Earned Value Management (EVM) is a project management technique used to objectively calculate the status of a project. EVM is able to deliver key metrics that can show you with quite amazing accuracy the status of the project budget and schedule.
You need however to have access to work log data in order to be able to calculate it, and a bit of math skills.
By the way, If you happen to use JIRA Cloud as a task management tool, please have a look at our automated tool for EVM reporting.
The Earn Value Management technique uses 4 important pieces of information: Budget at Completion, Actual Cost, Earned Value and Planned Value.
Below are some details about these metrics:
With these important values, a variety of metrics are calculated. I will briefly mention some of them below.
After applying the specific formulas for each metric, metrics like the ones below are available for your progress report. As a measurement unit, I will use hours.
Some other additional metrics are available as part of EVM. You can read more about Earned Value Management on Wikipedia.
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