What method integrates time and cost into a single performance measurement to monitor project progress?

The Earned Value Method (EVM) is a project management technique that effectively integrates time and cost performance into a single framework for measuring project progress. It provides a comprehensive approach for assessing how much of the planned work has been completed at a given time, compared to the budgeted cost.

EVM involves three key metrics: Planned Value (the value of work that is scheduled to be completed by a certain date), Earned Value (the value of work that has actually been completed), and Actual Cost (the costs incurred for the actual work performed). By analyzing these components, project managers can determine cost performance (using the Cost Performance Index) and schedule performance (using the Schedule Performance Index), allowing for proactive project management.

The method's ability to combine these two critical aspects—time and cost—enables managers to make informed decisions regarding project adjustments, risk management, and resource allocation to ensure the project stays on track. This integration is not found in methods like Resource Leveling, which focuses on optimizing the distribution of resources; Work Breakdown Structure, which breaks down project tasks into smaller components for clarity; or the Critical Path Method, which primarily analyzes project scheduling without the financial perspective. Thus, EVM stands out as the most effective method for monitoring