Review of earned value management (EVM) methodology, its limitations, and applicable extensions

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Authors
Nizam, Anisulrahman
Elshannaway, Ahmad
Advisors
Issue Date
2019-06
Type
Article
Keywords
Costs , Performance management , Defense industry , Earned Value Management (EVM) , Performance evaluation
Research Projects
Organizational Units
Journal Issue
Citation
Nizam, A., & Elshannaway, A. (2019). Review of earned value management (EVM) methodology, its limitations, and applicable extensions. Journal of Management & Engineering Integration, 12(1), 59-70. https://doi.org/10.62704/10057/24251
Abstract

Department of Defense (DoD) Instruction 5000.02 requires an Earned Value Management System (EVMS) compliant with ANSI/EIA-748 for all DoD cost or incentive contracts valued at or greater than $20M. Earned Value Management (EVM) integrates cost, schedule, and time to draw conclusions about current project status as well as make projections for future project status. Though EVM has been widely adopted on many projects, there are clear limitations indicated in the literature which ultimately inhibit the ability of EVM to become universally accepted as a best practice across all industries. In response, researchers have developed extensions such as Earned Schedule Management (ESM), Earned Duration Management (EDM), and Customer Earned Value (CEV). This paper addresses the evolution, limitations, and new extensions of EVM.

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Description
Published in SOAR: Shocker Open Access Repository by Wichita State University Libraries Technical Services, November 2022.
Publisher
Association for Industry, Engineering and Management Systems (AIEMS)
Journal
Book Title
Series
Journal of Management & Engineering Integration
v.12 no.1
PubMed ID
ISSN
1939-7984
EISSN