Earned Value Management (EVM) Time Tracking
A project management methodology that integrates time tracking with budget and schedule data to measure project performance by comparing planned value, earned value, and actual costs, providing early warning indicators of schedule or cost overruns through metrics like Schedule Performance Index (SPI) and Cost Performance Index (CPI).
About this tool
Overview
Earned Value Management integrates time tracking, cost accounting, and schedule management to provide objective performance measurement, commonly required for government contracts and large projects.
Core Metrics
Planned Value (PV)
Budgeted cost of work scheduled to be completed by a specific date.
Earned Value (EV)
Budgeted cost of work actually completed.
Actual Cost (AC)
Actual cost incurred for completed work (from time tracking × labor rates).
Key Performance Indicators
Schedule Performance Index (SPI):
- SPI = EV / PV
- SPI > 1.0: Ahead of schedule
- SPI < 1.0: Behind schedule
Cost Performance Index (CPI):
- CPI = EV / AC
- CPI > 1.0: Under budget
- CPI < 1.0: Over budget
Time Tracking Requirements
EVM requires:
- Accurate daily time tracking
- Proper allocation to work packages
- Consistent labor rate application
- Regular progress updates
- Baseline schedule maintenance
Benefits
- Early detection of problems
- Objective performance measurement
- Forecast project completion
- Support change order justification
- Meet government contract requirements
Pricing
N/A - This is a project management methodology.
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