Earned Value Analysis Flashcards
PV
Planned Value
The authorized budget assigned to scheduled work.
PV = actual days/planned days * budget
PV=25/50*4000€ =2000€
EV
Earned Value
The measure of work performed expressed in terms of the budget authorized for that work.
EV=%work done * budget
AC
Actual Cost
The realized cost incurred for the work performed on an activity during a specific time period.
The actual cost of all the work completed to a point in time, usually the data date.
BAC
Budget at Completion
The sum of all budgets established for the work to be performed.
The value of total planned work, the project cost baseline, without management reserve!
CV
Cost Variance
The amount of budget deficit or surplus at a given point in time, expressed as the difference between the earned value and the actual cost
CV=EV–AC
Positive = Under planned cost
Neutral = On planned cost
Negative = Over planned cost
SV
Schedule Variance
The amount by which the project is ahead or behind the planned delivery date, at a given point in time, expressed as the difference between the earned value and the planned value.
SV=EV–PV
pv = current/total days * BAC
Positive = Ahead of Schedule
Neutral = On schedule
Negative = Behind Schedule
VAC
Variance at Completion
A projection of the amount of budget deficit or surplus, expressed as the difference between the budget at completion and the estimate at completion.
VAC=BAC–EAC
EAC = AC+(BAC - EV)
The estimated difference in cost at the completion of the project.
CPI
Cost Performance Index
A measure of the cost efficiency of budgeted resources expressed as the ratio of earned value to actual cost.
CPI = EV/AC
A CPI of 1.0 means the project is exactly on budget, that the work actually done so far is exactly the same as the cost so far. Other values show the percentage of how much costs are over or under the budgeted amount for work accomplished.
SPI
Schedule Performance Index
A measure of schedule efficiency expressed as the ratio of earned value to planned value.
SPI = EV/PV
An SPI of 1.0 means that the project is exactly on schedule, that the work actually done so far is exactly the same as the work planned to be done so far. Other values show the percentage of how much costs are over or under the budgeted amount for work planned.
EAC
Estimate At Completion
The expected total cost of completing all work expressed as the sum of the actual cost to date and the estimate to complete.
EAC = BAC/CPI
EAC = AC + BAC–EV
EAC = AC + Bottom-up ETC
EAC = AC + [(BAC–EV)/ (CPI x SPI)]
ETC
Estimate to Complete
The expected cost to finish all the remaining project work.
ETC=EAC–AC
TCPI
To Complete Performance
Index
A measure of the cost performance that must be achieved with the remaining resources in order to meet a specified management goal, expressed as the ratio of the cost to finish the outstanding work to the budget available.
TCPI=(BAC–EV)/(BAC–AC)
Greater than 1.0 = Harder to complete
Exactly 1.0 = Same to complete
Less than 1.0 = Easier to complete
Project Budget Components
Project Budget =
Management Reserve + Budget at Completion (BAC / Cost Baseline) =
Contingency Reserve + Work Package Cost Estimates =
Activity Contingency Reserve + Activity Cost Estimates
Projektbudget =
Management Reserve + Budget bei Fertigstellung (BAC / Cost Baseline) =
Reserve für unvorhergesehene Ausgaben + geschätzte Kosten für das Arbeitspaket =
Leistung für unvorhergesehene Aktivitäten + Kostenvoranschläge für Aktivitäten
