Earned Value Management (EVM) involves the tracking and correlation of project scope, time and cost for a given contract or task, and is a requirement of many government contracts. Although simple in concept, an Earned Value Management System (EVMS) entails many calculations based on numerous input parameters to generate monthly EVM statistics. Data generated by the EVMS is required to be timely, accurate, reliable, and auditable, and the EVMS must be implemented in a manner consistent with Electronic Industries Alliance Standard-748 (EIA-748). ERPGov Cloud’s optional EVMS module performs EVM calculations per EIA-748 automatically, and presents the required statistics in recognized form.
The optional EVMS Module produces standard EVM statistics from routine data.
To generate EVM statistics, the user simply enters task percent complete and budgeted cost by month. The software then utilizes existing financial data to calculate standard EVM parameters including: Budgeted Cost for Work Performed (BCWP), Actual Cost of Work Performed (ACWP), Percent Spent (%S), Cost Variance (CV), Cost Performance Index (CPI), Schedule Variance (SV), Schedule Performance Index (SPI), Estimate at Completion (EAC), and Estimate to Complete (ETC). The ERPGov EVMS module drastically reduces the time that would be necessary to calculate EVM statistics manually or using spreadsheets, and ensures that EVM outputs use data directly from the accounting system.
EVM is well-established for measuring progress in line with cost and schedule, and ERPGov provides a powerful tool for generating EVM statistics.
When EVM is a customer requirement, ERPGov’s EVMS module is a cost-effective add-on that integrates data already inside your system..
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