The first step in managing earned value metrics is determining the critical resources to be tracked. This is essential because earned value management (EVM) relies on accurate data regarding resources to measure project performance and progress. Identifying which resources (such as labor, materials, and equipment) are critical ensures that the EVM metrics (planned value, earned value, and actual cost) are based on reliable and relevant data, which in turn supports better decision-making and project control.
References:
* "Earned Value Project Management" by Quentin W. Fleming and Joel M. Koppelman
* "A Guide to the Project Management Body of Knowledge (PMBOK Guide)" by Project Management Institute (PMI)