Which method allows a project manager to track project expenses continuously?

Earned value management (EVM) is a project management technique that integrates project scope, cost, and schedule to assess project performance and progress continuously. By utilizing EVM, a project manager can measure actual performance against planned performance, allowing for the tracking of expenses relative to the value of work completed.

EVM provides several key metrics, including Planned Value (PV), Earned Value (EV), and Actual Cost (AC), which together help project managers understand how much work has been completed for the costs incurred. This continuous tracking is crucial for forecasting future performance, identifying variances early, and making informed decisions to keep the project on track.

In contrast, while variance analysis can highlight differences between planned and actual expenses, it does not inherently provide a continuous tracking mechanism in the same way EVM does. Simple accounting may enable tracking of expenses, but it lacks the advanced integration of scope and progress needed for continuous evaluation. Time tracking software primarily focuses on the amount of time spent on tasks and may not directly correlate expenses to project progress and performance, limiting its effectiveness for comprehensive expense tracking throughout a project's lifecycle.