The phrase earned value management, also known by the 4 letter anagram EVM, refers to the actual methodology of management in which the project management team embarks in the process of integrating the scope, the schedule, and the resources that are determined to be needed in the process of making an objective measurement of the progress that has taken place to date on a project, and also on how successful the performance has been to date. Performance is measured by assessing the budgeted cost of all work that has been performed to date (also known as earned value, or EV ) and comparing it to the actual cost of work that had been performed to date (which is also known as the actual cost). Progress is determined by comparing the earned value to date and measuring it against the planned or expected value. Earned value management is essential to maintaining a proper budget.