How do you draw a earned value chart?

How do you create an Earned Value Report?

There are five steps to creating an earned value report:
  1. Gather performance information.
  2. Determine schedule status.
  3. Determine cost status.
  4. Forecasting.
  5. Reporting.

What is earned value chart?

Earned value (EV) is a way to measure and monitor the level of work completed on a project against the plan. Simply put, it’s a quick way to tell if you’re behind schedule or over budget on your project. You can calculate the EV of a project by multiplying the percentage complete by the total project budget.

How do you calculate earned value?

The Formula for Earned Value (EV)

The formula to calculate Earned Value is also simple. Take the actual percentage of the completed work and multiply it by the project budget and you will get the Earned Value. Earned Value = % of completed work X BAC (Budget at Completion).

What is the difference between actual cost and earned value?

The Actual Cost “AC” is the budget that has been consumed to date. The Planned Value “PV” is the amount of budget that was allocated to be consumed to date. The Earned Value “EV”, is the amount of work the project has completed in reference to the original project budget “BAC”.

What is SPI PMP?

Schedule Performance Index (SPI) Defined

The SPI formula found in PMP® exam questions is grounded in the A Guide to the Project Management Body of Knowledge (PMBOK® Guide) definition: “The Schedule Performance Index (SPI) is a measure of schedule efficiency, expressed as the ratio of earned value to planned value.”

How do you calculate SPI and CPI?

The cost performance index (CPI) is a measure of the conformance of the actual work completed (measured by its earned value) to the actual cost incurred: CPI = EV / AC. The schedule performance index (SPI) is a measure of the conformance of actual progress (earned value) to the planned progress: SPI = EV / PV.

What does CPI and SPI mean?

Cost Performance Index (CPI) is the measure of the cost efficiency of project. It is expressed as a ratio of earned value to actual cost. Schedule Performance Index (SPI): Schedule Performance Index (SPI) is the measure of schedule efficiency of the project.

What are the 2 variables in earned value analysis?

The main EVA variables (indicators) are: BCWS (Budgeted Cost of Work Scheduled) – PV (Planned Value) BCWP (Budgeted Cost of Work Performed) – EV (Earned Value)

What is the difference between CV and CPI?

For cost variance, you get the difference in amount. That is the actual money difference between the earned value and the actual cost. On the other hand, the cost performance index gives you a ratio to work with. This is because you will be dividing the earned value by the actual cost.

What is CPI and how is it calculated?

The Consumer Price Index (CPI) is a measure that examines the weighted average of prices of a basket of consumer goods and services, such as transportation, food, and medical care. It is calculated by taking price changes for each item in the predetermined basket of goods and averaging them.

What is the difference between SV and SPI?

Both schedule variance (SV), also an EVM calculation, and SPI measure whether a project is behind, on, or ahead of schedule. SV gauges how much the actual work is deviating from the planned schedule, while SPI is the ratio of the performed work to the scheduled work.

What is PCI B in project management?

PCIB Percent complete in terms of budget PCIB = EV / BAC What percentage of work has been completed to date based on planned budget. A good indicator of how much of the project has been completed. Not available in MS Project.

Which of the following is true of earned value?

Which of the following is true of earned value? It is the actual cost plus the planned cost. It is based solely on the total cost estimate to be spent on an activity. It is an estimate of the value of the physical work actually completed.

What is a good Tcpi?

For all CPIc less than 1.0, the TCPI will be greater than 1.0. When TCPI turns out to be greater than one (> 1.0), a more normal case for BAC calculations, the value of the remaining project work must be executed at a better cost performance level than the project’s completed work.

What is BAC in earned value?

Budget at Completion (BAC) is a measure that is often used in earned value management to track the actual cost of a project against its forecasted budget. It is calculated at the start of a project based on the project work and its individual components.

What is BAC PMP?

The Budget at Completion (BAC) is part of the Earned Value (EV) terms and formulas used by Project Managers Professionals (PMP) to manage the cost process.

What does Bcwp stand for?

Budgeted Cost of Work Performed
Budgeted Cost of Work Performed (BCWP) The Budgeted Cost of Work Performed (BCWP) is the budgeted cost of the value of work that has actually been accomplished or completed to date. It can be used to address the entire project, individual task, or work packages.

Is EAC the same as BAC?

In project management, Estimate at Completion (EAC) forecasts the project budget while the project is in progress. Like BAC (Budget at Completion), it is a part of earned value management. Unlike BAC, EAC takes into account variables like unplanned costs and inaccurate or obsolete early estimates.

Is Bcws the same as BAC?

BCWS = Budgeted Cost of Work Scheduled is the work or $ that should have been accomplished to date according to the baseline plan. BAC = Budget at Completion, the baseline total cost at the end of the project.

How do you calculate SV in project management?

To calculate SV, subtract your project’s planned value (PV) from its earned value (EV): SV = EV – PV. You will also need to know the value of your project’s planned budget at completion (BAC). If your SV is positive, your project is ahead of schedule. If it is negative, your project is behind schedule.

What happens if EAC is higher than BAC?

EAC is the expected spend where BAC (budget at completion) is the authorized spend on a project. Comparing EAC against BAC yields the projected variance. EAC completion may in turn be used for revenue recognition, earned value analysis, progress billing and more.