Earned Value Management is a project management methodology that helps the project managers to measure a project’s performance. It helps them to find out the variances by comparing the actual work performed with the planned work. It gives project managers the answer for the questions related to the project like “Where have we been?”, “Where are we now?” and “Where are we going?”. It provides the basics to assess the progress of work against a pre-set baseline plan and helps project managers in decision making.

Cost Estimation is a process of identifying the sum of the amount required to accomplish those planned tasks or activities before actually executing them. The process of Cost Estimation starts with identifying a list of components followed by quantity take-off, rate analysis, overheads, risks & Contingencies, Profit, etc. (based on the type of work).