Earned value management (EVM) combines scope, schedule and cost into one set of measures. Looking only at money spent tells you very little: spending half the budget is fine if half the work is done, and alarming if only a quarter is. EVM answers the real questions: are we getting the planned value for our money, and are we doing the work as fast as planned? It needs three numbers measured at the same point in time, plus the total budget.
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