Define the term Earned Value Management in short.

Earned Value Management (EVM):

Earned Value Management (EVM) is a project management system which combines schedule and cost performance to respond the important question, as “What did we acquire for our money spent?” Earned Value Management is a measurable performance system that gives quantitative data for project control and decision making, it is a systematic project management process utilized to know project variances or ‘exceptions’ through the comparison of worked performed as well as work planned. This is a measurable system for project scope, cost and scheduling into a single integrated system, which giving an early warning for performance difficulties.