What does EVM stand for in project management?

In project management, EVM stands for Earned Value Management. This methodology is utilized to assess a project’s performance and progress in a quantitative manner by integrating scope, schedule, and cost dimensions.

Earned Value Management involves key metrics such as Planned Value (PV), Earned Value (EV), and Actual Cost (AC). By comparing these metrics, project managers can identify variances and determine whether the project is on track in terms of budget and schedule. This approach provides a comprehensive view of project health and facilitates better forecasting of future performance.

While the other terms may sound relevant to project management, they either describe components or misinterpret the essence of what EVM encompasses. For example, the Earned Value Method refers specifically to the calculations used within the broader framework of Earned Value Management, making it a narrower aspect rather than the comprehensive methodology itself.