Earned Value Management is primarily used for what purpose?

Earned Value Management (EVM) is primarily used for performance measurement in project management because it provides a quantitative approach to measuring a project's progress. By comparing the planned progress (the budgeted cost of work scheduled, or BCWS) with the actual progress (the budgeted cost of work performed, or BCWP) and the actual costs incurred (actual cost of work performed, or ACWP), project managers can assess whether a project is on track in terms of time and budget.

This method allows for early identification of potential issues so that corrective actions can be taken in a timely manner. EVM serves as a valuable tool in project management as it not only measures performance but also provides insights into trends, enabling informed decision-making and better management of resources and timelines. By leveraging these metrics, project managers can ensure that they are moving towards the project goals while staying aligned with both the budget and schedule.