Government agencies track program costs by defining the work and its schedule, documenting an estimate, and measuring actual spending and completed work against an approved performance baseline. Earned value management (EVM) helps reveal cost and schedule variances and forecast likely final costs, so managers can investigate causes and respond. The details depend on the agency and acquisition; there is no single reporting process established here for every program.
What gets tracked—and what the estimate means
For a multiyear program, a cost estimate is a forecast of what the defined work is expected to cost over time, not simply a one-time budget figure. The U.S. Government Accountability Office (GAO) recommends documenting the estimate’s purpose, scope, schedule, technical basis, assumptions, data, methods, uncertainty, and risks. As actual cost information becomes available, the estimate should be updated. GAO’s Cost Estimating and Assessment Guide, published March 12, 2020, describes practices for major system acquisitions that can also apply to capital and non-capital projects.
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The work breakdown structure (WBS) is the organizing link between what a program must deliver and the work, schedule, and resources needed to deliver it. Schedule activities should be traceable to WBS elements, allowing managers to examine cost and progress against identifiable parts of the program rather than treating the total as an unexplained number.
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EVM compares the work planned, the work actually completed, and the cost incurred against a performance measurement baseline: the approved plan used to measure execution. In practical terms, planned value is the budgeted value of work scheduled, earned value is the budgeted value of work completed, and actual cost is what that work has cost so far.
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| Measure | What it tells managers |
|---|---|
| Planned value | The budgeted value of work scheduled by a given point in time. |
| Earned value | The budgeted value of work completed by that point. |
| Actual cost | The cost incurred for the work performed. |
Comparing earned progress with planned work shows schedule performance; comparing earned value with actual cost shows cost performance. These are related but distinct signals. A variance is evidence to examine, not an explanation on its own: it does not by itself establish whether the cause was execution, changed assumptions, risk, or an authorized scope change. GAO’s full guide describes EVM as a cycle of measuring progress, recording actual costs, analyzing variances, forecasting estimates at completion, and taking management action.
How managers turn variances into a forecast and a response
Managers use performance data to update an estimate at completion (EAC), a forecast of the likely total cost when the work is finished. The EAC is not the same as the approved baseline or an authorized budget: it reflects what current performance suggests the final cost may be. GAO recommends considering EVM forecasts alongside integrated cost-schedule risk analysis, rather than treating one performance measure as a complete picture.
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When a variance appears, the useful next question is why. Managers can examine the affected work, assumptions, risks, and schedule, then decide whether plans or other management actions need to change. If scope changes are authorized, the baseline may also need updating; that is different from silently changing the comparison point to make performance look better.
Why schedule slippage can raise program cost
A schedule delay can have cost consequences beyond the work item that slipped. Longer execution may mean additional labor, supervision, equipment, or facility expense. GAO’s Schedule Assessment Guide, published December 22, 2015, explains that schedule risk analysis can help account for slippage effects in life-cycle cost estimates. That is why managers should consider schedule variance and schedule risk when assessing a likely final cost, rather than reading cost data in isolation.
How status reporting makes performance visible
For contracts where it is used, GAO describes the contract performance report (CPR) as a primary source of program cost and schedule status. It compares actual performance with plan and helps managers examine the causes and effects of variances. The report is one example of how performance information may be communicated; the cited guidance does not establish a single report format used by every agency or program. See GAO’s accessible version of the guide for its CPR discussion.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What varies by agency and acquisition
GAO’s guidance offers broadly applicable best practices, but it does not mean every agency applies EVM identically. A specific policy example comes from the Department of Defense. The DFARS Procedures, Guidance, and Information page for PGI 234.201 says that when a program manager chooses to apply EVM to a contract or subcontract valued below $20 million, the manager must conduct a cost-benefit analysis and document it in the contract file. The page labels DFARS PGI Change 5/7/2026, effective May 7, 2026. This threshold and requirement are a DoD acquisition-policy example, not a government-wide rule; see the PGI 234.201 policy page.
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