ISO 21508:2018 Earned Value Management

The International Organization for Standardization (ISO) recently published ISO 21508:2018 Earned Value Management in Project and Program Management. The ISO standard describes the 11 process steps required to implement EVMS.

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If your organization has a requirement for EVMS certification, currently ISO is the best route.

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This standard provides:

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• Terms and definitions

• Descriptions of the purpose and benefits of earned value management

• The integration and relationship with project or program management

• An overview of the processes and process descriptions

• Basic requirements for an earned value management system; and

• Use of an earned value management system (EVMS).

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However, it does not provide guidance on the use of specific processes, methods or tools in the practice of an EVMS. The annexes describe examples of:

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• Cost

• Schedule and performance analysis,

• Commonly used formulas with associated interpretations, and

• The integration of earned value with other project or program management processes.