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Review of earned value management (EVM) methodology, its limitations, and applicable extensions
Nizam, Anisulrahman Elshennawy, Ahmad
Nizam, Anisulrahman
Elshennawy, Ahmad
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2019-06
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Article
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Keywords
Costs,Performance management,Defense industry,Earned Value Management (EVM),Performance evaluation
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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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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)
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Journal of Management & Engineering Integration
v.12 no.1
v.12 no.1
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1939-7984