Explain the importance of an earned value analysis. Also define BCWP, ACWP, BCWS, CPI, SPI, EAC, and ETC.

Project control is the process of ensuring that project objectives are being met. It is the project team’s job to measure progress toward the project objectives, monitor any divergence from the plan developed in the initiation and planning phase, and take any corrective actions necessary to match progress to the plan. Controlling processes are performed at all of the other phases of the project life cycle. Once the project objectives have been met, the final phase in the project life cycle is project closure, which involves formalizing the acceptance of the project and bringing the project to an orderly end.