Project managers and IT leaders need to accurately define a project's scope and requirements, develop specific work packages and work breakdown structures, and then establish a good budget, says Gingras, who also teaches technology strategy and system design as an adjunct faculty member at Boston University's Metropolitan College.

Moreover, Gingras and others say that employing EVM in projects takes plenty of training. There are books and multiday courses that teach the practice.

So, why go through all this upfront work? Gingras points to a well-known fact: "Significant numbers of projects aren't completed on time or on budget, or they don't deliver what they're supposed to deliver."

EVM can help improve your chances of project success, says McCauley. "The idea behind earned value is seeing what you need and when you need it. It's all about management, and it's all about control."

Sidebar