Earned Value Basics
The acronym represents the originally planned $ amount of work to be performed from finish to end of the project
What is Budget at Complete (BAC)?
This contract document outlines the work the customer wants to be done
What is a Statement of Work (SOW)?
We never do this in Earned Value Management to evaluate a project's current performance.
Compare Budget vs Actuals
The acronym represents the remaining dollar amount of work to be performed to complete the project
What is Estimate to Complete (ETC)?
This identifies the organizational entities responsible for managing and executing the work.
What is an Organizational Breakdown Structure (OBS)
This is something we use to identify how a work package is able to earn performance.
What is an Earned Value Technique (EVT)?
This acronym represents the originally planned dollar amount of work to be performed up to the current status date
What is Budgeted Cost of Work Scheduled (BCWS)?
This is a product based hierarchical decomposition of a project’s scope into smaller, manageable components
What is a Work Breakdown Structure (WBS)?
This is an Earned Value Technique we use to identify tasks that are far out in the future and have not been planned out with much detail yet.
What is a Planning Package (PP)?
This acronym represents the amount of actual money that has been spent so far to do work in the Project
What is Actual Cost of Work Performed (ACWP)?
This is a word we use for the smallest unit we use to breakdown work within a Project's scope.
What is a Work Package?
Major Program Events, Significant Accomplishments, and Accomplishment Criteria are all part of this document
What is an Integrated Master Plan (IMP)?
This acronym represents the dollar amount of the original baseline plan that we have earned thus far up to the status date
What is Budgeted Cost of Work Performed (BCWP)?
This is a term we use for a rollup of Work Packages that is used as a management control point in a project where scope, budget, actual costs, and schedule are integrated and measured for performance.
What is a Control Account?
What is a Control Account?