Earned Value Management Terms & Definitions

Question 1

PV =

Answer 1

Planned Value | Budgeted value of work planned to be done

Question 2

EV =

Answer 2

Earned Value | Budgeted value of work completed

Question 3

AC =

Answer 3

Actual Cost (total) | Actual cost of work completed

Question 4

BAC =

Answer 4

Budget at completion | Cost Baseline

Question 5

EAC =

Answer 5

Estimate at Completion | Expected total cost (forecast)

Question 6

ETC =

Answer 6

Estimate to Complete | Expected remaining cost (now until end)

Question 7

VAC =

Answer 7

Variance at Completion | Expected variance over/under budget