PMP Prep Formulas

Question 0

PV - Planned Value

Answer 0

Def:
% of schedule (progress) that has passed x BAC

e.g. 25% of schedule passed x $250,000 = PV value of $62,500

Question 1

BAC - Budget at Completion

Answer 1

Def:

Project Budget; the sum of all budgets established for the work to be performed.

Question 2

EV - Earned Value

Answer 2

Def:
% of physical work completed x BAC

e.g. 40% work complete x $250,000 = EV value of $100,000

Question 3

AC - Actual Cost

Answer 3

Def:

money spent as of status date

Question 4

CV - Cost Variance

Answer 4

Def:
amount of budget deficit or surplus at any given point in time
CV = EV-AC
"lesser is loser" 
positive number - under planned cost
neutral number - on planned cost
negative number - over planned cost

Question 5

SV - Schedule Variance

Answer 5

Def: