Earned value management (EVM)

Secondly, EVM also provides an understanding of progress.  In other words, project managers rely on EVM to assess the project’s “% of completion”, “% of budget spent,” and “% of progress scheduled.”

Thirdly, EVM provides variances metrics.  In other words, project managers rely on EVM to assess if the project is spending more or less than they should. They may also determine if the project is ahead or behind schedule.

Finally, EVM provides forecast metrics.  In other words, project managers rely on EVM to determine the Estimate at Completion. They may also assess the variance at completion.