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In this lesson, we will learn about Earned Value Management an interesting and important topic that every project manager should be familiar with We also have few example problems at the end of the lesson Lets get started! We will consider a project that will last for just three days. It is a software development project with a project plan based on Lines of Code At the end of day 1, we should be ready with 100 lines of code 200 lines of code at the end of day 2 and finally, 300 lines of code at the end of day 3 The cost is $1 for each line of code so, the planned cost is It is end of day 1 The engineers could manage just 50 lines of code and, $150 are spent The project is clearly in bad shape What actions do we need to take to bring the project back on track? Earned Value Management or the EVM is a systematic approach to analyze the project status status with respect to planned scope planned schedule and planned cost The key word is Value Lets try to understand this term T
