Earned Value Management (EVM) is a project performance methodology that integrates scope, schedule and cost to show how a project is actually performing compared to the plan. It answers three critical questions at any point:
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Are we on schedule?
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Are we on budget?
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What will the project cost and when will it finish if current trends continue?
EVM compares three core metrics:
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Planned Value (PV) – The budgeted cost of work scheduled to be completed by a certain date
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Earned Value (EV) – The budgeted cost of the work actually completed
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Actual Cost (AC) – The real cost spent to complete that work
From these metrics, you get key performance indicators like schedule variance, cost variance, schedule performance index (SPI) and cost performance index (CPI). It can also help with estimate at completion (EAC) and estimate to complete (ETC).
ProjectManager features that can help with EVM include the Gantt chart's baseline and planned vs. actual data, the project and portfolio dashboard and reports.
How ProjectManager Supports Earned Value Management
1. Real-Time Cost and Progress Tracking
The Gantt chart allows you to estimate costs at the beginning of the project, and it captures actual costs as work is performed. For example, a construction team can use it to estimate costs for each task and set a budget. As crews complete tasks, actual data is input into the software in real time.
Take advantage of columns like estimated start and end dates, planned vs. actual hours and more.
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Capture actual costs as work is performed
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Update task completion to calculate earned value automatically
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Eliminate delays and errors from manual spreadsheets
2. Built-In Dashboards
We offer project and portfolio-level dashboards that track six key project metrics, including cost and the project's overall health. Dashboards track planned vs. actual progress, cost performance trends and more.
The Health widget, for example, includes RAG status circles that tell you if your project is under or over budget, or ahead of or behind schedule. Simply hover over each circle for additional context.
These visual insights make it easy to spot variances immediately
3. Custom Reports for EVM Metrics
While traditional EVM reporting often relies on static spreadsheets and manual updates, ProjectManager pulls live data from task completion percentages, timesheets, project baselines, resource costs and more.
This means key EVM metrics like cost variance (CV), schedule variance (SV), CPI and SPI and forecasted completion costs are calculated using updated information. Custom reports also let you filter by team, department, project phase, task owner, priority and more, making it easy to see which team is impacting metrics like CPI or analyze cost performance during a specific time.
In a few clicks, you can share reports instantly with stakeholders.
4. Baselines for Planned Value (PV)
A project baseline is the backbone of EVM. It helps lock in the original schedule and budget. User ProjectManager's baseline to derive the planned value of the budgeted cost of scheduled work, budget benchmarks and schedule benchmarks.
As work progresses, teams can automatically compare actual performance against the baseline.
5. Resource & Workload Management
ProjectManager allows you to assign hourly rates to team members, track time with built-in timesheets and capture actual labor costs in real time. These features ensure AC reflects reality, CPI calculations are accurate and cost overruns are detected early.
Use the resource management features to:
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Track labor costs by team member
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Optimize workloads to improve cost and schedule efficiency—helping maintain strong CPI and SPI values
6. Portfolio-Level EVM
With tools like real-time portfolio dashboards, roadmaps, workload charts and more, executives can see aggregated cost and schedule performance as well as budget vs. actual spend across projects.
Monitor multiple projects to see:
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Which projects are over budget
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Which are behind schedule
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Where corrective action is needed across the portfolio
If you have any questions about how ProjectManager can help with EVM, please email support@projectmanager.com.