Formulas

Question 1

Planned Value (PV)

also in Project Cost Mgmt Terms

Answer 1

What the project should be worth

Question 2

Earned Value (EV)

also in Project Cost Mgmt Terms

Answer 2

What the project is worth
% complete x BAC

Question 3

Actual Cost (AC)

Answer 3

What the project has spent so far

Question 4

Cost variance (CV)

also in Project Cost Mgmt Terms

Answer 4

the difference between earned value and the actual value

EV-AC
Positive # = under budget

Negative # = overbudget

Question 5

Budget at Completion (BAC)

Answer 5

what the project budget is

Question 6

Schedule variance (SV)

Also in Project Cost Mgmt terms

Answer 6

the difference between earned value and planned value

EV - PV

Positive # = ahead of schedule
Negative # = behind schedule

Question 7

Variance at Completion (VAC)

Answer 7

Project of being over or under budget based on current performance.

VAC = BAC - EAC

Positive = under budget
Negative = over budget

Question 8

Cost Performance Index (CPI)

also in Project Cost Mgmt Terms

Answer 8

Shows overall cost efficiency on the project.

CPI = EV / AC
> 1 - under budget
< 1 - over budget

Question 9

Schedule Performance Index (SPI)

Also in Project Cost Mgmt Terms

Answer 9

Shows overall schedule adherence

SPI = EV / PV

> 1 ahead of schedule
<1 behind schedule

Question 10

Estimate at Completion (EAC) - Standard formula

also in Project Cost Mgmt Terms

Answer 10

Forecasts final project costs based on current performance

BAC / CPI

Question 11

Estimate at Completion (EAC) Future work at planned costs formula

also in Project Cost Mgmt Terms

Answer 11

forecasts final project costs based on current performance

AC + BAC - EV

Question 12

Estimate at Completion (EAC) initial cost estimates flawed

also in Project Cost Mgmt Terms

Answer 12

forecasts final project costs based on current performance.

AC + Estimate for remainder of project

Question 13

Estimate at Completion (EAC) CPI and SPI affect remainder of project

Answer 13

forecasts final project costs based on curent performance

AC + [BAC-EV / (CPI x SPI)

Question 14

Estimate to complete

Answer 14

predict how much more the reminder of the project will costs

EAC - AC

Question 15

TCPI (utilizing BAC)

Answer 15

Predicts likelihood of reaching BAC

(BAC-EV) / (BAC - AC)

> 1 = harder to complete and meet BAC
<1 = easier to complete and meet BAC

Question 16

TCPI (utilizing EAC)

Answer 16

Predicts likelihood of reaching EAC

(BAC-EV) / (EAC - AC)

> 1 = harder to complete and meet EAC
<1 = easier to complete and meet EAC