EVM (Earned Value Management)

Earned Value Management (EVM) is a project tracking method that measures how much work has been completed compared to the planned schedule and budget. It combines three key data points: the planned value (work scheduled), the earned value (work actually done), and the actual cost (money spent). This helps project managers assess whether a project is on track, ahead, or behind in terms of time and costs, enabling better decision-making and control. Essentially, EVM provides a clear, integrated snapshot of project performance to ensure goals are met efficiently.