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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, schedulewise. 

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, costwise. 

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. 

ToComplete 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
