You can use the earned value (EV) fields to track work performance to account for cost and schedule variances. Baseline information is factored in to the calculations performed in earned value analysis. All earned value fields contain the fundamental calculations used for earned value analysis (EVA).
The following EV values are calculated for every scheduled activity:
Displays the system-calculated value of Budget at Completion (BAC), which is the budgeted total cost at the time of the baseline. This value is calculated based on the following formula:
BAC = ((Actuals + Remaining Work) x Billing Rate) taken at time of baseline
Current Baseline Required: Yes
Displays the system-calculated value of Budgeted Cost of Work Scheduled (BCWS). BCWS is the budgeted amount to spend on the project in a given time period. If not specified, the date is either the current date for the project, or the system date. BCWS is also referred to as the planned value (PV).
The BCWS is calculated based on the following formula:
BCWS = Sum of BAC through a point in time
Current Baseline Required: Yes
Displays the system-calculated value of Actual Cost of Work Performed (ACWP). This value is the total direct cost (based on posted actuals) that is incurred in performing work during a specified period. The cost calculation includes all actuals posted up until the as-of date or the system date (if no as-of date is provided).
ACWP is calculated at the following levels:
ACWP = Sum of Actual Cost for all the assignments on the task
ACWP = Sum of ACWP for all detail tasks in project
ACWP = Sum of ACWP for all summary tasks in project
Current Baseline Required: No
Displays the system-calculated value of Budgeted Cost of Work Performed (BCWP). The value is calculated and recorded when you baseline a project, or when you update earned value totals. BCWP is also referred to as the earned value (EV). BCWP represents the amount of the budgeted cost (BAC) completed based on performance as measured using the Task EV Calculation method.
Calculations are made based on the level at which the calculation is made. BCWP is calculated at the following levels:
Current Baseline Required: Yes
Displays the aggregated total for the cost of all actuals over time.
Displays the system-calculated value of Estimate At Completion (EAC). This calculation is most often used when current variances are seen as typical of future variances. The calculation is based on the following formula:
EAC (T) = ACWP + ETC
Current Baseline Required: No
Displays the system-calculated value of estimate at completion (EAC). This calculation is most often used when current variances are seen as atypical. And the project management team expectations are that similar variances will not occur in the future. The calculation is based on the following formula:
EAC (AT) = (ACWP + (BAC - BCWP))
Current Baseline Required: Yes
Displays the system-calculated value of estimate at completion (ETC) using earned value data. This calculation is most often used when current variances are seen as atypical. And the project management team expectations are that similar variances will not occur in the future. The calculation is based on the following formula:
ETC (AT) = BAC - BCWPc
Current Baseline Required: Yes
Displays the system-calculated value of Estimate To Completion (ETC), and is calculated based on the following formula:
ETC (Cost) = remaining labor cost + remaining non-labor cost
Current Baseline Required: No
Displays the system-calculated value of estimate at completion (ETC) using earned value data. This calculation is most often used when current variances are seen as typical of future variances. This value is calculated based on the following formula:
ETC (T) = (BAC - BCWPc)/CPIc
Current Baseline Required: Yes
The following values are used together to determine if work is performed as planned. The most frequently employed measures are:
Displays the system-calculated value of Cost Variance (CV). The CV is the value of what is accomplished to date as opposed to what is spent to date. The calculation is based on the following formula:
CV = BCWP - ACWP
Current Baseline Required: Yes
Displays the system-calculated value of Schedule Variance (SV). The SV is the value of what is scheduled to date as opposed to what is performed to date. A positive value indicates that the work is ahead of the baseline schedule. A negative value indicates that the work is behind the baseline schedule. The calculation is based on the following formula:
SV = BCWP - BCWS
Current Baseline Required: Yes
Displays the system-calculated value of Cost Performance Index (CPI), which is an efficiency rating for work accomplished. A value equal to or greater than one indicates a favorable condition. A value less than one indicate an unfavorable condition. The calculation is based on the following formula:
CPI = BCWP / ACWP
Current Baseline Required: Yes
Displays the system-calculated value of Schedule Performance Index (SPI), which is the ratio of work performed to work scheduled. A value less than one indicate the work is behind schedule. The calculation is based on the following formula:
SPI = BCWP / BCWS
Current Baseline Required: Yes
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