Earned Value Management (EVM) technique used to track the Progress and Status of a Project & Forcast the likely future performance of the Project.
EVM technique integrates the scope , schedule and cost of a project.
EVM technique answers a lot of questions to the stakeholders in a project related to the performance of the project
EVM technique can be used to show past performance of the project, current performance of the project and predict the future performance of the project by use of statistical techniques.
Good planning coupled with effective use of the EVM technique will reduce a large amount of issues arising out of schedule and cost overruns.