59 lines
1.4 KiB
Markdown
59 lines
1.4 KiB
Markdown
---
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title: Earned Value Management
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tags:
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- topic/ergonomics/organizational
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- type/encyclopedia-entry
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---
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# Earned Value Management
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[Earned value management (EVM)](https://en.wikipedia.org/wiki/Earned_value_management)
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is a [[project-management]] technique
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...
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## Terms
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### Schedule
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[**schedule**](https://en.wikipedia.org/wiki/Schedule_(project_management))
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### Planned Value (PV)
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Also called budgeted cost of work scheduled (BCWS),
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**planned value** is the valuation of planned work
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at a particular time or for some particular scope.
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### Budget at Completion (BAC)
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**Budget at completion** is the sum of all planned value for the project.
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It was the expected cost for the project before work began.
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That is, at project start, BAC = EAC.
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That is not to say that BAC is fixed.
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BAC must be updated with PV
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in response to changes in scope (benefits).
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### Earned Value
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Also called budgeted cost of work performed (BCWP),
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**earned value**...
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### Actual Cost (AC)
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Also called actual cost of work performed (ACWP),
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**actual cost**...
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### Estimate to Complete (ETC)
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**Estimate to complete** is the expected cost
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to complete the project's remaining work.
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This cost is intended to be based on a new,
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or at least modified estimate,
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with adjustments made to account for new information.
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### Estimate at Completion (EAC)
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**Estimate at completion**
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$$
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\rm EAC = AC + ETC
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$$ |