Earned Value Management (EVM) is a quantitative project tracking method that focuses on tracking project performance in terms of cost and schedule. It involves the use of key metrics, including the Earned Value (EV), Planned Value (PV), and Actual Cost (AC), to assess the project's health.
EVM allows project managers to compare the planned progress and cost against the actual progress and cost, providing insights into project variances and performance. It is commonly used in complex projects, especially in industries like construction and engineering, defense, and aerospace.