What information does EVM provide that is missing from a review of a budget plan and actual expenditures only?

Earned Value Management (EVM) provides a comprehensive view of project performance by integrating cost, schedule, and scope. It allows project managers to assess not only how much has been spent and what was planned, but also how much value has been earned for the work completed. This offers insights into schedule variances and cost performance indices, enabling proactive decision-making and risk management. In contrast, a review of budget plans and actual expenditures alone lacks this multidimensional perspective, potentially obscuring underlying issues.