Earned Value Management Flashcards, test questions and answers

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What is Earned Value Management?

Earned Value Management (EVM) is a project management technique used to measure progress and performance within a project. It helps to measure the progress of the project in terms of cost, schedule, and scope in order to provide an accurate assessment of how the project is performing. EVM provides visibility into how much work has been completed, how much it cost, and whether it is on track with the original plan. This technique can be used to identify when there may be issues or delays within a project and can also provide insight into what corrective actions may need to be taken in order for the project to stay on track.EVM works by collecting data from various sources such as actual costs incurred, planned costs, labor hours worked, actual duration of tasks and activities completed thus far, estimated duration of remaining tasks and activities and more. This data is then analyzed against the original plan in order to determine if any changes are needed or if there are any potential problems that should be addressed. EVM provides detailed information about where funds have been spent so far as well as providing details about which tasks have been completed or are behind schedule so corrective action can be taken quickly.Overall EVM is an effective way for organizations to ensure projects stay on target while minimizing potential risks associated with them. It allows organizations to easily identify potential issues early on so that they can take steps towards correcting them quickly before they become bigger problems down the line. It also enables organizations to keep track of their progress throughout each stage of their projects in order to ensure everything stays on target until its completion.