Earned Value Management (EVM) is a project management system that tracks scope, cost, and schedule to measure progress, control budgets, and improve performance.
Project control cycle ensures projects stay on track by monitoring progress, analyzing variances, and taking corrective actions to meet goals on time and within budget.
Project variance measures the difference between planned and actual cost, schedule, and scope in construction projects, helping teams track performance and manage risks.
TCPI in project management measures the cost efficiency needed to meet budget goals. It helps project managers control spending and predict financial performance.
Work in Progress (WIP) means any started but unfinished project tasks or items. WIP meaning in construction and business covers incomplete work, including materials used, labor performed, and costs invested.
