Editing Earned value management (section)

=== EVM features ===
Essential features of any EVM implementation include:
* A [[Schedule (project management)|project schedule]] that identifies work to be accomplished. Sometimes incorrectly called a [[Project plan|Project Plan]].
* A valuation of planned work, called planned value (PV) or [[budgeted cost of work scheduled]] (BCWS)
* Pre-defined "earning rules" (also called metrics) to quantify the accomplishment of work, called earned value (EV) or [[budgeted cost of work performed]] (BCWP)
* Actual Cost which is also known as Actual Cost of Work Performed (ACWP)<ref>{{Cite web |url=https://pmstudycircle.com/2012/05/planned-value-pv-earned-value-ev-actual-cost-ac-analysis-in-project-cost-management-2/ |title=Planned Value (PV), Earned Value (EV) & Actual Cost (AC) in Project Cost Management &#124; PM Study Circle |access-date=2020-10-04 |archive-date=2020-09-26 |archive-url=https://web.archive.org/web/20200926091526/https://pmstudycircle.com/2012/05/planned-value-pv-earned-value-ev-actual-cost-ac-analysis-in-project-cost-management-2/ |url-status=dead }}</ref>
* A plot of project cumulative costs vs time especially to show both early date and late date curves

EVM implementations for large or complex projects include many more features, such as indicators and forecasts of cost performance (over budget or under budget) and schedule performance (behind schedule or ahead of schedule). Large projects usually need to use quantitative forecasts associated with earned value management.{{sfn|Project Management Institute|2021|loc=2.8.7 Checking Results}} Although deliverables in these large projects can use adaptive development methods, the forecasting metrics found in earned value management are mostly used in projects using the predictive approach.{{sfn|Project Management Institute|2021|loc=2.8.7 Checking Results}} However, the most basic requirement of an EVM system is that it quantifies progress using PV and EV.