In project management, what does EVM stand for?

Earned Value Management (EVM) is a widely used project management technique that integrates scope, time, and cost components to assess a project's performance and progress. EVM enables project managers to gain clear insights into how much work has been completed in relation to the planned budget and timeline.

In practice, EVM involves quantifying and comparing the planned progress against actual progress for projects. Key metrics in EVM include planned value (PV), earned value (EV), and actual cost (AC). These metrics help in calculating performance indicators such as cost variance (CV) and schedule variance (SV), providing valuable data for informed decision-making.

Using EVM allows project managers to forecast future performance, ensuring that they can take corrective actions if a project is veering off course. This comprehensive view of a project’s status is critical for maintaining alignment with business objectives and stakeholders' expectations. Thus, Earned Value Management is foundational for successful project execution, which is why it is the correct answer in this context.