Earned Value Management
Earned Value Management (EVM) is a method of measuring project performance that compares the amount of work that was planned to what has actually been accomplished.
In simple terms it is a measure of progress relative to project baseline. This is used to determine how the project is performing in terms of both costs and schedule. The analysis helps determine whether a project is on track with respect to scope, schedule and budget. The key element is that assessment of what has actually been accomplished relative to what has been spent and the time taken.