What is one of the functions of Earned Value Management?

One of the primary functions of Earned Value Management (EVM) is to measure work progress in objective terms. This methodology incorporates metrics that allow project managers to assess how much work has been completed against what was planned and how much money has been spent compared to what was budgeted. Specifically, EVM combines three key dimensions: Planned Value (PV), Earned Value (EV), and Actual Cost (AC), enabling a comprehensive analysis of project performance.

This objective measurement allows project managers to gain insights into the project's overall health. By quantifying the amount of work performed in relation to the amount of budget consumed, EVM helps to identify variances and trends early in the project lifecycle, facilitating timely corrective actions if necessary. The emphasis on objective metrics ensures that project managers can communicate progress clearly and accurately to stakeholders, enhancing transparency and decision-making.