The Performance Measurement System (PMS), a system for managing a given project or program, is described; this system incorporates the value earned for work accomplished approach. Development and application of this system is discussed under the following headings: PMS vs conventional management control systems; PMS implementation on a project/program; PMS data elements (organization, planning and budgeting, accounting, analysis, reports, and performance measurement data elements); recent PMS applications (FFTF, CRBRP, FMEF, and FMIT); and future of PMS. 25 references, 6 figures, 3 tables. (RWR)