MONITORING AND CONTROL
Earned value management has been in use as a means for measuring—that is, monitoring and controlling—project progress since 1968. Prior to that time, tracking project progress essentially consisted of monitoring the actual cost against the budget and the actual schedule against the estimate, but no method was available that assessed the combined impacts of costs and schedule. Nor were there any standards for analyzing and reporting these data until the Department of Defense (DOD) developed instructions to its contractors for:
Developing work breakdown structures
Developing certain key planning elements such as baselines ...