Earned Value Management System Law and Legal Definition

According to 48 CFR 2.101 (Title 48, Federal Acquisition Regulations System; Chapter 1, Federal Acquisition Regulation; Subchapter A, General; Part 2, Definitions of Words and Terms; Subpart 2.1, Definitions), earned value management system means “a project management tool that effectively integrates the project scope of work with cost, schedule and performance elements for optimum project planning and control. The qualities and operating characteristics of an earned value management system are described in American National Standards Institute/Electronics Industries Alliance (ANSI/EIA) Standard-748, Earned Value Management Systems. “