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Fundamentals of Project Management, Third Edition by James P. Lewis

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Earned Value Analysis

It is one thing to meet a project deadline at any cost. It is another to do it for a reasonable cost. Project cost control is concerned with ensuring that projects stay within their budgets, while getting the work done on time and at the correct quality.

Work quality is most likely to be sacrificed when deadlines are tight. Constant attention is required to avoid this tendency.

One system for doing this, called earned value analysis, was developed in the 1960s to allow the government to decide whether a contractor should receive a progress payment for work done. The method is finally coming into its own outside government projects, and it is considered the correct way to monitor and control almost any project. The method ...

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