Getting Ready for EIA-748

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This article introduces the EIA-748 Standard for Earned Value Management Systems and the basic concepts of earned value management (EVM).

The objectives of an earned value capable system are to:

  • Relate time phased budgets to specific contract tasks and/or statements of work
  • Provide the basis to capture and value work progress assessments against the baseline plan
  • Relate technical, schedule, and cost performance (compare the value of what was planned for accomplishment with the value of what was done and the cost for that work)
  • Provide a forecast of the work and costs to complete the project
  • Provide valid, timely, and auditable data/information for proactive management action
  • Supply managers with a practical level of summarization for effective decision making and management by exception