An Automated Framework for the Integration between EVM and Risk Management

Abstract

Earned Value Management (EVM) and Project Risk Management are normally considered separately in Project Management. Referring PMBoK®, EVM is part of Project Time Management and Project Cost Management knowledge areas, while Project Risk Management is a different knowledge area with no apparent relation with the previous ones, although the fundamentals of EVM are fully influenced by risk management. This paper seeks to clarify the mechanisms of this relation, and in which points they meet or affect each other. The interconnection between the two methods was explored in this study and a framework of integration between them was proposed. The framework was implemented in Excel resulting in a set of tools that can be useful in monitoring and controlling a project.