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

  • Young-In Choi
  • Jaemyung Ahn
Original Paper
  • 13 Downloads

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.

Keywords

Earned value management (EVM) Technology readiness level (TRL) Project management (PM) Cost overrun 

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Copyright information

© The Korean Society for Aeronautical & Space Sciences and Springer Nature Singapore Pte Ltd. 2018

Authors and Affiliations

  1. 1.Department of Aerospace EngineeringKorea Advanced Institute of Science and Technology (KAIST)DaejeonRepublic of Korea
  2. 2.Korea Space Launch Vehicle (KSLV)-II R&D Program Executive OfficeKorea Aerospace Research Institute (KARI)DaejeonRepublic of Korea

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