Definition
Earned value management (EVM) is a project management technique that integrates scope, schedule, and cost to provide objective performance measurements. It quantifies project progress by comparing planned work against actual work completed and the associated costs incurred. By doing so, EVM offers a powerful way to forecast future project performance and identify variances early. For instance, if a project is planned to complete 50% of its work in 3 months at a cost of $100,000, but after 3 months only 25% is complete and $120,000 has been spent, EVM highlights a significant schedule and cost overrun. This differs from simply tracking budget versus actual spend, as EVM accounts for the value of the work actually performed. EVM is a key concept tested on the PMP, CAPM, and PMI-ACP examinations.