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Earned Value Analysis (EVA)

Earned value analysis (EVA)is a performance measurement which identifies the status of a project at a given point in time regarding both cost and time. It determines project progress and can be used on projects where the budgets change and still provide useful and meaningful information. This is achieved by relating the current budget for an activity and its percentage complete. Earned value is also sometimes called the Budgeted Cost of Work Performed (BCWP).

Its general value can be calculated using the following formula:

Earned value = activity budget x percent complete.

The activity budget is measured in either monetary units (e.g. £ or $) or man-hours.

This calculation is undertaken on each activity to identify their earned values as illustrated in the figure below.

The project status at that time is then calculated by dividing the cumulative earned work hours by the budget.

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