Earned Value is a well-known project management tool. It is an industry standard method of measuring a project's progress at any given point of time, forecasting its completion date and final cost, analyzing variances in the schedule and budget as the project proceeds. It is a method for measuring project performance; it indicates how much of the budget should have been spent, in view of the amount of work done and the baseline cost for the task, assignment and resources. In order to organize these all information, there should be efficient use of the construction software available in the market. This literature review paper emphasizes on the use of this techniques in modern software such as Microsoft Project in order to exercise better management over the project.