Define how the project's schedule and budget will be controlled throughout the life of the project by explaining the procedure for noting variances from the schedule & cost baselines. Include an outline of the purpose of using earned value measures including a definition of cost variance (CV), schedule variance (SV), cost performance index (CPI) and schedule performance index (SPI). Nominate the frequency of updates and reviews that should be undertaken and communicated.  Identify who will undertake these controls and who should be communicated to when these controls have been approved.