Earned Value (EV) measures work value, cost control manages expenses efficiently, Scope Management defines project boundaries.
Earned Value (EV) is the term used to measure the value of work performed expressed in terms of money spent on that work, combining the elements of cost, schedule, and work performance. It is a key tool in project management that helps assess project progress and performance.
By comparing the actual cost of work performed to the budgeted cost, cost control aims to ensure that expenses are managed efficiently within a project. It involves monitoring, analyzing, and adjusting costs to stay on track with the budget.
Scope Management in project management involves defining, controlling, and managing what is and is not included in a project. It plays a crucial role in ensuring that a project stays within its defined scope boundaries and meets its objectives.
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