Advanced Terminology

What is Earned Value in Project Management?

Earned cost refers to a cost assigned to work, which may be said in hours and/or dollars (or your neighborhood currency). Earned cost control (EVM), on the other hand, is a device used to grade and expect project overall performance via a means of evaluating deliberately as opposed to real earned cost. Because EVM can track expenses and schedules, it is miles beneficial for forecasting destiny initiatives. Earned cost control gives stakeholders with extra perception right into an initiative's status, because it compares real money and time spent as opposed to the deliberate hours and price range. Earned cost and EVM have been first evolved and used withinside the Nineteen Sixties via way of means of the United States Department of Defense to sing its diverse applications along with NASA.

Advanced Terminology

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