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The secret to predictable projects: Earned Value Management (EVM)

Managing project costs in Jira can be a challenging task.  Project managers often ask:

  • Are we on budget?
  • Will we deliver on time?
  • What will the final cost be?

Without clear data, projects risk budget overruns, missed deadlines, and frustrated stakeholders.

This is where Earned Value Management (EVM) comes in. It’s a proven project management methodology that integrates scope, schedule, and cost data to provide accurate insights into project performance. With the help of Jira apps like Time & Cost Tracker for Jira, EVM reporting becomes simple and actionable.

 

Common project management pain points EVM solves

"Are we going to be over budget?"
→ The Cost Performance Index (CPI) shows whether spending is aligned with expectations.

"Will we deliver on time?"
→ The Schedule Performance Index (SPI) highlights potential delays or early completions.

"What’s the final cost likely to be?"
→ The Estimate at Completion (EAC) offers a realistic forecast based on current performance.

 

How to generate EVM reports in Jira with Time & Cost Tracker

With Time & Cost Tracker, project managers can create cost reports and export them into an EVM Excel template for in-depth analysis.

Step 1  — Install the app. 

Step 2  — Log work hours and expenses for accurate data.

Step 3 — Generate a Cost Report

  • Navigate to the Cost Reports tab.
  • Click Generate EVM.

evm.png

Step 3 — Open the downloaded file to analyze the EVM report.

Screenshot_1.png

 

Key EVM metrics and their significance:

 

Metric

Meaning

Start Date & End Date

Defines the reporting period (e.g., week, month, quarter).

Planned Value (PV)

Budgeted cost of work scheduled to be completed in a specific period.

Cumulative Planned Value (CPV)

Sum of all PV values from the start of the project to now.

Earned Value (EV)

Value of work actually completed during a period.

Cumulative Earned Value (CEV)

Sum of all EV values to date.

Actual Cost (AC)

Actual money spent in a reporting period.

Cumulative Actual Cost (CAC)

Total AC from project start to now.

Cost Variance (CV = EV – AC)

Positive CV = under budget; Negative CV = over budget.

Cost Performance Index (CPI = EV ÷ AC)

CPI = 1 on track, > 1 under budget, < 1 over budget.

Schedule Variance (SV = EV – PV)

Positive SV = ahead of schedule; Negative SV = behind.

Schedule Performance Index (SPI = EV ÷ PV)

SPI = 1 on track, > 1 ahead, < 1 behind schedule.

Estimate at Completion (EAC)

Forecast of total project cost.

Estimate to Complete (ETC)

Remaining budget required.

Variance at Completion (VAC = Budget – EAC)

Difference between budget and projected final cost.

To-Complete Performance Index (TCPI)

Efficiency rate needed to complete on budget.

Actual Completed & Cumulative Completed

Tracks work completed per period and cumulatively.

Benefits of using EVM in Jira

Early Warning System – detect overruns or delays before they escalate.
Data-Driven Decisions – adjust timelines or resources with confidence.
Progress Tracking – compare actual vs. planned performance.
Transparent Reporting – share clear insights with stakeholders.

 

⚡Example: EVM in Action

Imagine a project report shows:

  • CPI = 0.8 → The team is over budget.
  • SPI = 0.9 → The project is slightly behind schedule.

With this insight, a project manager can re-prioritize tasks, adjust resources, and realign the project with financial goals.

 

Why use Time & Cost Tracker for EVM in Jira?

  • Centralized time & cost tracking inside Jira.
  • One-click EVM export to Excel.
  • Structured financial insights without manual spreadsheets.
  • Seamless Sheets integration for charts & visuals.

By combining accurate time logs, expense data, and reporting, Time & Cost Tracker makes Earned Value Management in Jira practical, fast, and actionable.

 

Final Thoughts

EVM transforms raw project data into actionable insights. When paired with Jira and Time & Cost Tracker, it gives project managers the tools to:

  • Proactively manage costs & schedules.
  • Forecast outcomes with confidence.
  • Deliver transparent reports to stakeholders.

👉 If you want to stay on time and on budget, leveraging Earned Value Management in Jira with the right app could be the next step for your team.

 

🔍 Want to see how it works for your setup? Book a live demo

📅 Try Time & Cost Tracker for Jira Cloud on the Atlassian Marketplace

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