---
title: Earned Value Management
tags:
  - topic/ergonomics/organizational
  - type/encyclopedia-entry
---
# Earned Value Management

[Earned value management (EVM)](https://en.wikipedia.org/wiki/Earned_value_management)
is a [[project-management]] technique
...

## Terms

### Schedule

[**schedule**](https://en.wikipedia.org/wiki/Schedule_(project_management))

### Planned Value (PV)

Also called budgeted cost of work scheduled (BCWS),
**planned value** is the valuation of planned work
at a particular time or for some particular scope.

### Budget at Completion (BAC)

**Budget at completion** is the sum of all planned value for the project.
It was the expected cost for the project before work began.
That is, at project start, BAC = EAC.

That is not to say that BAC is fixed.
BAC must be updated with PV
in response to changes in scope (benefits).

### Earned Value 

Also called budgeted cost of work performed (BCWP),
**earned value**...

### Actual Cost (AC)
 
Also called actual cost of work performed (ACWP),
**actual cost**...

### Estimate to Complete (ETC)

**Estimate to complete** is the expected cost
to complete the project's remaining work.
This cost is intended to be based on a new,
or at least modified estimate,
with adjustments made to account for new information.

### Estimate at Completion (EAC)

**Estimate at completion**

$$
\rm EAC = AC + ETC
$$