Earned value management (EVM) is used for measuring project performance and progress, or the budgeted cost of worked performed.
EVM should provide forecasts on project performance including budgeted costs vs. actual costs, and budgeted time vs. actual time.
For example, a project should be completed within one year and the costs should be evenly split between two semesters. EVM should measure if at the end of the first semester both the budgeted costs match the actual incurred costs, and the project has advanced on schedule.
