Though 50% of project’s success determined by clear & comprehensive planning, other 50% is with monitoring & controlling project progress. To evaluate project progress, Earned Value Management methods give uniform & consistent unit of measure from start of the project till the end. Great benefit of EVM is its capability to capture time and cost measurements against scope (i.e. WBS elements). Good measurement system should give clear indication of issues – in that way EVM gives early warnings about the project progress & enables manager’s to take necessary action well before closure of the project.
Here I present EVM elements with some explanations & calculation formula.