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Earned value management (EVM), originally developed by the Department of Defense, is an integral part of the project management process. By incorporating processes and techniques into EVM enables project managers to make decisions on costs and scheduling based on forecasted models. This particular technique in project management is often thought to be the best strategy for measuring the overall performance of a project.
The Role of Earned Value Management
Earned value management (EVM) can be thought of as the compilation of techniques and strategies that represent the best practices of business. Essentially, a project manager with a background in EVM is likely to handle duties such as developing quantitative data, making decisions, controlling cost and scheduling, nad finding variances. The EVM technique is divided into various derived data aelements. Outcomes of EVM implementation in a business include the ability to track performance, a higher standard of accountability, risk reduction, forecasting of all areas of the projgect, communication improvemensts, and analysis of profit.
Earned Value Management Courses
In many business and business management undergraduate and graduate degree programs, earned value management is a part of the curriculum. Students who are specifically majoring in or developing a specialization in project management are also most likely to take advanced course work in this area in order to gain the expertise required in the workplace.
In addition to being a part of many degree programs, education and training programs to offer executive or graduate certificates are also options for demonstrating ability in and an understanding of the principles of earned value management. Some of the common concepts covered include analysis and reporting, planned values, measurement techniques in earned value, variances and indices, forecasting, and management by exceptions.
Professional Certifications in Earned Value Management
In addition to course work in educational curricula that help future project managers and other business professionals gain skill in earned value management, professional certifications are also helpful for illustrating skill and knowledge in this technique. Certifications that can be beneficial include the Earned Value Professional (EVP), the Planning and Sechduling Professional (PSP), the Decision & Risk Management Professional (DRMP), and the Certified Cost Professional (CCP).
Additional information on various professional certifications that are useful for project managers can be found on the American Association of Cost Engineering International website.
Career Possibilities for the Earned Value Management Professional
Professionals with certifications, education, and skill in earned value management are well-prepared to enter into a number of different industries to handle various projects. Some government agencies that EVM managers work with include NASA and the Department of Defence. Other possibilities include educational institutions, for-profit corporations, and the Soceity of Cost Estimating and Analysis.
Related Resource: Budget Analyst
Whether looking to begin a career specifically in project management or looking to advance in a management career in general business operations, a broad understanding of various management techniques is a must. In particular, an understanding of earned value management can help business professionals gain the insight necessary for decision making and problem solving in a number of situations that occur in business operations.
