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24 Cards in this Set
- Front
- Back
What does BAC stand for and what is its definition?
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Budget At Completion:
How Much was orignally planned for this project to cost. |
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What does PV stand for and what is its definition?
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Planned Value (AKA Budgeted Cost of Work Scheduled):
How much work should have been completed at a point in time based on the plan. Derived by: Planned work completed at a point in the schedule. |
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What does EV stand for and what is its definition?
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Earned Value (AKA Budgeted Cost of Work Performed):
How much work was actually completed during a given period of time. Derived by: Actual work completed at a point in the schedule. |
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What does AC stand for and what is its definition?
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Actual Cost (AKA Actual Cost of Work Performed):
The money spent during a given period of time. |
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What does CV stand for and what is its definition?
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Cost Variance:
The difference between what we expected to spend and what we actually spent. |
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What does SV stand for and what is its definition?
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Schedule Variance:
The difference between where we planned to be in the schedule and where we are in the schedule. |
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What does CPI stand for and what is its definition?
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Cost Performance Index:
The rate at which the project performance is meeting cost expectations during a given period of time. |
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What does SPI stand for and what is its definition?
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Schedule Performance Index:
The rate at which the project performance is meeting schedule expecations during a given period of time. |
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What does EAC stand for and what is its definition?
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Estimate At Completion:
Projects the total cost at completion based on performance up to a point in time. |
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What does ETC stand for and what is its definition?
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Estimate To Completion:
Projects how much more we will spend on the project, based on past performance. |
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What does VAC stand for and what is its definition?
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Variance At Completion:
The difference between what was budgeted and what will actually be spent. |
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What does TCPI stand for and what is its definition?
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To Complete Performance Index:
Performance that must be achieved in order to meet financial or schedule goals. |
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What does BAC stand for and how is it derived?
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Budget At Completion:
Derived by looking at toal budgeted cost. |
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What does PV stand for and how is it derived?
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Planned Value:
PV = Planned%Complete(in time) * BAC |
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What does EV stand for and how is it derived?
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Earned Value:
EV = Actual % complete(in work) * BAC |
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What does AC stand for and how is it derived?
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Actual Cost:
Sum of the costs for the given period of time. |
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What does CV stand for and what is the formula?
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Cost Variance:
CV = Earned Value(EV) - Actual Costs(AC) |
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What does SV stand for and what is the formula?
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Schedule Variance:
SV - Earned Value(EV) - Planned Value (PV) |
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What does CPI stand for and what is the formula?
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Cost Performance Index:
CPI = Earned Value(EV) / Actual Costs(AC) |
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What does SPI stand for and what is the formula?
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Schedule Performance Index:
SPI = Earned Value (EV) / Planned Value (PV) |
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What does EAC stand for and what is the formula?
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Estimate at Completion:
EAC = Actual Cost (AC) / %Complete ($) |
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What does ETC stand for and what is the formula?
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Estimate To Completion:
ETC = Estimate At Completion (EAC) - Actual Costs (AC) |
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What does VAC stand for and what is the formula?
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Variance At Completion:
VAC = Budget At Completion (BAC) - Estimate At Completion (EAC) |
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What does TCPI stand for and what is the formula?
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To-Complete Cost Performance Index
TCPI = (BAC - EV)/(BAC - AC) Or (BAC - EV)/(EAC - AC) |