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34 Cards in this Set

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EV

(budgeting)
EV = % complete x BAC

Budgeted cost of the work performed so far.

Used to track overall completion of a project.

EV is a calculated value, not the actual expense.
Planned Value (a.k.a. what)
Budgeted cost for the work scheduled to be completed on an activity or a work breakdown structure component. also referred to as the Budgeted Cost of Work Scheduled (BCWS)
SV
SV = (EV - PV)

Schedule Variance

Measures schedule variance in $ (how many $ are you ahead / behind schedule).
Budget At Completion
Sum of all the budget values established for work to be performed on a project; total planned value for the project
AC
Actual Cost
Earned Value (a.k.a. what?)
Also referred to as the
Budgeted Cost of Work Performed (BCWP).

Budgeted amount for the work actually completed on the schedule activity or a work breakdown structure component.

Formula: EV = BAC * %Comp
CPI
CPI = EV / AC

Cost Performance Index

Measures cost variance as a %
Actual Cost (a.k.a. what?)
Also referred to as the Actual Cost of Work Performed (ACWP). Total cost of accomplishing the work on a schedule activity or a work breakdown structure component
SPI
SPI = EV / PV

Schedule Performance Index

Measures schedule variance as a %
Cost Variance
A measure of cost performance on a project

Formula: CV = EV - AC
RTD
RTD = BD / SPI

Revised Total Duration

The projected duration based on how the project is actually going, schedule-wise.
Schedule Variance
A measure of schedule performance on a project

Formula: SV = EV - PV
BAC
Budgeted At Completion

The end point of the PV curve; the total budget.
Cost Variance %
Tells you what percentage cost varies for the work performed to date

Formula: CV % = CV / EV
BD
Baseline Duration

The planned duration of the project.
Schedule Variance %
Tells you what percentage schedule varies from what had been planned to date

Formula: SV % = SV / PV
EAC
EAC = BAC / CPI

Estimate At Completion

What the project will cost, based on how the project is going, cost-wise.
Cost Performance Index
A measure of cost efficiency on a project

Formula: CPI = EV / AC
CV
CV = EV - AC

Cost Variance

Measures cost variance in $
Schedule Performance Index
A measure of schedule efficiency on a project

Formula: SPI = EV / PV
PV
Planned Value

The line that shows how much is budgeted over the life of the project.
To-Complete Performance Index
Denotes, from a point in time, the efficiency that must be achieved in order to complete the remaining work with the expected remaining
money

Formula: TCPI = (BAC – EV) /
(BAC – AC)
Float
Forward pass = ls - es

Backward pass = lf - ef
Percent Complete
An estimate, expressed as a percent, of the amount of work that has been completed on an activity or a work breakdown structure component

Formula: % Comp = EV / BAC
Early Finish (of project)
(Early Start + Duration) - 1
Percent Spent
An estimate, expressed as a percent, of the money that has been spent

Formula: % Spent = AC / BAC
Late Start (of project)
Early Start + Float
Estimate At Completion
Expected total cost of a schedule activity, a work breakdown structure component, or the project

Formulas: EAC = BAC / CPI
or EAC = AC / % Comp
Late Finish (of project)
(Late Start + Duration) - 1
Estimate To Complete
Expected cost needed to complete all the remaining work for a schedule activity, work breakdown structure component, or the project

Formula: ETC = EAC - AC or ETC
= (BAC - EV) / CPI
PERT
(P + 4ML + O) / 6
Variance At Completion
Difference between the total budget assigned to a project, budget at completion (BAC), and the total cost estimate at completion (EAC)

Formula: VAC = BAC - EAC
Triangulation Estimate (beta estimate)
(P + M + O) / 3
Standard Deviation Estimate
(P - O) / 6