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What are the necessary features of the Earned Value Management?
Necessary features of EVM systems:
a. A quantified project plan which identifies work or activities to be accomplished.
b. A valuation of planned work or events to be accomplished for example the Planned
c. Planned Value (PV) or Budgeted Cost of Work planned (BCWS).
d. Pre-defined metrics for example ‘cost drivers’ and ‘overhead rates’ also to quantify the real accomplishment of work as like an example of Earned Value (EV) or Budgeted Cost of Work Performed (BCWP).
e. The various project activities or tasks accomplished “earn” value when they are being done, this ‘Earned Value’ (EV) is compared to planned costs (Planned value) to find out project trends and performance.
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