EVMS

Earned Value Management System is a quantitative methodology to track and control project progress by expressing project status in $ metrics.

Planned Value (PV) = Budgeted cost of work planned/scheduled
Earned Value (EV) = Budgeted cost of work performed
Actual Cost (AC) = Actual expenses of work performed

EV/PV = Schedule Index. EV - PV = Schedule Variance
<1 SI or (-) SV indicates schedule delays.

EV/AC = Cost Index. EV - AC = Cost Variance
<1 CI or (-) CV indicates cost over-runs.