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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.
Process Planning Process planning is the systematic determination of method or process by which the product is to be manufactured economically and competitively within the limits
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