What do you mean by the term earned value analyses, Business Economics

What do you mean by the term earned value analyses?  What are additional insights into the dynamics of a project afforded via the use of EVA?

Earned value implies, in effect, the proportion of a project’s total planned deliverable which has been produced by a specified point. Conventional measurement methods have tended to concentrate onto effort, or the other resources, exhausted, without bearing in mind what has been achieved for that expenditure, while EVA takes into account expenditure and achievement both.

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