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Hi George,
> At the start of the project, you have a bunch of user stories, or
> some other description of what the project intends to build. You
> have some idea of the value of this work. Because the value of this
> work is likely to be very difficult to determine via objective
> means, you're very likely to use the simplifying assumption that
> it's worth what it takes to produce it--else we wouldn't be doing
> it. So, Budgeted Cost of Work Scheduled (BCWS) is assumed to be the
> value of the completed work.
"Value" has several meanings. One of them is worth. Another, a
mathematical meaning, is "an assigned or calculated numerical
quantity." I don't know which meaning the EVMS inventors intended,
but I've always found EV easier to understand if I think of value in
the mathematical sense, as if it's just an assigned quantity, having
nothing to do with worth.
If I remember right, the earlier version of EVMS, called Cost/Schedule
Control System (CSCS), doesn't use the confusing term "value."
Dale
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