Earned value management - A method of measuring project performance and progress with regard to scope, time, and costs. It is based on the use of planned value (where portions of the budget are allotted to all project tasks), and earned value (where progress is measured in terms of the planned value that is earned upon completion of tasks).
Effort - The amount of labor needed to complete a task. It is measured in person-hours or similar units.
Effort estimate - A calculated approximation of the effort — measured in staff-hours or similar units — needed to complete an activity.
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