The National Defense Industrial Association (NDIA) / Electronic Industries Alliance (EIA) standard EIA-748, Earned Value Management Systems (EVMS), is the standard for DoD Earned Value Management programs. The DoD formally adopted EIA-748 in August 1998 for application to Major Defense Acquisition Programs (MDAP).
What is Earned Value Management explain?
Earned value management (EVM) is a project management methodology that integrates schedule, costs, and scope to measure project performance. Based on planned and actual values, EVM predicts the future and enables project managers to adjust accordingly.
How many ANSI EIA guidelines are there?
The EIA-748-D EVMS Standard contains a set of 32 Guidelines that defines the requirements that an Earned Value Management System (EVMS) must meet and is the governing document for its application.
What is Earned Value Management in government contracts?
Earned Value Management (EVM) is a program management tool, technique, and discipline that facilitates systematic planning for and monitoring of high value, complex projects.
What document is used as the basis for the DoD to assess EVMS compliance?
The DoD EVMS Interpretation Guide (EVMSIG) is used as the basis for the DoD to assess EVMS compliance to the EIA-748 Guidelines.
What types of standards are developed by the Electronics Industries Alliance EIA )?
The Electronic Industries Alliance (EIA) standards direct component marking, data modeling, color coding and packaging materials. Products and services covered under this collection range from the smallest electronic component to the most complex systems used by the defense, space and consumer product industry.
What are the benefits of value management?
The primary benefits of a value management exercise are:
- A clear definition of what the owners and end users mean by value, thus providing a precise basis for making decisions throughout the project.
- A tool for optimising the balance between differing stakeholder needs and expectations.
What is the purpose of value management?
The aim of Value Management is to reconcile all stakeholders’ views and to achieve the best balance between satisfied needs and resources.
What do EVM system guidelines facilitate?
EVMS Guidelines provide early identification of problems and risk mitigation actions. EVMS Guidelines ensure the final contract costs will equal the original cost estimate. EVMS Guidelines provide visibility into subcontractor performance.
What are the benefits of Earned Value Management?
EVM helps provide the basis to assess work progress against a baseline plan, relates technical, time and cost performance, provides data for pro-active management action and provides managers with a summary of effective decision making.
Why is Earned Value Management not used?
Earned Value project management will only achieve the desired results if implemented within a fairly mature project management system. Project management systems lacking these fundamental characteris- tics are not candidates for an Earned Value project management system.
What is the purpose of the Earned Value management System EVMS guidelines?
Application of the EVMS Guidelines helps to ensure that contractors have adequate management systems that integrate cost, schedule, and technical performance. This also provides better overall planning, control, and disciplined management of government contracts.
Which is better eia-748-b or PMI?
The EIA-748-B takes care of changes in deeper way, expressing points of view about Retroactive Changes and Internal Replanning. I think that the EIA-748-B could be used as a more flexible standard in order to allow evolution and the work between different organizations.
What do you need to know about Earned Value Management?
Earned Value Management (EVM) is a proven project management practice that provides visibility into a project’s technical scope, schedule,and cost progress. In use since the 1960s, the EIA-748 Standard for Earned Value Management Systems (EVMS), Section 2, provides a list of the 32 guidelines for use in establishing and applying an EVMS.
When was the ANSI standard on EVMs approved?
The ANSI standard on Earned Value Management Systems (EVMS) was approved on May 19, 1998. The EVMS guidelines incorporate best business practices for earned value management systems that have proven to provide strong benefits for program or enterprise planning and control.
Where was the Earned Value Management ( EVM ) paper presented?
Paper presented at PMI® Global Congress 2009—North America, Orlando, FL. Newtown Square, PA: Project Management Institute. Traditional approaches to earned value management (EVM) implementation require significant capital investment and can impose large cost and administrative overhead, especially on smaller projects.