earned value management (EVM)

Your project sponsor is a numbers person. He simply wants to know if the project is ahead of schedule and under
budget. He has no idea about the importance of project performance, such as earned value management (EVM).
Quickly provide him a four-sentence overview of EVM. Identify the top three EVM metrics you will use to
communicate the project performance.
What are the key component inputs of EVM?. Have you heard of Actual Cost, Earned Value, Planned Value?.
Could you identify one metric using any of the above three components? What is your understanding of this
metric?
Now that you have described the basic elements of EVM, could you describe one of the derived metrics such as
cost variance or schedule variance?. What is the significance of these two metrics?

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