EV Focus Flashcards
EV
Earned Value
PV
Planned Value
AC
Actual Cost
BAC
Budget at Completion
EAC
Estimate at Completion
ETC
Estimate to Completion
What is Earned Value?
value of work completed; the measure of work performed expressed in terms of the budget
authorized for that work
What is Planned Value
value of work planned (i.e. baseline); the authorized budget assigned to scheduled work
What is Actual Cost?
the money spent/paid/missing from your budget; the realized cost incurred for the work performed on an activity during a specific time period
What is Budget at Completion?
planned budget
What is Estimate at Completion?
revised final budget
What is Estimate to Completion?
money needed to get to completion
What is SV?
schedule variance; measures performance – by calculating the difference between EV and PV
What is SPI?
Schedule performance index measures efficiency by calculating the ratio of EV to PV
Is the project on budget?
Use CV to calculate
Cost Variance
CV = EV - AC
How efficient is my project? ‘
Use CPI to calculate
Cost Performance Index
CPI = EV / AC
What is CPI?
Cost Performance Index
If CV value = 0, is the project on budget or under budget?
on budget
If CPI value = 1, is the project on budget or over budget?
on budget
What will the project cost in total?
use EAC
Estimate at Completion
EAC = BAC/CPI
or
EAC = ETC + AC
How much more cost is required to complete the remainder of the project? Use ETC
Estimate to Complete
ETC = EAC - AC
{pg 241 example about Anna: ETC = (BAC-EV)/CPI}
What does a negative value mean when looking at Schedule Variance SV?
It means behind schedule, the scope took longer to do than you thought it would.
Calculate SV
SV = EV - PV
