The earned value system starts with the time-phased costs that provide the project baseline, which is called the: planned budgeted value of the work scheduled (PV).
The expected Value (PV) is the planned cost of the intended work to be performed. This is the portion of the project budget that is expected to be spent at any given time. This is also known as Budgeted Planned Expenses (BCWS). Actual Cost (AC) is simply the amount spent on work done.
Earnings Value Analysis (EVA) seems like a fascinating technique to use in projects to better understand and manage performance. Companies that capture the earned value prepare the procedures and can provide basic training. Project managers are then asked to begin using the earned value, with management hoping for improved project outcomes soon. Usually, about a year later, the reality begins. No improvement was achieved, project management costs increased and people complained about all the “extra paperwork”.
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