Earned Value Analysis
This Resource Page from the Whole Buildings Design Guide explains Earned Value Analysis (EVA), an industry standard method of measuring a project's progress at any given point in time, forecasting its completion date and final cost, and analyzing variances in the schedule and budget as the project proceeds. It compares the planned amount of work with what has actually been completed, to determine if the cost, schedule, and work accomplished are progressing in accordance with the plan. As work is completed, it is considered "earned."
The Resource Page explains Work Breakdown Structure and calculation methods for determining earned value. It also details use of an Earned Value Management System, as required in ANSI/EIA Standard 748-A Standard for EVMS Intent Guide, by the National Defense Industrial Association.