EVMS: A company’s integrated set of policies, processes, procedures, systems, and tools for managing projects that meets the intent of the guidelines found in the ANSI/EIA-748 Standard.

EVM: A methodology for managing programs by integrating scope, schedule, and cost with inherent risks and opportunities to create a baseline for precise progress measurement and analysis.

EV: The value of work actually completed at a specific point in time. In other words, EV measures the worth of work done to date in monetary terms.

Key Components of Earned Value Management

Work Breakdown Structure (WBS):

A hierarchical, deliverable-oriented breakdown of all project work.

Organizational Breakdown Structure (OBS):

A hierarchical structure of the organizations performing project work.

Control Account (CA):

The management control point where WBS scope and OBS organization intersect, at which EVM is measured.

Work Package (WP):

A detailed, measurable unit of work within a Control Account.

Planning Package (PP):

Planned but undefined work within a Control Account.

Control Account Manager (CAM):

The individual responsible for the scope, schedule, and cost of a Control Account.

Schedule Component Illustration 

Cost Component Illustration

EV Components in Cora

WBS

OBS

CLIN

Key Measures, Metrics, and Indices in EVM