Earned Value Management and Estimates

Types of Estimates

100

It is calculated by (O + 4ML + P)/6.

What is a PERT or three point estimate?

200

It is calculated by understanding that it is the cost per X.

What is parametric estimating?

300

Detailed estimate of the work needed to be done for a particular work package.

What is bottom-up estimating?

400

Based on other, similar historical projects.

What is analogous estimating?

500

Can sometimes be referred to as analogous estimating.

What is top-down estimating?

Earned Value

100

Tells what amount of money we plan to spend for the whole project.

 What is BAC or Budget at Completion?

200

Tells us how far we are behind or ahead of schedule.

What is SV or Schedule Variance?

300

Tells what value we are getting for every dollar spent

What is Cost Performance Index? (CPI)

400

Tells that we are progressing at specific percent of the rate we originally planned

What is SPI (Schedule Performance Index)?

500

Tells us whether we are over or under budget.

What is Cost Variance or CV?

Earned Value Too

100

It is what we expect the budget to be at the end of the project given the information we now have.

What is the Estimate At Completion?

200

It is the cost we have to spend from this point to complete the project

What is the Estimate to Complete?

300

The amount that we are over or under budget as of today?

What is VAC or Variance at Completion?

400

It is calculated by dividing the BAC by the CPI

What is the Estimate at Completion?

Formulae

100

EV - AC

What is CV?

200

%Complete X Budget

What is Earned Value?

300

EV - PV

What is SV?

400

EV / AC

What is CPI?

More Formulae

100

BAC/CPI

What is EAC?

200

EAC - AC

What is ETC?

300

BAC - EAC

What is VAC?