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Updated in [July 24th, 2023]

Earned Value Management (EVM) is a project management tool that helps project managers objectively measure the progress of their projects. It uses a combination of formulas, including the earned value PMP formula, to compare the current level of work completed on a project against the original budget. This allows project managers to identify if a project is on track, behind, or ahead of schedule. The earned value formula is used to calculate the earned value of a project. It is calculated by multiplying the planned value of the project by the percentage of work completed. The planned value is the budgeted cost for the work scheduled to be done, which shows how much of the project budget should have been spent at any given point in time. The schedule variance formula is used to identify if a project is on track, behind, or ahead of schedule. It is calculated by subtracting the earned value from the planned value. The schedule variance percentage formula is used to calculate the percentage difference between the earned value and the planned value. The cost variance formula is used to check the budgets performance by calculating the difference between earned value and actual cost. The actual cost is the actual amount of money spent so far. The cost variance percentage formula is used to calculate the percentage difference between the earned value and the actual cost. EVM is an important tool for project managers to use in order to ensure that their projects are on track and within budget. By understanding the principles of EVM and how to use it in their projects, project managers can ensure that their projects are successful.