CORE BUSINESS — EVMS
Earned Value Management (EVM) is a systematic approach to the integration
and measurement of cost, schedule, and technical (scope) accomplishments on
a project. When properly applied, EVM provides an early warning of performance problems. Additionally, EVM promises to improve the definition of project scope,
prevent scope creep, communicate objective progress to stakeholders, and keep
the project team focused on achieving progress.

ESSENTIAL FEATURES OF ANY EVM IMPLEMENTATION INCLUDE:

• A project plan that indentifies work to be accomplished,
• A valuation of planned work, planned value (PV) or
• Budgeted Cost of Work scheduled (BCWS)
• Pre-defined "earning rules" (also called metrics) to quantify the
  accomplishment or work, called Earned Value (EV), or Budgeted Cost
  of Work Performed (BCWP). EVM implementations for large or complex
  projects include many more features, such as indicators and forecasts
  of cost performance (over/under budget) and schedule performance
  (behind/ahead of schedule). The most basic requirement of an EVM
  system, however, is that it quantifies progress using PV and EV.