Earned Value Analysis (EVA) is a project management technique used for monitoring and controlling project performance by integrating scope, schedule, and cost parameters. It is a critical tool for project managers to report the project's value and is particularly useful for large projects where tracking progress against the budget is essential. EVA provides a set of mathematical metrics that reflect the health of the project and is used to report information for the current reporting period and on a cumulative basis. This method allows project managers to identify variances from the plan and forecast future performance, which is crucial for seeking further funding and demonstrating the project's value to sponsors.
References: (Earned Value Analysis & Management (EVA/EVM) - Project-Management.info1, Professional in Business Analysis Reference Materials | PMI2)