Hi Olubukola,
I want you to look at these three things together: Work Performance Data, Work Performance Information and Work Performance Report
Let's say you are managing a project to build 10 houses
Work Performance Data (WPD) is the raw data you record - ex. 10 weeks to build first house, 9 weeks to build 2nd house etc.
Work Performance Information (WPI) is the data you processed from the WPD - ex. Your EV formulas
Now let's say your COO and CFO each want a Work Performance Report, then you will tailor two different reports using the WPI you possess.
Let me know if it makes sense to you
Joe