Earned Value Management (EVM) Revisited on YouTube

I must confess, I have never liked the concept of the Earned Value as such. How can you realistically estimate the Planned Value, that is the amount of work (not only costs or time), to which you compare the actual performance? Is it not blue sky thinking? I prefer to estimate the Earned Schedule, Costs, Quality (!) plus the human factor instead.

Here I found a nice, albeit long, YouTube video explaining the idea behind the EVM concept, as expounded by the PMI.

Here's is the key slide:

EVM as explained by Simon Hoare

You may also find this explanation useful.