The Earned Value method to keep track of project performance
This method is a little different from the classical approach of keeping track of project performance. It has an extra variable that represents the actual cost of the work done at a given point, and it is obtained from the organisation 's accounting system. This data is compared with the earned value to show the project's performance situation running over or under. So, it's possible, at any given point, to compare how much actual work has been completed against how much is expected to be completed. This makes it possible to measure performance and predict the outcome of project.