Earned Value / Metrics
BCWP (Budgeted Cost of Work Performed)
BCWP, also called Earned Value (EV), is the budgeted cost of the work actually completed by a given point in time -- the core measure of how much progress has genuinely been earned.
Definition
BCWP answers "how much work, valued at its budgeted cost, has actually been accomplished" -- not what was spent to accomplish it (that's AC/ACWP) and not what was planned to be accomplished (that's PV/BCWS). Comparing BCWP against those other two measures produces, respectively, the Schedule Variance/SPI (BCWP vs. BCWS) and the Cost Variance/CPI (BCWP vs. ACWP).
Example
Of the $500,000 of work planned to be done by now (BCWS), only $450,000 worth has actually been completed -- that $450,000 figure is the BCWP, regardless of how much was spent achieving it.