uality Improvement Processes: These are the processes used to continuously improve the quality of the project. They could include root cause analysis, corrective actions, and preventive actions. The PM would use these processes to learn from quality issues and prevent them from recurring Define the Scope of the Project - The first step in EVM is to clearly define the scope of the project. This includes all the tasks that need to be completed to deliver the project. Assign a Budget to Each Task - Once the scope is defined, assign a budget to each task. This is known as the Planned Value (PV) or Budgeted Cost of Work Scheduled (BCWS). Measure the Earned Value (EV) - As work progresses, measure the value of the work actually completed. This is known as the Earned Value (EV) or Budgeted Cost of Work Performed (BCWP). Record the Actual Cost (AC) - Keep track of the actual cost of the work performed. This is known as the Actual Cost (AC) or Actual Cost of Work Performed (ACWP)