![]() ![]() When original estimates are fundamentally flawed Variance of total projected cost from budget Measure of cost performance to be achieved on remaining work to meet project objectives The variance of total project cost project as of today Value of the work that is completed as of today (PV of completed work)įorecasted total project cost as of today EVM Terms: EVM TermsĮstimated value of the work planned to be spent as of today. EVM converts all progress into cost and compare these values to measure progress. ![]() In Earned Value Management we track the cost and schedule performance by measuring three parameters – Planned Value (PV), Earned Value (EV) and Actual Cost (AC). Microsoft Project has inbuilt fields for all EVM measurements. MS Project 2016 Professional and it earlier versions like MS Project 2013 and MS Project 2010 fully support EVM. PMI® (Project Management Institute) recommends this technique in its book – PMBOK® Guide (Project Management Body of Knowledge Guide). Using EVM Capability of Microsoft Project 2016Įarned Value Management (EVM) is one of the well-defined project tracking methods. ![]()
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