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Earned Value Management Considering Technical Readiness Level and Its Application to New Space Launcher Program

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Abstract

Earned value management (EVM) is a methodology for monitoring and controlling the performance of a project based on a comparison between planned and actual cost/schedule. This study proposes a concept of hybrid earned value management (H-EVM) that integrates the traditional EVM metrics with information on the technology readiness level. The proposed concept can reflect the progress of a project in a sensitive way and provides short-term perspective complementary to the traditional EVM metrics. A two-dimensional visualization on the cost/schedule status of a project reflecting both of the traditional EVM (long-term perspective) and the proposed H-EVM (short-term perspective) indices is introduced. A case study on the management of a new space launch vehicle development program is conducted to demonstrate the effectiveness of the proposed H-EVM concept, associated metrics, and the visualization technique.

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Correspondence to Jaemyung Ahn.

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Choi, YI., Ahn, J. Earned Value Management Considering Technical Readiness Level and Its Application to New Space Launcher Program. JASS 19, 227–237 (2018). https://doi.org/10.1007/s42405-018-0015-5

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  • DOI: https://doi.org/10.1007/s42405-018-0015-5

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