Extensions of Earned Value Management : A Systematic Review

Abstract: Earned Value Management is a project methodology that has powerful features, still, it is underutilized in practice. This paper presents a systematic literature review examining the extensions made by researchers to the Earned Value methodology and further compares this to the project environments where the extensions have been utilized in. The classification system used in this paper is based on the Project Process and the Project Knowledge Areas and enables in-depth examination of the different extensions. The contribution of this paper is mainly based on the collection of all peer-reviewed articles presenting extensions to Earned Value Management, as well as incorporating the Earned Value methodology into larger frameworks. It also reveals that the Earned Value methodology has been extended to include nine of the ten Projects Knowledge Areas, and three out of the five Project Processes, this means that Earned Value Management has the capability to include comprehensive features.