Hi guys - See below, which might assist in understanding EVA terminology.
|
TERMINOLOGY |
VALUE |
DESCRIPTION |
SOURCE OF INFORMATION |
|
Budget at Completion (BAC) |
Contract budget |
The total budget for each activity |
Contract schedule |
|
Earned Value (EV) |
Contract budget x actual % complete |
What we’ve actually earned for work performed to date |
Contract schedule, daily reports |
|
Planned Value (PV) |
Contract budget x planned % complete |
What we planned to earn to date |
Contract schedule, tender |
|
Schedule Performance Index (SPI) |
Earned value / planned value |
Compares what we’ve actually earned to date with what we planned to earn to date |
Contract schedule, daily reports, tender |
|
Schedule Variance (SV) |
Earned value – planned value |
Difference between planned profit/loss to date and actual profit/loss to date |
Contract schedule, daily reports, tender |
|
Cost Performance Index (CPI) |
Earned value / actual cost |
Compares what we’ve actually earned to date with what we’ve actually spent to date |
Contract schedule, daily reports, IPM cost reports |
|
Cost Variance (CV) |
Earned value – actual cost |
Profit or loss to date |
Contract schedule, daily reports, IPM cost reports |
|
Estimate at Completion (EAC) |
BAC / CPI |
Estimated total cost to complete the activity |
Contract schedule, daily reports, IPM cost reports |
|
Estimate to Complete (ETC) |
EAC – actual cost |
Estimated total cost to complete the activity |
Contract schedule, daily reports, IPM cost reports |
|
Value at Completion (VAC) |
BAC – EAC |
Estimated profit/loss for activity |
Contract schedule, daily reports, IPM cost reports |
|
To Complete Performance Index (TCPI) |
(BAC – EV) / (BAC – AC) |
Similar to CPI. This is an indicator of “slack” or “negative slack” until the end of the activity |
Contract schedule, daily reports, IPM cost reports |