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Earned Value Analysis
Published in Timothy J. Havranek, Modern Project Management Techniques for the Environmental Remediation Industry, 2017
Three terms are central to the process of earned value analysis: Budgeted cost of work scheduled (BCWS): Represents the estimated (budgeted) cost of work scheduled to be completed within a given time period.Actual cost of work performed (ACWP): Pertains to the actual dollar amount expended on the work completed in a given time period.Budgeted cost of work performed (BCWP): The parameter which deals with the value of the completed work; it is the amount of money that was budgeted for the work that was actually completed within a given time period.
Functional Interfaces
Published in Jon M. Quigley, Kim L. Robertson, Configuration Management, 2019
Jon M. Quigley, Kim L. Robertson
Customer driven measuring of cost and schedule performance is known as earned value (EV). It originated in the U.S. DOD and directly influences the tools the contractor needs to put in place. EV management (EVM) centers on budgeted cost of work scheduled (BCWS), actual cost (AC) of work performed (ACWP), and budgeted cost of work performed (BCWP).
Tools for Control
Published in Ron Basu, The Green Six Sigma Handbook, 2023
There are a few useful terms related to EVM as shown in Figure 12.6 and defined as follows: Time Now: The reference point used to measure and evaluate the current status.Earned Value: The value of useful work done at Time Now. It is also known as the budgeted cost of work performed (BCWP). It is typically calculated at activity level by multiplying the Budget at Completion for the activity with the percentage progress achieved for the activity.Budget at Completion: The total budget for the work to be carried out.Original Duration: The planned overall duration of the activity or project.Planned Value (Spend): The planned rate of spend against time though the life of the project. It is also known as the budget cost of work schedule (BCWS).Actual Cost: The cumulative costs incurred at Time Now. It is also known as the actual cost of work performed (ACWP).Cost Variance: (CV): The difference between the Earned Value and the Actual Cost at Time Now (CV = Earned Value − Actual Cost).Scheduled Variance (SV): The difference between the Earned Value and the Planned Value at Time Now (SV = Earned Value − Planned Value).Scheduled Performance Index (SPI): The ratio between the Earned Value and Planned Value at Time Now (SPI = Earned Value/Planned Value). It is used to predict the final outcome of the project time.Cost Performance Index (CPI): The ratio between the Earned Value and Actual Cost at Time Now (CPI = Earned Value/Actual Cost). It is used to forecast the Estimated Cost at Completion (EAC).EAC = Actual Cost/CPI + (Budget at Completion − Earned Value)/CPI.
A Bayesian approach to set the tolerance limits for a statistical project control method
Published in International Journal of Production Research, 2020
Zhi Chen, Erik Demeulemeester, Sijun Bai, Yuntao Guo
The classical and most popular way for project control is Earned Value Management (EVM). EVM is based on the project Work Breakdown Structure (WBS), and incorporates the time and cost control in a unified framework. To be specific, EVM uses three measures: the planned value (PV) or budgeted cost of work scheduled (BCWS), the actual cost (AC) or actual cost of work performed (ACWP), and the earned value (EV) or budgeted cost of work performed (BCWP). The use of these three metrics can yield four indicators: Cost variance (CV = EV–AC)Cost performance index (CPI = EV/AC)Schedule variance (SV = EV–PV)Schedule performance index (SPI = EV/PV).
Regression Modeling for Prediction of Earned Value Indexes in Public Building Construction Projects: The case of Ethiopia
Published in Cogent Engineering, 2023
Genet Melkamu Ayalew, Meseret Getnet Meharie, Girmay Getawa Ayalew
Planned Value is the budgeted cost for the work scheduled to be completed on an activity or WBS component at a particular time. It is obtained from the cash flow diagram (The S-curve). It is also known as the Budgeted Cost of Work Performed (BCWP). The Planned Value is calculated before actually doing the work, which also serves as a baseline (Salari et al., 2014).