Earned Value Management (EVM) is a project management technique that helps assess a project's performance and progress. It combines measurements of project scope, schedule, and cost to provide a comprehensive view of how well a project is doing. By comparing the planned progress with the actual progress, project managers can identify variances and make informed decisions. EVM uses three key metrics: Planned Value (PV), Earned Value (EV), and Actual Cost (AC). Planned Value represents the budgeted amount for work scheduled, Earned Value indicates the budgeted amount for work actually completed, and Actual Cost reflects the total costs incurred. Analyzing these metrics helps in forecasting future performance and managing project risks effectively.