The concept of Earned Value is measuring value that a project has earned towards its major goals measured against planned progress and budget consumption.
Typically, value is attained based on major tasks within phases. These tasks are given a numerical "weight" as is the phase as a whole.
For example, the first build phase could have a total weight for the phase of 10 made up of weights of:
3D modeling (4)
UI/UX, eComm, Outputs (2)
The total of all phases weights will equal 100.
As each task is fully completed, you will recognize the value for that tasks.
There is a correlation between the value earned to date and the budget expended to date. Typically, budget consumed to date should track closely to earned value but there will be times within phases where EV will lag behind budget consumption until the value is recognized once the main tasks are completed. Once value is recognized, EV and Budget should be tracking closely once again.