What is meant by management by earned value?

It means that a need to deploy Earned Value Analysis for project prediction and expectations in both of cost and time estimates to complete, and variance's.

Every project foresees particular results are to be achieved. Along with the deliverables of the project, effectiveness of the project can be projected by the term earned value. Generally this value will be lesser than the Expected value. Scope of this terminology is not limited to the value expressed in currencies. In management terms, it is the combined analytical entity of scope, schedule and Cost parameters of the project.