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EVM Formulas Flashcards

Calculate earned value management (45 cards)

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1
Q

What the project should be worth is the _.

A

planned value (PV)

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2
Q

What the project is currently worth is the _.

A

earned value (EV)

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3
Q

The project budget is the _.

A

budget at completion (BAC)

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4
Q

The difference between the earned value and actual costs is the _.

A

cost variance (CV)

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5
Q

The difference between the earned value and planned value is the _.

A

schedule variance (SV)

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6
Q

The projection of being over or under budget based on current performance is the _.

A

Variance at Completion (VAC)

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7
Q

The overall cost efficiency of the project is shown by the _.

A

Cost Performance Index (CPI)

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8
Q

The overall schedule adherence is shown by the _.

A

Schedule Performance Index (SPI)

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9
Q

The final project costs based on current performance is the _.

A

Estimate at Completion (EAC)

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10
Q

The standard formula for EAC

A

BAC/CPI

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11
Q

The future work at planned costs formula for EAC

A

AC + BAC - EV

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12
Q

The EAC formula if initial cost estimates are flawed

A

AC + Estimate for remainder of project

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13
Q

Predicts how much more the remainder will cost

A

Estimate to complete

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14
Q

Predicts the likelihood of reaching BAC

A

TCPI utilizing BAC

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15
Q

Predicts the likelihood of reaching EAC

A

TCPI utilizing EAC

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16
Q

PV

A

Planned Value

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17
Q

EV

A

Earned Value

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18
Q

AC

A

Actual Cost

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19
Q

BAC

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A

Budget at Completion

20
Q

CV

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A

Cost Variance

21
Q

SV

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A

Schedule Variance

22
Q

VAC

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A

Variance at Completion

23
Q

CPI

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A

Cost Performance Index

24
Q

SPI

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A

Schedule Performance Index

25
EAC
Estimate at Completion
26
Formula for earned value
The percentage of the project completed times the budget at completion. (% complete x BAC)
27
Formula for cost variance
Earned value minus actual cost (EV-AC)
28
Formula for schedule variance
Earned value minus planned value (EV-PV)
29
Formula for Variance at Completion
Budget at completion minus the estimate at completion (BAC-EAC)
30
Formula for Cost Performance Index
Earned value divided by planned value (EV/PV)
31
What does a positive cost variance mean?
The project is under budget.
32
What does a negative cost variance mean?
The project is over budget.
33
What does a positive schedule variance mean?
The project is ahead of schedule.
34
What does a negative schedule variance mean?
The project is behind schedule.
35
What does a positive variance at completion mean?
The project is under budget.
36
What does a negative variance at completion mean?
The project is over budget.
37
What does a cost performance index over 1 mean?
The project is under budget.
38
What does a cost performance index under 1 mean?
The project is over budget.
39
What does a schedule performance index over 1 mean?
The project is ahead of schedule.
40
What does a schedule performance index under 1 mean?
The project is behind schedule.
41
Formula for TCPI utilizing BAC
(BAC-EV)/(BAC-AC)
42
Formula for TCPI utilizing EAC
(EAC-EV)/(EAC-AC)
43
TCPI
To-Complete Performance Index
44
General formula for TCPI
Remaining work divided by remaining funds
45
Estimate at completion when the cost performance index and schedule performance index affect the remainder of the project
AC + [BAC-EV/(CPI x SPI)]

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