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13 Cards in this Set
- Front
- Back
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Budgeted At Completion (BAC)
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How much was originally planned for this project to cost.
No one formula exists. Is derived by looking at the total budgeted cost for the project. |
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Planned Value (aka Budgeted Cost of Work Scheduled) (PV or BCWS)
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How much work should have been completed at a point in time based on the plan. Derived by measuring planned work completed at a point in time.
Planned % Complete x BAC |
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Earned Value (aka Budgeted Cost of Work Performed) (EV or BCWP)
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How much work was actually completed during a given period of time. Derived by measuring actual work completed at a point in the schedule.
EV = Actual % Complete x BAC |
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Actual Cost (aka Actual Cost of Work Performed) (AC or ACWP)
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The money spent during a given period of time.
Sum of the costs for the given period of time. |
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Cost Variance (CV)
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The difference between what we expected to spend and what was actually spent.
CV = EV-AC |
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Schedule Variance (SV)
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The difference between where we planned to be in the schedule and where we are in the schedule
SV = EV-PV |
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Cost Performance Index (CPI)
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The rate at which the project performance is meeting cost expectations during a given period of time.
CPI = EV ÷ AC |
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Cumulative CPI (CPI^c)
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The rate at which the projects performance is meeting cost expectations from the beginning up to a point in time. CPI^c is also used to forecast the projects costs at completion.
CPI^c = EV^c ÷ AC^c |
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Schedule Performance Index (SPI)
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The rate at which the project performance is meeting schedule expectations up to a point in time.
SPI = EV ÷ PV |
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Estimate at Completion (EAC)
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Projecting the total cost at completion based on project performance up to a point in time.
EAC = BAC ÷ CPI^c |
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Estimate to Completion (ETC)
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Projecting how much more will be spent on the project based on past performance.
ETC = EAC - AC |
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Variance at Completion (VAC)
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The difference between what was budgeted and what will actually be spent.
VAC = BAC - EAC |
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To-Complete Performance Index (TCPIc)
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Performance that must be achieved in order to meet financial or schedule goals.
TCPIc = (BAC - EV) ÷ Remaining Funds |
