What is your understanding of Earned Value Management (EVM) in project management?

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Earned Value Management (EVM) is a project management technique to track the performance and progress of a project by comparing planned work with actual work completed.

EVM integrates project scope, schedule, and cost to provide a comprehensive view of project performance.
Key EVM metrics include Planned Value (PV), Earned Value (EV), Actual Cost (AC), Schedule Performance Index (SPI), and Cost Performance Index (CPI).
EVM helps in forecasting project outcomes, identifying variances, and making data-driven decisions to keep the project on track.
For example, if the EV is higher than the PV, the project is ahead of schedule and under budget. If the EV is lower than the PV, the project is behind schedule and over budget.

What is your understanding of Earned Value Management (EVM) in project management?

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