Earned value compares the work finished so far with the estimates made in the beginning of the project. This gives a measure of how far the project is from completion. By extrapolating from the amount of work already put into the project, the project manager can get an estimate on how much resources the project will have used at completion.”
Earned Value can be used as a quality tool and a value management tool as well as a cost management tool.
See these other Earned Value resources: