As a project management professional, it is critical to know the answers to questions such as: is work being accomplished as planned, is it costing as planned, and what is the remaining work likely to cost? While identifying issues such as these is critical to a project's success, it is even more critical as a project manager to be able to identify where the problems are occurring, how critical the problems are, and what it will take to get the project back on track. The Practice Standard for Earned Value Management-Second Edition expands on the earned value information in A Guide to the Project Management Body of Knowledge (PMBOK Guide) -Fourth Edition. EVM is often referred to as "management with the lights on" because it helps objectively and succinctly identifies where a project is and where it is going. The methodology incorporates project scope, schedule and costs, and the process is applicable across many Knowledge Areas and Process Groups. This practice standard is intended for anyone who wants to better develop their project management toolset and know how to potentially improve project performance through the use of earned value
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