EVM Basics

I would like to start my foray into EVM by doing some definitions and basic formulas. I'll give my paraphrased descriptions as to what's what and why.

No formulas today, just the 3 core inputs necessary to do all the EVM calculations we'll get to later.


PV - Planned Value AKA BCWS - Budgeted Cost of Work Scheduled

• This is a time-specific estimate only. What was planned to be spent at this time if the schedule was perfect?

EV - Earned Value AKA BCWP - Budgeted Cost of Work Performed

• This is a task-specific estimate only. What was planned to be spent on tasks actually completed right now?

AC - Actual Cost AKA ACWP - Actual Cost of Work Performed

• This is reality. What did you actually spend? Make sure the method for auditing cost matches up with how you made the original plans (did you include indirect costs, or just direct, etc?)

Go Back: Itchy for Earned Value
Next up: EVM Variances and Indexes