Performance Variables Flashcards
What does Budget at completion (BAC) mean
Total planned cost
What does Earned value or budgeted cost of work performed (EV or BCWP) mean
Fraction of the completed work in terms of the planned budget at a given point in time
What is the formula for
EV or BCWP
EV = BAC X (Work completed / Total work required)
What does
Actual cost (AC or ACWP) mean
The money spent on the work until a given point in time
What is the formula for AC or ACWP
The sum of all the costs until a given point in time
What does
Cost variance (CV) mean
The difference between what you planned to spend and what is actually spent until a given point in time
What is the formula for CV
CV = EV – AC
What does
Cost performance index (CPI) mean
The work performed per actual cost
What is the formula for CPI
CPI = EV / AC
What does
Planned value or budgeted cost of work scheduled (PV or BCWS) mean
The fraction of work planned to be completed at a given point in time
What is the formula for PV or BCWS
PV = BAC X (Time passed / Total schedule time)
What does Schedule variance (SV) mean
The difference between the work actually completed and the work planned to be completed at a given point in time
What is the formula for SV
SV = EV – PV
What does Schedule performance index (SPI) mean
The actual work performed per planned work performed in terms of cost
What is the formula for SPI
SPI = EV / PV
