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Earned Value

Earned Value (EV)

EVM Terms Reviewed by forProject Technology - updated Sep 2026
Quick definition: Earned Value (EV) is another name for Budgeted Cost for Work Performed (BCWP) — the value of work actually performed, expressed in terms of its original budget.

EV and BCWP are two names for the same figure. EV is more common in general project management, while BCWP is the traditional term in government EVM. Earned Value is a measure of how much of the Planned Value has been earned by work performed, regardless of what was actually spent. It's one of the three core EVM data points, alongside Budgeted Cost for Work Scheduled (BCWS, or Planned Value) and Actual Cost of Work Performed (ACWP, or Actual Cost).

What this means for you

Earned Value is what makes objective performance measurement possible: comparing it to BCWS shows schedule performance, and comparing it to ACWP shows cost performance. Without it, cost and schedule status can only be tracked separately, not tied back to actual accomplishment.

Also known as
Budgeted Cost for Work Performed (BCWP)
Used in
Cost Performance Index; Schedule Performance Index; Cost Variance; Schedule Variance

FAQ

Is Earned Value the same thing as Budgeted Cost for Work Performed?
Yes. Earned Value (EV) and BCWP are two names for the same figure: the budgeted value of work performed.
Which term should I use, EV or BCWP?
Either is correct. EV is more common in general project management, while BCWP is more traditional in government EVM. Use whichever term your organization or contract uses.
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