Term
| Budgeted At Completion (BAC) |
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Definition
How much was originally planned for this project to cost
No formula - derived by looking at the total budgeted cost for the project |
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Term
Planned Value (PV or BCWS)
(aka Budgeted Cost of Work Scheduled) |
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Definition
How much work should have been completed at a point in time based on the plan. Derived by measuring planned work completed at a point in time.
PV = Planned % Complete x BAC |
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Term
Earned Value (EV or BCWP)
(aka Budgeted Cost of Work Performed) |
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Definition
How much work was actually completed during a given period of time. Derived by measuring actual work completed at a point in the schedule.
EV = Actual % Complete x BAC |
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Term
Actual Cost (AC or ACWP)
(aka Actual Cost of Work Performed) |
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Definition
The money spent during a given period of time.
Sum of the costs for the given period of time. |
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Term
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Definition
The difference between what we expected to spend and what was actually spent.
CV = EV - AC |
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Term
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Definition
The difference between where we planned to be in the schedule and where we are in the schedule
SV = EV - PV |
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Term
| Cost Performance Index (CPI) |
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Definition
The rate at which the project performance is meeting cost expectations during a given period of time.
CPI = EV / AC |
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Term
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Definition
The rate at which the proejct performance is meeting cost expectations from the beginning up to a point in time. CPIc is also used to forecast the project's costs at completion.
CPIc = EVc / ACc |
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Term
| Schedule Performance Index (SPI) |
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Definition
The rate at which the project performance is meeting schedule expectations up to a point in time.
SPI = EV / PV |
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Term
| Estimate At Completion (EAC) |
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Definition
Projecting the total cost at completion based on project performance up to a point in time.
EAC = BAC / CPIc |
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Term
| Estimate To Completion (ETC) |
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Definition
Projecting how much more will be spent on the project, based on past performance.
ETC = EAC - AC |
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Term
| Variance At Completion (VAC) |
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Definition
The difference between what was budgeted and what will actually be spent.
VAC = BAC - EAC |
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Term
| To-Complete Performance Index (TCPIc) |
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Definition
Performance that must be achieved in order to meet financial or schedule goals.
TCPIc = (BAC - EV) / Remaining Funds |
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