Earned value management (EVM) software helps companies monitor the performance of complex and costly projects. This type of software defines a baseline for performance, which is then used to monitor the earned value (or the business value generated by projects). EVM is used mostly by project managers and project management officers but can also benefit any decision-makers involved in the project. While EVM software is more beneficial to large organizations, some products can also be used by smaller organizations.
EVM software should not be confused with project management solutions. EVM cannot be used to manage daily tasks and allocate project resources. Some project and portfolio management products include features for EVM. Also, while EVM includes functionality for project cost management, the opposite isn’t always true.
To qualify for inclusion in the Earned Value Management (EVM) category, a product must:
Allow users to define project baselines for performance monitoring
Consolidate data on project budgets, costs, resources, and planning
Provide customizable standard KPIs for project performance analysis
Comply with industry standards and government regulations for EVM
Deliver dashboards and real-time data on project performance
Integrate with project and portfolio management and project management