We have created an Earned Value Management Glossary of the most common terms used in the world of Earned Value Management. This is a free download with no registration required. Earned Value Management (EVM) is full of acronyms that can appear confusing to folks new to the EVM world. So to help you, we put together our Earned Value Management Glossary.
Fundamentally, Earned Value Management is all about measuring the performance and progress of your project, both schedule and cost, as well as forecasting future work. One common area of confusion is the word ‘value in the name. It refers to the value of the work performed and is not related to the value (investment) or benefit (return on investment) of your project.
Earned Value Management is about creating the plan, understanding what has been accomplished and what has been spent so far. From there, you will know your projects performance to date and forecast to completion. And with that, you will know if your project is ahead of, or behind, the planned schedule and cost.
There are four metrics that are core to Earned Value Management:
- Planned Value
- Earned Value
- Actual Cost
- Budget at Completion
You can learn about these and other terms and acronyms in our Earned Value Management Glossary. Rather than listing every Earned Value Management term there is known to man, we’ve complied the most common terms in daily use. This gives you a practical Earned Value Glossary that you can download and print out as well.