What does "earned value management" (EVM) measure?

Earned Value Management (EVM) is a project management technique that combines measurements of scope, schedule, and cost to assess project performance. It specifically measures project performance by comparing the value of work actually completed (earned value) to what was planned (planned value) and the costs incurred (actual cost). This analysis helps project managers understand whether the project is on track, ahead, or behind schedule, and whether it is over or under budget.

The essence of EVM lies in its ability to provide a quantitative basis for decision-making and forecasting, as it integrates different aspects of the project into a cohesive framework. By evaluating both the progress against the planned milestones and the associated costs, it allows for the measurement of both efficiency and effectiveness, thus providing a comprehensive view of the project's health.

Other options focus on aspects that are not within the primary scope of earned value management. For example, project quality relates more to measuring completed tasks against predefined standards, while project timeline adherence emphasizes schedule compliance without integrating cost considerations. Stakeholder satisfaction is a subjective measure that falls outside the scope of EVM's quantitative approach. Hence, option B captures the core function and intent of earned value management accurately.