• Earned value management measures progress and schedule adherence.
• Cost, schedule, and scope are integrated.
• Earned value is the finished work's budgeted value. The earned value management system measures project progress.
• The value of a project is the sum of its elements.

Earned value measurements include:

1. Planned Value (PV): Total work value.

2. Earned Value (EV): Total work value.

3. Actual Cost (AC): Total cost of completed work.

• Earned value measurements describe project cost, time, and scope. PV is the planned value, EV is the completed value, and AC is the completed cost.
• PV=EV-AC
• This equation calculates project cost, schedule, and scope. PV is the planned value, EV is the completed value, and AC is the completed cost.

Explanation:

• The value of the work that has already been done on a project is known as the earned value of the project, and it is frequently stated in terms of the budget for the project.
• The earned value management system is a technique that may be utilized to evaluate the current state of a project and ascertain whether or not it is heading in the right direction (EVMS).
• It is founded on the premise that the value of a project is equivalent to the sum total of the values of the project's distinct parts and subparts.
• The earned value (EV) is determined by taking into account three metrics:

1. the predicted value (PV),
2. the actual cost (AC).
3. the earned value (EV)

• AC is used to indicate the overall cost of the work that has been completed, whereas EV is used to indicate the total value of the work that has been accomplished. PV is the total value of the work that is anticipated to be completed in the near or distant future.
• Using the equation PV = EV - AC, one is able to determine how successful a project was in relation to its cost, the amount of time it took, and the scope it encompassed.
• AC is used to indicate the overall cost of the work that has been completed, whereas EV is used to indicate the total value of the work that has been accomplished. PV is the total value of the work that is anticipated to be completed in the near or distant future

The point here is that all projects have value to the organization, and it is our job the make sure the value is understood. Doing this by how we manage the project during the implementation and initial uptake into the workflow of the organization. As stated, we know the contract cost and can calculate the earned value, it is the predicted or future value that will determine the success. What are some methods to help increase the future value of the project?