Earned value analysis (EVA) provides a standardized way to measure project performance and forecast completion by integrating measurements of schedule, budget, and work accomplished. It is needed because traditional measures of project status based on percentage complete are often subjective and can provide false conclusions. EVA compares planned work, actual work completed, and actual costs to determine if a project's cost, schedule, and work accomplished are progressing as planned. Key metrics like schedule variance, cost variance, schedule performance index, and cost performance index provide early warnings if a project is over budget or behind schedule so corrective actions can be taken. Implementing EVA requires establishing a work breakdown structure, baseline budgets, and regularly measuring work progress.