Business Finance Homework Help

Earned Value Management Benefits

PMBOK defines earned value management (EVM) as the “methodology that combines scope, schedule, and resource measurements to assess project performance and progress” (PMBOK, 2017, pg. 705).

EVM is a project management tool that determines the real status of the project at a specific point in time!

Some of the benefits of establishing an EVM process include:

1. Accurate project status at a specific point in time.
2. Identification of positive and negative trends.
3. Identification of threats or opportunities.
4. Useful in mitigation strategies.

Review the Earned Value Management Analysis activity on the benefits of establishing an EVM process. Research additional sources and provide your own evaluation of establishing an EVM process:

• Do you agree with the stated benefits from the study activity?
• What additional benefits, based on your research and experiences, would you provide?
• What would be some challenges in establishing an EVM process?
• Please include supporting examples (sources and references) to support your analysis.

Topic Resources

If you have little or no background in business, you may find the following resources helpful in providing some foundational knowledge on this unit’s topic.

• Willems, L. L., & Vanhoucke, M. (2015). Classification of articles and journals on project control and earned value management. International Journal of Project Management, 33(7), 1610.
• Colin, J., & Vanhoucke, M. (2015). A comparison of the performance of various project control methods using earned value management systems. Expert Systems with Applications, 42(6), 3159–3175.

If you are interested in learning more about the topics in this unit, the following resources may be helpful:

• Chen, H. L., Chen, W. T., & Lin, Y. L. (2016). Earned value project management: Improving the predictive power of planned value. International Journal of Project Management, 34(1), 22–29.