Earned Value Management
Planned Value(PV)- Planned value refers to what the project should be worth at a particular point in the schedule. It is also referred as BCWS (Budgeted Cost of Work Scheduled). Earned Value(EV)- It is the physical work completed to date and the authorized budget for that. It is also referred as BCWP(Budgeted cost of work performed). Actual cost (AC)- It is the actual amount of money spent. It is also referred as ACWP( Actual cost of work performed). Estimate at completion (EAC) - It refers to the estimated total cost of the project at completion. CPI- It is cost performance Index . CPI= EV/AC If CPI is less than 1, this means the project is over budget. BAC refers to budget at completion. It is related to EAC EAC = BAC/CPI www.ebeescorp.com ETC refers to estimate to completion. ETC = EAC-AC CV - refers to cost variance CV= EV-AC SV refers to schedule variance SV= Ev-PV Negative cost or schedule variance means the project is behind in co...