Earned value management

Question 1

Actual Cost

Answer 1

What the project has spent so far

Question 2

Budget at Completion

Answer 2

What the project budget is.

Question 3

Planned Value

Answer 3

What the project should be worth.

PV = % planned completion

Question 4

Earned Value

Answer 4

What the project is worth

EV = % planned completion x BAC

Question 5

Cost Variance

Answer 5

The difference between earned value and actual cost

CV = EV - AC

Question 6

Schedule Variance

Answer 6

The difference between earned value and planned value

SV = EV - PV

Question 7

Cost Performance Index

Answer 7

Shows overall cost efficiency on the project

CPI = EV /AC

Question 8

Schedule Performance Index

Answer 8

Shows overall schedule adherence

SPI = EV / PV

Question 9

Estimate at Completion (Standard formula)

Answer 9

Forecast final project costs based on current performance.
Standard formula.

EAC = BAC / CPI

Other note:
as per research and reading, EAC is to forecast scheudle or cost is not very much overruns.

Question 10

Estimate at Completion (Future work at planned cost formula)

Answer 10

Forecast final project costs based on current performance.
Future work at planned cost formula

EAC = AC + BAC - EV

Other note:
as per research and reading, EAC is to forecast scheudle or cost are overruns.

Question 11

Estimate at Completion (CPI and SPI affect remaider of project)

Answer 11

Forecast final project costs based on current performance.

EAC = AC + [ (BAC - EV) / (CPI x SPI) ]

Other note:
as per research and reading, EAC is to forecast scheudle or cost are fucked up overruns and worst case scenario.

Question 12

Estimate at Completion (Initial cost estimates flaws)

Answer 12

Forecast final project costs baed on current performance.

EAC = AC - Estimate for remaider of project

OR

EAC = AC - ETC

Other note:
as per research and reading, EAC is to forecast scheudle or cost are overruns a little bit (not so fucked up).

Question 13

Estimate to Completion

Answer 13

Product how much more the remaider of the project will cost.

ETC = EAC - AC

Question 14

To Complete Performance Index (BAC)

Answer 14

Predict likelihood of reaching BAC
Great than 1, harder to complete and meet based on BAC.
Less than 1, easier to complete and meet based on BAC.

TCPI (BAC) = (BAC - EV) / (BAC - AC)

Question 15

To Complete Performance Index (EAC)

Answer 15

Predict likelihood of reaching EAC
Great than 1, harder to complete and meet based on the EAC.
Less than 1, easier to complete and meet based on the EAC.

TCPI (EAC) = (BAC - EV) / (EAC - AC)

Question 16

Variance at Completion (VAC)

Answer 16

Projection of being over or under budget based on the current performance.

VAC = BAC - EAC

Question 17

Code: Please Eat Carl’s Sugar Candy SEE The Tuffy Violin.

Answer 17

Please = PV
Eat = EV
Carl's = CV
Sugar = SV
Candy = CPI
S = SPI
E = EAC
E = ETC
The = TCPI (BAC)
Tuffy = TCPI (EAC)
Violin = VAC