Earned Value Management (EVM) is a project management technique that measures forward progress objectively. EVM has the unique ability to combine measurements of technical performance (i.e., accomplishment of planned work), schedule performance (i.e., behind/ahead of schedule), and cost performance (i.e., under/over budget) within a single integrated methodology. EVM provides an early warning of performance problems while there is time for corrective action. In addition, EVM improves the definition of project scope, prevents scope creep, communicates objective progress to stakeholders, and keeps the project team focused on achieving progress.
EVM emerged as a financial analysis specialty in United States Government programs in the 1960s, but it has since become a significant branch of project management. Project management research investigating the contribution of EVM to project success suggests a moderately strong positive relationship. Implementations of EVM can be scaled to fit projects of all sizes and complexity.