Earned Value is a project management technique that helps assess a project's performance by comparing the planned progress with the actual progress. It integrates three key metrics: Planned Value (the budgeted amount for work scheduled), Earned Value (the budgeted amount for work actually completed), and Actual Cost (the actual expenses incurred). This comparison allows project managers to identify variances and make informed decisions. By analyzing these metrics, project managers can determine if a project is on track, ahead, or behind schedule. This method provides a clear picture of project health, enabling better forecasting and resource allocation throughout the project lifecycle.