Key Components of EVM

1. Planned Value (PV)

• The estimated value of the work scheduled to be completed by a specific point in time.
• Example: If a project milestone is scheduled to deliver $50,000 worth of work by the end of the month, the PV is $50,000.

2. Earned Value (EV)

• The value of the work actually completed at a specific point in time.
• Example: If $40,000 worth of work has been completed by the deadline, the EV is $40,000.

3. Actual Cost (AC)

• The total cost incurred for the work performed up to a specific time.
• Example: If the expenses incurred amount to $45,000, the AC is $45,000