What is Earned Value (EV)?

Earned Value in project management is like keeping score while playing a game. It’s a way to measure how much work has been completed compared to what was planned to be done by a certain time, similar to tracking points in a game to see if you’re winning or losing. It involves looking at the budget, the schedule, and the actual progress of the project to figure out if things are going as expected or if adjustments are needed. This method helps project managers understand if they’re ahead, behind, or right on track, just like checking the scoreboard in a game to see how well you’re doing.