A system and method for determining earned values (EVs) of progress of a project. At least one EV calculation rule is defined for calculating EVs in terms of components to be combined into the EVs, locations in which the components are located, and formulae required to combine the components. The defined at least one EV calculation rule is used to calculate the Evs. The at least one EV calculation rule, which includes the components, the locations, and the formulae, is stored. Defining the at least one EV calculation rule includes: identifying the components used to calculate the Evs; identifying the locations in which the components are located; and identifying the formulae specifying how the components are combined to create the EVs.