Earned Value (EV) is a measure of the work performed on a project
and the budget estimated for it. It is a cost measure used to evaluate the return on the current project work. Earned Value is calculated from the cost plan and captures all work
performed on a given date and relates to the sub-objects inthe work breakdown structure
(CV). Earned Value is managed using Earned Value Management (EVM). This involves methods and plans with which the progress of the project and its Earned Value are recorded and compared with the target value.