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title, tags
| title | tags | ||
|---|---|---|---|
| Earned Value Management |
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Earned Value Management
Earned value management (EVM) is a project-management technique ...
Terms
Schedule
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