This report focuses on a technique -- earned value management (EVM)
-- for overseeing the cost, schedule, and performance of major
capital investments during the investment process (e.g.,
information technology systems, structures, weapons systems). EVM
provides metrics to help inform assessments of whether capital
investments are "on track" from three perspectives: the
investment's planned cost, time schedule, and functionality.
Variance from a project's planned cost, schedule, and functionality
might occur due to the inherent complexity and uncertainty of a
project, poor planning or implementation, or, sometimes, simply bad
luck. Although EVM attempts to address several significant
monitoring and evaluation issues, other evaluation techniques are
typically necessary in order to understand why variance from the
planned cost, schedule, or functionality might be occurring. In
addition, other evaluation methods are typically more useful in
assessing other significant questions, such as whether a project is
worth undertaking (or continuing) and, after the investment process
is completed, whether an investment might be having an impact on
achievement of an agency's mission or the success of a public
policy, compared with what would have happened without the
investment. EVM may be of increasing salience in executive branch
practices and, implicitly or explicitly, in presentations to ...
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