What is EVM. Describe PV, EV, SV, CV

Question

Accepted Answer

EVM stands for Earned Value Management. PV is Planned Value, EV is Earned Value, SV is Schedule Variance, and CV is Cost Variance.

PV (Planned Value) is the authorized budget assigned to the work that is planned to be accomplished by a specific date.
EV (Earned Value) is the value of the work actually accomplished.
SV (Schedule Variance) is the difference between the earned value and the planned value, indicating whether the project is ahead or behind schedule.
CV (Cost Variance) is the difference between the earned value and the actual cost, indicating whether the project is under or over budget.