Earned Value Management

Question 1

Planned Value (PV)

Answer 1

Budgeted value of work to be done at a given time

Question 2

Earned Value (EV)

Answer 2

Budgeted value of work completed at a given time

Question 3

Actual Cost (AC)

Answer 3

Actual cost of work completed

Question 4

Budget at Completion (BAC)

Answer 4

The original cost baseline plus or minus all approved cost changes

Question 5

Estimate at Completion (EAC)

Answer 5

Expected total project cost (forecasted based on performance to date)

Variances atypical
BAC-CV or AC+(BAC-EV)

Variances typical (default)
BAC-CPI

Question 6

Estimate to Completion (ETC)

Answer 6

Expected remaining cost (now until project completion)

EAC-AC

Question 7

Variance at Completion (VAC)

Answer 7

Expected variance over/under budget

BAC-EAC (Pos good, Neg bad, 0 on budget)

Question 8

Cost Variance (CV)

Answer 8

EV-AC (Pos good, Neg bad, 0 on budget)

Question 9

Schedule Variance (SV)

Answer 9

EV-PV (Pos good, Neg bad, 0 on schedule)

Question 10

Cost Performance Index (CPI)

Answer 10

EV/AC (Under 1 bad, Over 1 good, 1 on budget)

Question 11

Schedule Performance Index (SPI)

Answer 11

EV/PV (Under 1 bad, Over 1 good, 1 on schedule)

Question 12

To Complete Performance Index (TCPI)

Answer 12

To complete within budget
(BAC-EV)/BAC-AC)

Original budget unachievable
(BAC-EV)/EAC-AC)