EARNED VALUE MANAGEMENT SYSTEMS
Institute of Management Consultants,
National Capital Region
July 13, 2006
Jim Kendrick, CMC
P2C2 Group, Inc.
Table of Contents
GET SMART WITH EVMS
PowerPoint Presentation 3
Where to Go for More Information 21
PowerPoint Appendix 22
OMB Exhibit 300 EVMS Table 27
EVMS in Civilian Agencies 29
EVMS Guide (excerpts) 31
Certified Management Consultant
P2C2 Group, Inc.
A Simple but Edible Example of EVMS Slide 14
• Courtesy of Glen B. Alleman, Niwot Ridge Consulting
Software Demo and Contact Information Slide 32
• Ed Knox, C/S Solutions
The P2C2 Group works on the business side of federal programs and information
technology. We provide expert support for IT capital programming, which integrates the
planning, acquisition and management of capital assets into the budget decision-making
and control process. Our consulting services assist agencies and leading contractors in
improving asset management, mission results, and compliance with regulatory
• Strategic Planning • Architecture & Information
• IT Capital Planning and Investment • Security
Control (CPIC) • Project Management
• Business Cases - OMB 300s • Earned Value Management
• CPIC Supporting Documents • Performance Measurement
Why EVMS Is Important
EVMS is like the Project Manager’s headlights looking
forward into the future.
Where will the project be in six months, a year, and what can
we do to get there on time and on budget?
EVMS is NOT like the taillights looking backwards into the
past pointing fingers at what went wrong or could have been.
The headlight idea helps debunk some of the myths about
Earned Value Management.
- Matthew J. Morris
EVMS Is …
A Standardized approach to assessing value
Predictive in estimating where your costs and schedules
Diagnostic in locating where the problems are
Proactive by signaling the need for corrective action
Strategic in identifying problems and opportunities
across multiple projects
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What It Is
What It Measures
EVMS is a Project and Investment
Integrates: Measures project
Schedule Compares planned to
Cost actual costs and
Technical Milestones Estimates final project
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EVMS Helps Answer Questions
When will the project be completed?
What is the final cost likely to be?
Are we in budget?
Is the schedule on track?
What’s holding us up?
SOX: The CEO wants to claim that the new software product under
development is an asset worth $2.5 million in annual financial report.
That’s what has been spent on the project, but what is the current
value of work completed???
Limits of What EVMS Measures
YES: Earned value is direct
measurement of the quantity and
timeliness of work accomplished.
NO: The quality and technical content of
work performed is controlled by other
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Official Definition of EVMS
An Earned Value Management System
(EVMS) is the overall methodology that
organizations use to plan, manage,
control, and analyze the cost and
schedule performance of projects. It
encompasses organizational policies,
business processes, automation support,
standards, and accountability for results.
ANSI-EIA Standard 748
& Project Management
GET SMART WITH EVMS 6
The Basic Recipe for EVMS
The Standard: ANSI/EIA 748
The standard is copyrighted and may be ordered for about $60 from:
GLOBAL ENGINEERING DOCUMENTS
15 Inverness Way E. Englewood, CO 80112
Related information but not the entire standard is available at the
website of the Office of the Secretary of Defense:
GET SMART WITH EVMS 13
The 32 Criteria of the Standard
Category Example Criterion
2.1 Organization Define the authorized work elements for the
2.2 Planning, Scheduling, and Schedule the authorized work in a manner which
describes the sequence of work and identifies
Budgeting task interdependencies …
2.3 Accounting Considerations Record direct costs in a manner consistent with
budgets in a formal system controlled by the
general books account
2.4 Analysis and Management At least on a monthly basis, generate the
following information on the control account and
Reports other levels … (cost and schedule comparisons)
2.5 Revisions and Data Incorporate authorized changes in a timely
manner, reflecting the effects of such changes in
Maintenance budgets and schedules …
What You Need to Do EVMS
TO START: TO CONTINUE:
A project Effective project management
A project manager in charge Accurate project status data
A defined scope of work Detailed tracking of
A Work Breakdown Structure milestones, resource use
(WBS) with clearly assigned including money and people,
work packages and schedule
Accurate cost estimates Prompt and accurate financial
broken down by WBS information
A Schedule tied to the WBS Status reviews at least monthly
Integration with policies and Corrective action
financial information Ongoing project control
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The EVMS Process
Analyze Policy Improvement – Process Improvement
Performance Review –
Manage Manage Work, Schedule, Cost
Plan Project Plan
WBS – Schedule - Cost
The EVMS Measurement Norm is 1.0
Less than 1.0 is more Less than 1.0 means
expensive than behind schedule, less
planned efficient performance
Greater than 1.0 is Greater than 1.0 is
more cost efficient better than planned
1.0 = 100% = as planned
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CV Cost Variance (BCWP-ACWP)
CV% Percent Cost Variance (CVBCWP) x 100%
CPI Cost Performance Index (CPI) (BCWP/ACWP)
SV Schedule Variance (BCWP-BCWS)
SV% Percent Schedule Variance (SVBCWS) x 100%
SPI Schedule Performance Index (SPI) (CPI) _ (BCWP/BCWS)
EAC1 Estimate at Completion1 (EAC1) = ACWPcum +(Performance Factor (PF1) X (BAC-BCWP).
PF1 is (1/CPI).
EAC2 Estimate at Completion2 (EAC2) = ACWPcum +(Performance Factor (PF2) X (BAC-BCWP)
VAC1 Variance at Completion1 (VAC1) (BAC minus EAC1)
VAC2 Variance at Completion2 (VAC2) (BAC minus EAC2)
VAC1% Percent Variance at Completion 1 (VACBAC x 100%)
VAC2% Percent Variance at Completion 2 (VACBAC x 100%)
ETC Estimated Cost to Complete (ETC) - Example Uses EAC1: (EAC1-BCWP)
The Power of EVMS
EVMS Transforms Your Basic Project Data into
Powerful Measures of Performance
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Cost Overrun (Forecast)
Actual Costs Planned Value
Schedule Variance Schedule
Variance (CPI) Slippage
Start Now Done
Software for automating the EVMS
Organizations use many different
combinations of applications software to
integrate EVMS with overall business systems
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Large projects and enterprise-wide EVMS
require software support
Summary EVMS functions in products like MS
Project and eCPIC cannot fully implement EVMS
Several leading software companies provide
A critical issue is how well the EVMS software
integrates with other enterprise systems
Demo by C/S Solutions
A demo is worth a thousand words
Sales Manager, Federal Sector
C/S Solutions, Inc.
P.O. Box 231420
Centreville, VA 20120
(703) 266-7980 (Office)
(571) 334-4214 (Cell)
C/S Solutions is a leading software company supporting project
management with earned value analysis, schedule risk software,
and implementation services.
GET SMART WITH EVMS 18
Putting EVMS to Use
EVMS can boost consulting profits
Optimized Monthly or Weekly Schedule
Financial Results Progress Reports Status
www.p2c2group.com Ask for more money? 36
GET SMART WITH EVMS 19
Walk on Water for Clients
Help Clients to: Success Tips for Consultants:
Engage in Change Learn more about EVMS
Management Necessary for Use best practices for project
Use EVMS analysis to pinpoint Partner with EVMS experts
problems Integrate EVMS with other
Improve organizational critical capabilities necessary
effectiveness for client organization
Align financial systems and effectiveness:
project/investment Planning and budgeting
accountability Investment decisions
Reduce cost and schedule Quality
overruns Human Resources
Implement corrective actions Financial management
to address problems Strategic Outcomes
EVMS: One of the Tools in the P2C2
Department of Labor: Department of Homeland Security:
Planning Department-Wide Integrate EVMS Into Major New Initiative
Implementation Project Plan
Requirements Work Breakdown Structure
Status Review Phasing, Schedule, Milestones
Gap Analysis Independent Government Cost
Alternatives / CBA Estimate
Implementation Plan Acquisition Plan
User Guide Department of Agriculture
Change Management Apply EVMS to Exhibit 300s
Pilot Implementation Funding Table
Policy Support EVMS Status
Interface with Core Financials Cost Analysis for Supporting
Assessment and Recommendations Documents
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EVMS Requirements for Federal
Government Performance and Results Act of 1993 – Mandates
the use of performance metrics.
Federal Acquisition Streamlining Act of 1994 – Requires agency
heads to achieve, on average, 90% of the cost and schedule goals
established for major and non-major acquisition programs of the
agency without reducing the performance or capabilities of the items
Clinger-Cohen Act of 1996 – Requires establishment of the
processes for executive agencies to analyze, track, and evaluate the
risks and results of major investments in IT and requires reporting
on the net program performance benefits achieved by agencies.
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EVMS and Sarbanes-Oxley Act
Corporate financial statements must
estimate accrued cost and investment
Will schedule delays impact revenue?
What if EAC deviates from planned costs?
EVMS can help provide more accurate information
needed for corporate financial statements.
EVMS Requirements for Federal
OMB Circular A-11 (Part 7, Planning, Budgeting, Acquisition &
Management of Capital Asset) – Outlines a systematic process for
program management, which includes integration of program scope,
schedule, and cost objective; requires use of earned value
techniques for performance measurement during execution of the
program; specifically identifies ANSI/EIA Standard 748.
OMB Memorandum M-04-24, “Expanded Electronic Government
(E-Gov) President’s Management Agenda (PMA) Scorecard Cost,
Schedule and Performance Standards for Success.”
OMB Memorandum M-05-23, “Improving Information Technology
(IT) Project Planning and Execution.”
GET SMART WITH EVMS 23
EVMS principles: ANSI/EIA 748
Plan all work scope for the program to completion.
Break down the program work scope into finite pieces that can be assigned
to a responsible person or organization for control of technical, schedule
and cost objectives.
Integrate program work scope, schedule, and cost objectives into a
performance measurement baseline plan against which accomplishments
may be measured. Control changes to the baseline.
Use actual costs incurred and recorded in accomplishing the work
Objectively assess accomplishments at the work performance level.
Analyze significant variances from the plan, forecast impacts, and prepare
an estimate at completion based on performance to date and work to be
Use EVMS information in the company’s management processes.
STATEMENT OF WORK. The SOW communicates the
work scope requirements for a program, and should
define the requirements to the fullest extent practicable.
It is a basic element of control used in the processes of
work assignment and establishment of program
schedules and budgets. If the work scope can only be
defined in general terms, it will be necessary to maintain
added flexibility in program plans and controls to allow
for future developments.
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CONTROL ACCOUNT - A management control point at
which budgets (resource plans) and actual costs are
accumulated and compared to earned value for
management control purposes. A control account is a
natural management point for planning and control since
it represents the work assigned to one responsible
organizational element on one program work breakdown
WORK PACKAGE - A task or set of tasks performed within
a control account.
MILESTONE - A schedule event marking the due date for
accomplishment of a specified effort (work scope) or
objective. A milestone may mark the start, an interim step,
or the end of one or more activities.
PERFORMANCE MEASUREMENT BASELINE - The total
time-phased budget plan against which program
performance is measured. It is the schedule for expenditure
of the resources allocated to accomplish program scope
and schedule objectives …
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FEDERAL SECTOR REPORT
EVMS IN CIVILIAN AGENCIES
Earned Value Management Systems (EVMS) are galloping into the federal civilian arena, promising to
change the way agencies and their contractors conduct business. The change is occurring because the
Office of Management and Budget (OMB) has mandated that agencies must comply with an EVMS
standard in order to receive funding for the development, modernization, or enhancement (DME) of major
information technology investments. EVMS is popping up on agency management reviews. And, if OMB
has its way, there will be a requirement in the Federal Acquisition Regulation (FAR) requiring an EVMS
clause in certain contracts.
EVMS is a structured procedure for project and investment management. It integrates the investment's
scope of work with schedule and cost elements for better investment planning and control. The qualities
and operating characteristics of earned value management systems are described in American National
Standards Institute (ANSI)/Electronic Industries Alliance (EIA) Standard -748. Earned Value is also
becoming an area of practice recognized by the Project Management Institute, a certifying body for
EVMS has been used for years and years at the Department of Defense, but the emphasis that OMB is
placing on the ANSI/EIA standard ensures that it will be widely applied at civilian agencies as well.
Defense uses it largely to track and evaluate contractor performance, take corrective action to avoid or
mitigate cost overruns, and follow through on performance management of its planning and budgeting
system. It fits in very well with the emphasis on Performance Based Service Acquisition (FAR 37.6) and
annual performance plans.
There are software tools for tracking EVMS--with names such as C/S wInsight, Welcom Cobra, and
Dekker Trakker. Primavera has a powerful EVMS component, and Microsoft has been busy adding EVM
functions to MS Project. However, EVMS is primarily a business process and project management
method, not a "software thing." As business process, EVMS is a methodology for:
• Planning all work for the program to completion.
• Breaking down the program work scope into finite pieces that can be assigned to a responsible
person or organization for control of technical, schedule and cost objectives.
• Integrating program work scope, schedule, and cost objectives into a performance measurement
baseline plan against which accomplishments may be measured (including the control of changes
to the baseline).
• Using actual costs incurred and recorded in performing the work.
• Objectively assessing accomplishments at the work performance level.
• Analyzing significant variances from the plan, forecast impacts, and preparing an estimate at
completion based on performance to date and work to be performed.
• Applying EVMS information in the agency management processes.
The ANSI/EIS standard is based on 32 criteria, which are accessible at
http://www.acq.osd.mil/pm/faqs/criteria.htm. Additional links:
GET SMART WITH EVMS 29
• A helpful listing of articles about EVMS is at Niwot Ridge Resources,
• David Christensen maintains a huge EVMS bibliography at
• The EVMS website referenced by OMB is http://www.acq.osd.mil/pm/.
WHAT CAN YOU DO WITH EVMS?
Now that you're required to embrace EVMS, what can you do with it?
For a fairly simple-minded management tool (costs, schedule, work performed), you can actually do quite
a bit with it:
It's "project management for adults," as one person put it. It builds on project management software, like
MS Project and Primavera, to give you a very good idea of how you're doing in terms of schedule and
cost … and whether you will complete the project over or under budget.
Agency leaders, even non-quantitative types, get the idea very quickly. EVMS results can be summarized
visually with bulls-eye charts and trend analyses. Projects that are over budget, behind schedule, or crash
diving into oblivion will be identifiable immediately.
For government project managers, EVMS can quickly identify which work packages in the Work
Breakdown Structure are causing problems. It is also a tool for monitoring contractor performance, and
EVMS gives the government mid-level manager some leverage: Shape up, contractor, or top
management will know you're a turkey because of the EVMS results.
On the other hand, well-managed contracts look really good, and this can be a competitive edge for
winning new business. What's more, financial executives in contracting firms love it: The project is tracked
by the value of work completed, and you have a pretty good idea of whether the contract is profitable or
headed for doom. For the increasingly popular firm-fixed price contracts, the EVMS tool is crucial.
Of course, good management doesn't happen through artificial intelligence. It takes qualified managers--
on both the government and contractor sides--to use EVMS well. This means a carefully planned work
scope, Work Breakdown Structure, milestones, realistic metrics, and a realistic cost baseline. Accurate
data about the schedule, work performed, and costs are needed on at least a monthly basis. What's
more, the bottom line is to use the EVMS results regularly to monitor results and take corrective action.
EVMS tools require smart and experienced managers who are proactive.
For Exhibit 300s, Circular A-11 requires agencies to use EVMS for DME investments. So obviously,
Section I.H. Funding Plan requires considerable detail. But EVMS should also tie to the Acquisition Plan,
since major contractors are required to have/use an ANSI/EIA-748 compliant EVMS system. EVMS also
is a tool for mitigating Project Risks, and generally the project risk cost should be monitored in EVMS.
LINK OF THE MONTH: OMB UPDATES
Go to http://www.feapmo.gov for updates to the Federal Enterprise Architecture.
Certified Management Consultant
P2C2 Group, Inc.
4101 Denfeld Avenue
Kensington, MD 20895
GET SMART WITH EVMS 30
P2C2 Group, Inc.
Federal Applications of EVMS
Earned Value Measurement Methodology
Earned Value Management What Is Earned Value
Federal Agencies are implementing an Earned Value
Management Methodology. It will be applicable to the Earned Value Management (EVM) is
"Select" and "Control" phases of large information an approach to project and investment
technology (IT) investments. It will also be applicable to management that integrates the
projects in a mixed lifecycle where large investments are investment's scope of work with
made to upgrade or extend systems or applications in the schedule and cost elements for
operations and maintenance phase. optimum investment planning and
OMB Guidance for IT Capital Investment
According to Office of Management and Budget (OMB) Why Is an Earned Value System
Circular A-11, "you should use earned value management Important?
(EVM) and an EVM system that meets ANSI/EIA Standard
748-A, to plan and control both government and contractor EVM puts schedule variances in the
cost and schedule for any development work whether spotlight—something that generally
conducted during the planning phase (like building and cannot be seen in traditional financial
testing prototypes) or in the full acquisition phase (like reporting, which is usually limited to
designing, developing, producing, implementing or planned and actual costs. With EVM,
integrating assets). Comprehensive planning, performance it is possible to compare the value of
baseline maintenance and earned value analysis provides work actually performed to the work
early insight into performance trends and variances from that had been scheduled.
initial plans, allowing decision makers enough time to take
corrective action." In addition, OMB suggests that agencies To illustrate, perhaps an annual
"require contractors to use earned value management to budget of $20,000 has been planned
plan, manage and report contract performance, especially to train 100 system users. Over the
for technically complex and high risk development or year, the actual cost is $18,000 but
integration efforts." only 50 users have been trained. Cost
reporting alone would make it appear
Goals for the EVM initiative are to: that the training expenditure is under
• Achieve compliance with OMB requirements and the budget, but in fact the training activity
ANSI/EIA standard is behind schedule and ultimately may
cost much more than the $20,000
• Provide the CIO and Agencies with a structured
method for reviewing IT cost and schedule
• Implement automation support for IT project
managers that is practical and usable
• Integrate EVM into a comprehensive IT management
strategy that fits well with project management best
practices, the capital planning and investment Cost Schedule
control, acquisition planning, and system
development and lifecycle management.
• Implement a cost-effective solution for launching and
maintaining an ongoing EVM system. EVM
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P2C2 Group, Inc.
INTRODUCTION TO EVM
You Already Use the Data Elements for
Tracking Earned Value Costs
Earned value measurement depends on data elements
that are already developed or monitored by project Schedule
• The foundation is the work scope, which drives
the overall requirement.
• The Work Breakdown Structure (WBS)
WBS with Milestones
organizes the overall work into manageable
activities with milestones.
• The schedule orders the activities and
milestones in the WBS into a logical sequence.
Overall Work Scope
EVMS compares planned and actual schedules.
• Costs are identified for activities, both in terms of
budgeted costs and actual costs. Data Needed for EVM
EVMS Transforms Your Basic Project Data into Powerful Measures of
By Work Breakdown Structure
Description SV CV VAC SV CV ACV SPI CPI TCPI
1.0 Upgrade Application ↓ ↔ ↑ -$875 -$28 -$1,360 0.67 0.98 0.84
1.1 Data Conversion ↔ ↔ ↔ -$1 1.00 0.99 1.00
1.2 Web Hosting Environment ↓ ↔ ↑ -$875 -$24 -$1,356 0.64 0.98 0.78
1.3 Network Switch ↔ ↔ ↔ 1.00 1.00 1.00
1.4 COTS Upgrade ↔ ↔ ↔ 1.00 1.00 1.00
1.5 Integration Services ↔ ↔ ↔ -$1 1.00 0.95 1.00
1.6 Testing ↔ ↔ ↔ -$2 1.00 0.98 1.00
Values in K Dollars
EVM reports provide a clearer idea of what is happening within the WBS for each project
by tracking: Schedule Variance (SV), Cost Variance (CV), estimated Variance at
Completion (VAC), At Completion Variance (ACV), Schedule Performance Index (SPI), Cost
Performance Index (CPI), To Complete Performance Index (TCPI), and other measures.
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P2C2 Group, Inc.
Steps for Implementing EVM at the Project Level
Organize the project team and the scope of work, using a work breakdown structure. Each
task should have a single WBS number with a single organizational unit responsible for it.
Schedule the tasks in a logical manner so that lower level schedule elements support other
elements and the top level milestones. Use of robust project management software, such as
MS Project or Primavera, is recommended.
Allocate the total budget resources to time-phased segments. Where useful for
management, the data may be broken down by Federal and contractor costs.
Establish objective means for measuring work accomplishment. Budget should be earned in
the same way that it was planned.
Control the project by analyzing cost and performance variances, assessing final costs,
developing corrective actions, and controlling changes to the integrated baseline.
Measurement of work accomplishment for EVM depends on the nature of
your project. Here are some examples:
Instructor hours of training delivered
Student hours of training received
Number of students who achieve certification (or pass tests) based on training
Number of mail servers replaced
Number of mail server accounts upgraded
Development of software module
Completion of beta testing of software module with 100 trial users
Acceptance of system documentation for software module
Acceptance testing of software module
Certification and Accreditation of Software module
1,000 hours of hotline support provided
99% of hotline questions answered in 24 hours or less
1,000 client desktops upgraded to XYZ
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P2C2 Group, Inc.
AWCP: Actual Cost of Work Performed. Shows actual costs incurred for work already
performed by a resource on a task, up to the project status date or today's date. Shows actual
costs incurred for work already performed by a resource on a task, up to the project status date
or today's date.
BAC: Budget at Completion. An estimate of the total project cost.
BCWP: Budgeted Cost of Work Performed. Shows how much money the work actually
performed should have cost, according to the project baseline.
BWCS: Budgeted Cost of Work Scheduled. Indicates how much of the budget should have
been spent in view of the baseline schedule and cost. BCWS is calculated as the cumulative
timephased baseline costs up to the status date or today's date.
Control Accounts. A management control point at which budgets (resource plans) and actual
costs are accumulated and compared to earned value for management control purposes. A
control account is a natural management point for planning and control since it represents the
work assigned to one responsible organizational element on one program work breakdown
structure element. In control accounts, defined segments (packages of work that must be
accomplished) have clearly defined budgets that can be compared to actual cost data from the
financial system. In addition, the segments (work packages) must be defined in such a way that
it is possible to measure or clearly estimate the extent to which they have been completed.
Using control accounts requires the integration of data from budgets, cost accounting, project
plans, and actual project performance.
CV: Cost Variance. The difference between the budgeted cost of work performed [BCWP] on a
task and the actual cost of work performed [ACWP]. If the CV is positive, the cost is currently
under the budgeted amount; if the CV is negative, the task is currently over budget.
CV%: Cost Variance (Ratio). The CV expressed as a percentage.
ACV: At Completion Variance.
SV: Schedule Variance. The difference between the budgeted cost of work performed [BCWP]
and the budgeted cost of work scheduled [BCWS]. This is calculated as follows: SV = Budgeted
Cost of Work Performed - Budgeted Cost of Work Scheduled. If the SV is positive, the project is
ahead of schedule in cost terms; if the SV is negative, the project is behind schedule in cost
SV%: Schedule Variance (Ratio). The SV expressed as a percentage.
VAC: Variance at Completion. The earned value field that shows the difference between the
budget at completion [BAC] and the estimate at completion [EAC].
CPI: Cost Performance Index. Ratio of budgeted costs of work performed to actual costs of
work performed [BCWP/ACWP]. The cumulative CPI [sum of the BCWP for all tasks divided by
the sum of the ACWP for all tasks] can be used to predict whether a project will go over budget
and by how much.
Planning Package. A logical aggregation of work, usually future efforts that can be
identified and budgeted, but which is not yet planned in detail at the work package or task level.
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P2C2 Group, Inc.
SPI: Schedule Performance Index. The ratio of the budgeted cost of work performed [BCWP] to
the budgeted cost of work scheduled (BCWS), which is often used to estimate the project
completion date. This is calculated as follows: SPI = BCWP/BCWS.
EAC: Estimate at Completion. The expected total cost of a task or project, based on
performance as of the status date. EAC is calculated as follows: EAC = ACWP + (BAC-
BCWP)/CPI. EAC is also called forecast at completion.
IEAC: Independent Estimate at Completion.
TCPI: To Complete Performance Index. The ratio of the work remaining to be done to funds
remaining to be spent, as of the status date: [BAC - BCWP]/[BAC - ACWP]. A TCPI value
greater than 1 indicates good projected performance for remaining work; less than 1 indicates
poor projected performance.
Work Package. A task or set of tasks performed within a control account
For More Information about EVMS:
MS Project: www.microsoft.com/project
Federal Earned Value Website: http://www.acq.osd.mil/pm/
ANSI-EIA 32 Criteria: http://www.acq.osd.mil/pm/faqs/criteria.htm
GET SMART WITH EVMS 35