EVM Abbreviation

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Popular abbreviations of EVM:

Searching for EVM abbreviation / EVM full form leads to different results in different categories. The below table illustrates the popular acronyms among them.

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What does EVM mean?

Earned Value Management (EVM) is a technique project managers use to evaluate project performance. It helps in knowing the future aspect of the project and what its impact could be in the future. 

The concept of EVM uses the earned value analysis tool that uses the cost variances and computing schedule to know the project’s outcome.

Objectives

• It helps in evaluating the time for the completion of specific tasks.
• It helps in determining the technical and cost requirement of the project.
• It enables the manager to decide on the project for prospects.
• It helps analyze whether it is at par with the desired baseline plan. 

Important Parameters of EVM

Scope of the Project

• To trim the piece, the project manager will divide the work into high-level deliverables. The manager will make the graphical presentation and know the work in-depth.
• The manager will assign the work according to the people skills and department.

Planning and Budgeting

The work is divided according to the people’s vital skills, and the manager is assigned to each task. It consists of the ‘when’ element and determines the completion of the project. Also, the manager will review the performance time-to-time. 

The manager will also determine the cost of the project by analyzing the cost related to labor, subcontracting, and material. 

Determining the actual cost

The management must have the system in place to determine the project’s actual cost. Instead of a hit-and-trial method, the manager must forecast the price by focusing on accounting for accruals. 

Analyzing the project performance

The management uses various metrics to analyze the performance of the project. These performances have to be reported to the team members and senior management. The senior manager takes corrective measures to improve the performance of the project. 

Revisions to the plan

The plans require revision based on specific parameters like the project’s cost, scope, and schedule. Every time there is a change in the project, the manager must undertake the proper revision of the plan.