Earned Value Management (EVM) is a technique that forecasts the project giving an early warning of cost & schedule. It not onely measures the project performance but also measure the progress of the schedule. It is an effective tool to measure cost, schedule & performance of the project. The EVA is useful in various fields such as IT, Industries and Construction companies etc. The value of Earned Value Analysis (EVA) is dependent on two key areas i.e. Precise Cost information and pragmatic progress of project. If these two key areas are efficient then benefit of the project will definitely get valued. This paper summarizes the evolution, basic terminologies of Earned value Analysis and effective use of it in the construction industries by MS Project. There are many ways to implement EVA in the construction project. MS Project is a tool to determine the EV and its parameters in an efficient way with accuracy and within time constraints.