What is 'earned value management' primarily used for in projects?

Earned value management is primarily used to measure project performance and progress by integrating project scope, time, and cost metrics. This methodology provides a quantifiable measure of how much work has been completed at any given point in the project life cycle. By comparing the earned value (the value of work actually performed) to the planned value (the value of work that was scheduled), project managers can assess how well the project is adhering to its budget and schedule.

This process allows for effective tracking of both cost performance and schedule performance, enabling early detection of potential issues that could impact the project's success. For instance, if the earned value is significantly lower than the planned value, it indicates that the project is behind schedule or over budget, prompting timely corrective actions.

By focusing on performance and progress, earned value management serves as a critical tool for project managers to maintain control over project objectives and deliverables. This approach distinguishes itself from merely assessing quality, estimating completion times, or evaluating satisfaction, which are more narrowly focused aspects of project management.