{[ promptMessage ]}

Bookmark it

{[ promptMessage ]}

Cost Management Table

# Cost Management Table - Cost Management Abbreviation...

This preview shows page 1. Sign up to view the full content.

This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: Cost Management Abbreviation Description How much was originally planned for this BAC . preject to cost. How much work should have been completed at a point in time based on the plan. (Derived PV . (or BCWS) by measuring where you had planned to be in terms of work completed at a point in the schedule). How much work was actually completed during EV a given period of time. Derived by measuring (or BCWP) where you actually are in terms of work completed during a given period of time in the schedule. AC . . . . The money spent durlng a given period of time. The difference between what we expected to spend and what was actually spent. Budgeted At Completion Planned Value (also known as Budgeted Cost of Work Scheduled) Earned Value (also known as Budgeted Cost of Work Performed) Actual Cost (also known as Actual Cost of Work Performed) Cost Variance The difference between where we planned to be in'th’e‘SCheduieand where we are in the schedule. Scheduleﬁlariance The rate at which the project performance is meeting cost expectations during a given period of time. Cost Performance Index The rate at which the project performance is meeting cost expectations from the beginning up to a point in time. CPIc is also used to forecast project costs at completion. Cumulative CPI The rate at which the project performance is meeting schedule expectations up to a point in time. Schedule Performance lndex Estimate At Completion Projecting the total cost at completion based on project performance up to a point in time. Estimate To Completion Projecting how much more will be spent on the project, based on past performance. Variance At Completion The difference between what was budgeted and what will actually be spent. Formula No one formula exists. BAC is derived by looking at the total budgeted cost for the project. Planned % Complete X BAC EV = Actual % Complete X BAC Sum of the costs for the given period of time. CV = EV-AC CPI = EV+AC CPIC = EvC + AcC SPl = EV+ PV EAC = BAC + CPlC (Note that there are over 25 ways to calculate the EAC, but this one should be sufﬁcient for the exam.) ETC = EAC - AC VAC = BAC — EAC Page 199 away anleA ...
View Full Document

{[ snackBarMessage ]}

Ask a homework question - tutors are online