Please provide a response to the discussion post listed below:

W1.D1 - Discussion Board Fundamentals of Earned Value Management

Earned value management (EVM) is a set of principles, methods, processes, practices, and tools used by project managers for managing project performance (PMI, 2019, p. 1). The project manager, the project team, and the stakeholders used this technique to track and understand the project's progress and gain insight and knowledge into future performance based on the analysis and interpretation of project performance information. EVM helps project managers to spot discrepancies and rectify them for timely delivery within budget. It also helps in forecasting, enabling project managers to adjust accordingly. EVM helps project managers to spot discrepancies and rectify them for timely delivery within budget. It also helps in forecasting, enabling project managers to adjust accordingly, as supported by Fleming & Koppleman (2010), Earned value requires a periodic forecast of the final expected results, based on actual performance (pp.9). By using it, project organizations and stakeholders can establish and control the budget and completion dates for a project as early as possible.

In addition, I consider the EVM tool to be one of the most important project management tools that project managers and project organizations can use to identify and analyze the performance results of completed project tasks. If there are any variances in cost and schedule, we can adjust or correct problems in advance to prevent the project from deviating from the original plan as soon as possible. Project performance using the EVM techniquebenefits the organization from the perspective of other projects because it provides feedback on the project's current status compared to the baseline, and provides insight into future project performance (PMI, 2019, p. 3).