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Earned Value Management is one of the best known approaches to project progress control and reporting. It uses information on cost, schedule and work performance to establish the current status of the project. By means of a few rates it allows the manager to extrapolate current trends on the project outcome. However, the method bases on a much simplified model of the project, the input is reported to be laborious to collect, and the results may be misleading. The paper outlines the basic principles of the method and discusses its recent modifications aimed at improving reliability in describing project status, expanding predictive ability, and allowing for risk control.