The Earned Value report is a standard cost report which allows the project manager to determine if the project is ahead or behind the planned schedule, and if it is above or below the planned budget.
For an Earned Value report to be meaningful, you must have defined the scope, budget, and schedule for the project. The work should be organized into a Work Breakdown Structure (WBS) or other hierarchical structure, and each work item should have an individual scope, budget, and schedule.
In this example report produced by Kildrummy® CostMANAGER, we are reporting on work items (e.g., “Bear Island A-Offshore”), on individual projects (e.g., “Bear Island”), and on the total project portfolio (“Grand Total”).
We can also see that the Bear Island A-Offshore work item has a CPI of 1.02, and an SPI of 0.86, meaning that it is slightly under budget, but behind schedule. The Bear Island B-Onshore work item has a CPI of 0.74, and an SPI of 1.75, meaning that is over budget, but ahead of schedule. These two work items make up the Bear Island project, which has a CPI of 0.81 and an SPI of 1.29, meaning the project as a whole is over budget, but ahead of schedule.
To learn more about Earned Value Management (EVM), visit the EVM Wikipedia page.