Financials

Question 1

PV

Answer 1

Planned Value, the value of work planned to be completed to a point of time,

Question 2

EV

Answer 2

Earned Value, the measure of work performed expressed in terms of the budget authorized for that work, EV= Sum of the planned value of completed work

Question 3

AC

Answer 3

Actual Cost, the actual cost of all work completed to a point of time

Question 4

BAC

Answer 4

Budget at Completion, the value of planned work, the project cost baseline

Question 5

CV

Answer 5

Cost Variance, the difference of value of the work completed to the actual cost, CV= EV - AC, + under planned cost, - over planned cost

Question 6

SV

Answer 6

Schedule Variance, the difference between the value of work completed to the actual cost, SV =EV-PV, + ahead of schedule, - behind schedule

Question 7

VAC

Answer 7

Variance at Completion, the estimate difference in cost at the completion of the project, VAC = BAC-EAC, + under planned cost, - over planned cost

Question 8

CPI

Answer 8

Cost Performance Index, the measure of cost efficiency of budgeted resources expressed as the ratio of EV to PV, CPI = EV/AC, 1< CPI under, 1>over

Question 9

SPI

Answer 9

Schedule Performance Index, a measure of schedule efficiency, SPI= EV/PV 1> behind, 1

Question 10

EAC

Answer 10

Estimate at Completion, the expected total cost of completing work, EAC =BAC/CPI, EAC=AC+BAC-EV, EAC = AC + BOTTOM UP ETC, EAC = AC + [(BAC-EV)/(CPI X SPI)]

Question 11

ETC

Answer 11

Estimate to Complete, the expected cost to finish all work, ETC = EAC - AC

Question 12

TCPI

Answer 12

To Complete Performance Index, the efficiency that must be maintained in order to compete on plan