Planned Value - As of today, what is the estimated value of the work planned to be done
Earned Value - As of today, what is the estimated value of the work actually accomplished
Actual Cost (Total Cost) - As of today what is the actual cost incurred for the work accomplished
Budget at Completion (the budget) - How ,much did we BUDGET for the TOTAL project effort
Estimate at Completion - What do we currently expect the TOTAL project to cost (a forcast)
Estimate to Complete - From this point on how much MORE do we expect it to cost to finish the project (a forecast)
Variance at Completion - As of today, how much over or under budget do we expect to be at the end of the project?
Cost Variance - EV-AC NEGATIVE is over budget, POSITIVE is under budget
Schedule Variance SV EV-PV Negative is behind schedule, POSITIVE is ahead of schedule
Cost Performance Index - EV/AC We are getting $___ worth of work out of every $1 spent. Funds are or are not being used efficiently
Schedule Performance Index - EV/PV We are (ONLY) progressing at ______ % of the rate originally planned
To Complete Performance Index - (BAC - EV) / (BAC - AC) This formula divides the work remaining to do by the money remaining to do it. It answers the question of "In order to stay within budget, what rate must we meet for the remaining work?"
Estimate to Complete EAC-AC How much more will the project cost
Variance to Completion BAC-EAC How much over or under budget will we be at the end of the project.
Estimate at Completion - AC+Bottom up ETC This formula calculates actual plus a new estimate for the remaining work. It is used when the original estimate was fundamentally flawed