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Cost Variance (CV)
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CV =
EV – AC
EV = Earned Value
AC = Actual Cost |
< 0 Over budget
= 0 On budget > 0 Within budget |
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Schedule Variance (SV)
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SV =
EV – PV
EV = Earned Value
PV = Planned Value |
< 0 Behind schedule
= 0 On schedule > 0 Ahead of schedule |
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Cost Performance Index (CPI)
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CPI =
EV/AC
EV = Earned Value
AC = Actual Cost |
< 1 Over budget
= 1 On budget > 1 Under budget sometimes the term ‘cumulative CPI’ would be shown, which actually is the CPI up to that moment |
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Schedule Performance Index (SPI)
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SPI =
EV/PV
EV = Earned Value
PV = Planned Value |
< 1 behind schedule
= 1 on schedule > 1 ahead of schedule |
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Estimate at Completion (EAC) if
original is flawed
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EAC =
AC + New ETC
AC = Actual Cost
New ETC = New Estimate to Completion |
if the original estimate is based
on wrong data/assumptions or circumstances have changed
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Estimate at Completion (EAC) if BAC
remains the same
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EAC = AC +
BAC – EV
AC = Actual Cost
BAC = Budget at completion EV = Earned Value |
the variance is caused by a
one-time event and is not likely to happen again
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Estimate at Completion (EAC) if CPI
remains the same
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EAC =
BAC/CPI
BAC = Budget at completion
CPI = Cost performance index |
if the CPI would remain the same
till end of project, i.e. the original estimation is not accurate
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Estimate at Completion (EAC) if
substandard performance continues
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EAC = AC + [(BAC -EV)/(CPI*SPI)]
AC = Actual Cost
BAC = Budget at completion EV = Earned Value CPI = Cost Performance Index SPI = Schedule Performance Index |
use when the question gives
all the values (AC, BAC, EV, CPI and SPI), otherwise, this formula is not
likely to be used
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To-Complete Performance Index (TCPI)
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TCPI =
(BAC –EV)/
(BAC – AC)
BAC = Budget at completion
EV = Earned value AC = Actual Cost
TCPI =
Remaining Work
/Remaining Funds
BAC = Budget at completion
EV = Earned value CPI = Cost performance index |
< 1 Under budget
= 1 On budget > 1 Over budget |
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Estimate to Completion
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ETC =
EAC -AC
EAC = Estimate at Completion
AC = Actual Cost |
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Variance at Completion
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VAC =
BAC – EAC
BAC = Budget at completion
EAC = Estimate at Completion |
< 0 Over budget
= 0 On budget > 0 Under budget |
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PERT Estimation (3 Points Estimate)
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(O + 4M + P)/6
O= Optimistic estimate
M= Most Likely estimate P= Pessimistic estimate |
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Standard Deviation
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(P – O)/6
O= Optimistic estimate
P= Pessimistic estimate |
this is a rough estimate for the
standard deviation
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Float/Slack
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LS – ES
LS = Late start
ES = Early start
LF – EF
LF = Late finish
EF = Early finish |
= 0 On critical
path
< 0 Behind schedule |
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Communication Channels
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n (n-1)/2
n = number of
members in the team
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n should include the project manager
e.g. if the no. of team members increase from 4 to 5, the increase in communication channels: 5(5-1)/2 – 4(4-1)/2 = 4 |
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One Point Estimate
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(O + M + P)/3
O= Optimistic estimate
M= Most Likely estimate P= Pessimistic estimate |
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