| BCWP |
The approved budget for the work actually completed by the specified date. Also referred to as the budgeted cost of work performed (BCWP). Also referred to as Earned Value Travel costs are not included in calculations. |
| BCWS |
The approved budget for the work scheduled to be completed by a specified date. Also referred to as the budgeted cost of work scheduled (BCWS) and Planned Value (PV). The total Planned Value of a task is equal to the task’s budget at completion (BAC) — the total amount budgeted for the task. Travel costs are not included in calculations. |
| Budget At Completion |
The total Planned Value (PV or BCWS) at the end of the project. If a project has a Management Reserve (MR), it is typically not included in the Budget At Completion (BAC), and respectively, in the Performance Measurement Baseline. |
| Estimate At Completion |
There is no single definition on how to calculate Estimate At Completion or (EAC). The project status report uses the following formula. The reason for using the formula below is that it takes into account both the current schedule performance and budget performance. In this way the estimate at completion provides the most likely estimate of what the project will cost. Travel costs are not included in calculations.
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| Cost Variance |
The Cost Variance is the percentage difference between the Earned Value and Actual Cost. A negative number indicates the project is running under budget as of the status date. As the project nears completion the variance should be less. If Cost Variance is greater than 20% the status indicator is yellow. If Cost Variance is greater than 33% the status indicator is red. |
| Schedule Variance |
The Schedule Variance is the percentage difference between the Earned Value and the Planned Value. A positive number indicates the project is running ahead of schedule as of the status date. As the project nears completion the variance should be less. If Schedule Variance is greater than -20% the status is green. If Schedule Variance is less than -20% the status indicator is yellow. If Schedule Variance is less than -33% the status indicator is red. |
| Percent Work Complete |
The Percentage of Work Complete is the percent of Earned Value compared to Budget At Completion. If Percent of Work Complete is greater than the Percentage of Budget Consumed it is a good indication the project is running under budget. |
| CPI |
The cost performance index (CPI) is the budgeted cost of work performed divided by the actual cost. Values greater than 1 indicate greater project profitability. |