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36 Cards in this Set
- Front
- Back
PV - Planned Value
Synonym: Budgeted Cost of Work Scheduled (BCWS) |
The authorized budget assigned to scheduled work.
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EV - Earned Value
Synonym: Budgeted Cost of Work Performed (BCWP) |
The measure of work performed expressed in terms of the budget authorized for that work.
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AC - Actual Costs
Synonym: Actual Cost of Work Performed (ACWP) |
The realized cost incurred for the work performed on an activity during a specific time period.
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BAC - Budget at Completion
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The sum of all budgets established for the work to be performed.
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CV - Cost Variance
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The amount of budget deficit or surplus at a given point in time, expressed as the difference between the earned value and the actual cost.
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SV - Schedule Variance
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The amount by which the project is ahead or behind the planned delivery date, at a given point in time, expressed as the difference between the earned value and the planned value.
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VAC - Variance at Completion
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A projection of the amount of budget deficit or surplus, expressed as the difference between the budget at completion and the estimate at completion.
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CPI - Cost Performance Index
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A measure of the cost efficiency of budgeted resources expressed as the ratio of earned value to actual cost.
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SPI - Schedule Performance Index
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A measure of schedule efficiency expressed as the ratio of earned value to planned value.
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EAC - Estimate at Completion
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The expected total cost of completing all work expressed as the sum of the actual cost to date and the estimate to complete.
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ETC - Estimate to Complete
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The expected cost to finish all the remaining project work.
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TCPI - To Complete Performance Index
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The measure of the cost performance that must be achieved with the remaining resources in order to meet a specified management goal, expressed as the ratio of the cost to finish the outstanding work to the budget available.
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CPI - Cost Performance Index
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A measure of the cost efficiency of budgeted resources expressed as the ratio of earned value to actual costs.
EV / AC |
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SPI - Schedule Performance Index
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A measure of schedule efficiency expressed as the ratio of earned value to planned value.
EV / PV |
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EAC = BAC / CPI
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What equation calculates the EAC if the CPI is expected to be the same for the remainder of the project?
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EAC = AC + BAC - EV
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What equation calculates the EAC if future work will be accomplished at the planned rate?
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EAC = AC + Bottom-up ETC
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What equation calculates the EAC if the initial plan is no longer valid?
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EAC = AC + [ (BAC -EV) / (CPI X SPI) ]
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What equation calculates the EAC if both the CPI and SPI influence the remaining work?
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EV = Earned Value
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What equation calculates the planned value of all the work completed to a point in time without reference to actual costs.
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ETC = EAC - AC
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What equation calculates the cost of completing the remaining authorized work, assuming work is proceeding on plan?
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ETC = Reestimate
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What equation calculates the cost of reestimating work from the bottom up?
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TCPI = (BAC - EV) / (BAC - AC)
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What equation calculates the efficiency that must be maintained in order to complete on plan?
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TCPI = (BAC - EV) / (EAC - AC)
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What equation calculates the efficiency that must be maintained in order to complete the current EAC?
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CV = EV - AC
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What equation calculates the difference between the value of work completed to a point in time, usually the data date, and the actual costs to the same point in time?
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SV = EV - PV
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What equation calculates the difference between the work completed to a point in time, usually the data date, and the work planned to be completed to the same point in time?
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VAC = BAC - EAC
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What equation calculates the estimated difference in cost at the completion of the project?
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CPI = EV / AC
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What equation calculates the CPI?
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SPI = EV / PV
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What equation calculates the SPI?
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Positive = Under planned costs
Neutral = On planned cost Negative = Over planned cost |
Interpret: CV = EV - AC
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Positive = Ahead of schedule
Neutral = On schedule Negative = Behind schedule |
Interpret: SV = EV - PV
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Positive = Under planned costs
Neutral = On planned cost Negative = Over planned cost |
Interpret: VAC = BAC - EAC
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Greater than 1.0 = Under planned cost
Exactly 1.0 = On planned cost (exactly on budget) Less than 1.0 = Over planned cost |
Interpret: CPI = EV / AC
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Greater than 1.0 = Ahead of schedule
Exactly 1.0 = On schedule Less than 1.0 = Behind schedule |
Interpret: SPI = EV / PV
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Greater than 1.0 = Harder to complete
Exactly 1.0 = Same to complete Less than 1.0 = Easier to complete |
Interpret: TCPI = (BAC - EV) / (BAC - AC)
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Greater than 1.0 = Harder to complete
Exactly 1.0 = Same to complete Less than 1.0 = Easier to complete |
Interpret: TCPI = (BAC - EV) / (EAC - AC)
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Performance Measurement Baseline
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What is another term for the total of the planned value?
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