Formulas

Question 1

Actual Cost (AC) or Actual Cost of Work Performed (ACWP)

Answer 1

Actual costs incurred by the project at a certain point in time.
“How much have we spent on the project today?”

Question 2

Budget At Completion (BAC)

Answer 2

How much you estimate the project will cost at its completion.

Estimated and determined at the start of the project.

Question 3

Planned Value (PV)

Answer 3

= Planned % Completed x BAC

Estimated value of the work to be completed by your project within a specific time period. Also used to calculate schedule variance (SV).

AKA: Budgeted Cost of Work Scheduled (BCWS)

Question 4

Earned Value (EV)

Answer 4

= % completed x BAC

Estimated value of work completed by your project as of TODAY.

AKA: Budgeted Cost of Work Performed (BCWP)

Question 5

Cost Variance (CV)

Answer 5

= Earned Value(EV) - Actual Cost (AC)

Are there any variations in the cost of the project. Is the project over or under budget.

Negative number over budget
Positive number under budget

0 is within budget

Question 6

Schedule Variance (SV)

Answer 6

= Earned Value (EV) - Planned Value (PV)

less than zero - behind schedule
greater than zero - ahead of schedule

Are there any variations in the scheduling of the project.

Is the project behind or ahead of schedule.