Final answer:
Earned value is best correlated with budget deviation, as it integrates project scope, time, and cost to measure progress by comparing planned work and accomplishments in financial terms. Thus, the option "b" is the correct answer.
Step-by-step explanation:
Earned value is based on the concept that the percentage of project completion is closely correlated with the original cost estimates and the work performed. This project management technique helps ensure that a project is on track both in terms of budget and schedule. Earned value measures progress by comparing the amount of work that was planned with what has actually been accomplished, all while considering the costs for those tasks.
If we look at the specific choices given in the question, the most appropriate one would be (b) Budget Deviation. This is because earned value management (EVM) integrates project scope, time, and cost. Although time spent and quality metrics may also influence the project's progress, earned value specifically emphasizes the financial performance of the project, correlating it to the work completed.
To provide an example: If a project has a budget of $100,000 and is supposed to be 50% completed by a certain date, but the earned value analysis shows that only 40% of the work has been completed, this could indicate a budget deviation. The discrepancy between the planned progress (50%) and the actual progress (40%) identifies a potential problem that may require attention.