Formulas Flashcards
What does ETC stand for and definition
Estimate to Complete
The expected amount of money that you will have to spend to complete the remaining work.
What’s the estimate to complete formula
Estimate to complete = estimate at completion - actual cost
ETC = EAC - AC
What does BAC stand for and definition
Budget at Completion
The total budget allotted to the project.
What does EV stand for and definition
Earned Value
The value of work completed to date.
What does PV stand for and definition
Planned Value
The authorized value of work that has to be completion in a given period time as per the schedule.
What does AC stand for and definition
Actual Cost
The amount of money you have spent to date
What does SV stand for and definition
Schedule Variance
The difference between the early value planned value
What’s the schedule variance formula
Schedule variance = earned value - plan value
SV = EV - PV
If schedule variance is negative to you are __________ schedule
Behind schedule
If scheduled variance is negative, you are behind schedule
If schedule variance is positive you are _________ of schedule
Ahead of schedule
If schedule variance is positive, you are ahead of schedule
What does CV stand for and definition
Cost Variance
The difference between earned value and actual cost.
What’s the cost variance formula
Cost variance = earned value - actual cost
CV = EV -AC
If cost variance is negative you are __________ budget
Over budget
If cost variance is negative, you are over budget
If cost variance is positive you are __________ budget
Under budget
If cost variance is positive, if you are under budget
What does SPI stand for and definition
Schedule Performance Index
The ratio between the earned value and the planned value
What’s the schedule performance index formula
Schedule performance index = (earned value) / (planned value)
SPI = EV / PV
If schedule performance index is greater than one you’re __________ of schedule
Ahead
It’s scheduled for appointments index is greater than one, you’re ahead of schedule
If schedule appointments is less than one you’re __________ schedule
Behind
I Scheduled performance is less than one, you’re behind schedule
What does CPI stand for and definition
Cost performance index
The ratio between the actual cost
What’s the formula for cost performance index?
Cost performance index = (earned value) / (actual cost)
CPI = EV / AC
If cost performance index is less than one you are __________ budget
Over budget
If cost performance index is less than one, you are over budget
If cost performance index is greater than one you are ________ budget
Under budget
If cost performance index is greater than one, you are under budget
What does EAC stand for and definition
Estimate at completion
the total amount of money that the project will cost you in the end, in case your original budget is no longer valid
What is the estimate at completion formula if there is NO CHANGE
Estimate at completion = (budget at completion) / (cost performance index)
EAC = BAC / CPI
