Definitions for "Earned Value"
The physical work accomplished plus the authorised budget for this work.(PMI) The sum of the approved cost estimates (may include overhead allocation for activities or portions of activities completed during a given period, usually from the beginning of the project until now. (PMI)
(or Budgeted Cost of Work Performed = BCWP). The value of the completed work expressed in terms of the budget assigned to that work. Can be expressed in hours, costs, units, or percent complete.
The value of the useful work done at any given point in a project Note: the budget may be expressed in cost or labour hours.