 This paper describes the Performance-Based Earned Value framework  (PBEVSM) and its benefits.
"Performance-Based Earned Value® (PBEVSM) is an enhancement to the Earned Value Management Systems. PBEV overcomes the standard’s shortcomings with regard to measuring technical performance and quality because it is based on standards and models for systems engineering, software engineering, and project management. The distinguishing feature of PBEV is its focus on the customer requirements. PBEV provides principles and guidance for cost effective processes that specify the most effective measures of cost, schedule, and product quality performance."