What is the purpose of earned value management (EVM)?

Earned value management (EVM) plays a crucial role in project management by providing a systematic approach to measuring project performance and progress. The primary purpose of EVM is to assess the health of a project by comparing the planned progress with the actual performance. This is done through several key metrics that integrate scope, schedule, and cost, allowing project managers to determine how much work has been completed versus what was planned at a given point in time.

By utilizing EVM, project managers can effectively identify variances and trends, make informed decisions, and take corrective actions if necessary. For instance, if a project is ahead of schedule and under budget, EVM helps confirm that information quantitatively, supporting better forecasting and resource allocation. This aligns with the project's overall goals and objectives.

While defining project scope, allocating resources, and scheduling tasks are all critical components of project management, they do not directly describe the essence of EVM. EVM specifically focuses on evaluating performance and progress, thus enabling more effective management of a project's trajectory and overall success.