Earned Value Management / Analysis is a set of tools and a method to take schedule and cost data and determine status compared to baselines - initial budget and schedule estimates. It also lets you do some rudimentary forecasting as well. There are a few formulas, but it's mostly monitoring and controlling the work and the results of the work (data) in order to make corrective and proactive changes in schedule and budget in order to stay within expectations.
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8 years