Forward-Looking State-of-the-Art Review on Earned Value Management Systems: The Disconnect between Academia and Industry
Publication: Journal of Management in Engineering
Volume 38, Issue 3
Abstract
Earned value management (EVM) is a project management approach that can enhance the probability of project success. It is applied widely across different industry sectors (e.g., energy, aerospace, construction, defense, and manufacturing), generally through the use of an earned value management system (EVMS). A holistic and up-to-date literature review on EVM and EVMS does not exist. A literature review can provide a comprehensive perspective on the topic, identifying and summarizing the existing body of knowledge, as a foundation to advance the state of practice of EVM/EVMS. Therefore, the objective of this paper is to investigate the EVM/EVMS state of the art by critically reviewing academic and industry publications, with a specific focus on the maturity of EVMS and the environment surrounding its implementation. By performing a systematic literature review, the authors identified 600 publications since the inception of the EVM concept in 1962, and then narrowed down this list to 160 relevant publications from the last decade for closer review. The findings include the discovery of eight emergent themes. Of these themes, “forecasting/prediction” constitutes the largest portion of the recent literature, followed by “application of EVMS.” One interesting finding is that EVMS maturity, although being a critical topic, is only discussed in one publication. Publications focused on EVM/EVMS have increased in the last decade and significant differences were found between academia and industry literature in terms of the limitations and extensions of EVM/EVMS, EVMS environment, and compliance. A key finding is that designing a reliable EVMS should combine both technical and social aspects of implementation. This forward-looking paper provides a state-of-the-art review while highlighting gaps in the existing EVM/EVMS body of knowledge and introducing new perspectives to support EVMS research and application.
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Data Availability Statement
Some or all data, models, or code that support the findings of this study are available from the corresponding author upon reasonable request.
Acknowledgments
The authors would like to thank the US Department of Energy for supporting and funding this study through a project entitled “Improving the Reliability of EVMS Compliance Reviews and EVMS Maturity Level Assessments.” The authors also would like to thank all the government and industry professionals participating on the research team for their valuable input throughout the research process.
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Volume 38 • Issue 3 • May 2022
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