Why is the generic four-stage control cycle useful for understanding how to monitor and control projects?
It has been said that Earned Value Management (EVM) came about because the federal government often used "cost-plus" contractors with project organizations. Cost-plus contracting allows the contractor to recover full project development costs plus accumulate profit from these contracts. Why would requiring contractor firms to employ Earned Value Management help the government hold the line against project cost overruns?
What are the major advantages of using EVM as a project control mechanism? What do you perceive are its disadvantages?