Benefits of Earned Value Management

Benefits of Earned Value Management

In my previous posts I had compared Traditional Management and Earned Value Management and also described 3 Elements of Earned Value Mmanagement in detail. In this post I intend to enumerate some benefits of earned value management. 

Following are the benefits of Earned Value Management

(a) EVM allows project monitoring as project progress

(b) Allows Project Manager to take corrective and preventive action during the course of the project

(c) Provides objective evidence of schedule and cost variance

(d) Provides objective evidence of the tasks that contribute to the overall delay / cost over run of the project

(e) Allows Project Manager to focus energy on specific tasks rather than the entire project

(f) EVM uses numbers rather than dates and therefore makes tracking easier

(g) EVM forecasts cost, time and efficiency parameters required to complete a project on time and under budget

(h) EVM ensures that the Project Manager is in total control of the project and hence improve customer satisfaction and increased productivity.