CIO Council delivers EVM policy framework

The CIO Council unveiled a policy framework this week to help federal agencies develop earned value management (EVM) system policies.

EVM policies focus on major acquisitions and investments that require special management attention because of their large costs or their importance to an agency’s mission, according to council documents. The new policy framework requires agencies to address projects’ finalized cost, schedule and performance goals.

Within that framework, agencies must report monthly on projects’ schedules and indirect and planned costs compared with actual costs and schedules. Those reports should also include revised cost estimates for completion based on projects' performance.

EVM is a project management tool that provides snapshots of the earned value of major IT projects in development. The CIO Council documents, posted Dec. 5, serve as a model framework by providing agencies with the major components of an EVM policy.

The Office of Management and Budget has asked all agencies to develop EVM policies by Dec. 31.