for a long period of time confined to specific industries and types of projects, particularly to the defense sector and to large projects. However, recent developments demonstrate that Earned Value can be used effectively in any type of project and industry sector, ranging from small projects with durations from 1 to 2 months and teams of 1 to 3 persons, to large multi-year complex projects. Along with a growing popularity and awareness, new standards and professional certifications related to Earned Value are now emerging. This industry-wide and universal applicability of EVM raises new challenges to the natural limitations of the method and to the process of organizational adoption, as this implies both analytical improvements in the underlying mathematics and an effective approach to managing the necessary changes in the working culture. Two major challenges facing EVM models are its integration with Risk Management and with Quality Management, as project performance cannot be divorced from the quality of the project results, meeting customer expectations and from effectively managing uncertainty. The original and current EVM models do not provide a formal integration. Another challenge facing EVM stems from the management by projects model, whereby the core of business strategy shifts from an operations management perspective into an organizational project management competence, which aggregates the two additional disciplines of Program Management and Portfolio Management. With this new model, overall business performance relies on the performance not just of projects but also of programs and portfolios. Initially developed as a tool for measuring performance in projects, Earned Value is now to be evolved to play a similar role in the management of programs and portfolios. In programs, the establishment of new concepts such as the benefits realization baseline and benefits performance indices is required. In portfolios, the integration of EVM project and program models into economic modes and balanced scorecards at the portfolio level is also required. Finally, in a management by projects model, the effective management of human resources cannot be divorced from their role in the performance of projects, programs and portfolios. Both performance appraisal and career path models must take into account the contribution and responsibilities of all stakeholders involved. This is the first of two books on Earned Value Management and provides a concise but authoritative guide to the process. The companion volume in the Advances for Project Management series relates earned value to business strategy.

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