MathModelLastSlide & MonthlyStatusReport?

MathModelLastSlide & MonthlyStatusReport?

Budget=PV=Baseline

Budget=PV=Baseline

Earned Value (EV)

Budgeted cost of the work performance.

X for a task = (percent complete) x (original budget).

Stated differently, EV is the percent of the original budget that has been earned by actual work completed. [BCWP – budgeted cost of the work performed]

X for a task = (percent complete) x (original budget).

Stated differently, EV is the percent of the original budget that has been earned by actual work completed. [BCWP – budgeted cost of the work performed]

Planned Value (PV)

The X starts with the time-phased costs that provide the project budget baseline, which is called the X of the work scheduled. The time-phased baseline. X of the work scheduled. [BCWS—budgeted cost of the work scheduled]

Actual costs (AC)

Actual cost of the work completed. The

sum of the costs incurred in accomplishing the work to date. [ACWP—actual cost of the work performed]

sum of the costs incurred in accomplishing the work to date. [ACWP—actual cost of the work performed]

Cost variance

X tells us if the work accomplished costs more or less than was planned at any point over the life of the project.

X: difference between the earned value and the actual costs for the work completed to date . [X = EV – AC]

X: difference between the earned value and the actual costs for the work completed to date . [X = EV – AC]

Schedule variance (SV)

X: difference between the earned value and the baseline line to date.

[X = EV – PV]

[X = EV – PV]

BAC

Budgeted cost at completion. Total budgeted cost of the baseline or project direct cost accounts.

EAC

Estimated cost at completion.

ETC

Estimated cost to complete remaining work.

VAC

Estimated cost to complete remaining work.

CV (Cost variance)

Indicates if the work accomplished using labor and materials costs more or less than was planned at any point in the project.

SV (Schedule Variance)

Presents an overall assessment in dollar terms of the progress of all work packages in the project scheduled to date.

Baseline (PV)

An anchor point for measuring performance. The X is the sum of the cost accounts, and each cost account is the sum of the work packages in the cost account. Three direct costs are typically included in Xs: Labor, equipment and materials (and project direct overhead costs). Costs the PM can control. Overhead costs and profits are typically added later.

Cost performance (CPI)

X index:

Measures the cost efficiency of work accomplished to date.

(Earned Value) / (Actual cost)

Measures the cost efficiency of work accomplished to date.

(Earned Value) / (Actual cost)

Scheduling performance (SPI)

X index:

Measures scheduling efficiency

(Earned Value) / (Planned Value)

Measures scheduling efficiency

(Earned Value) / (Planned Value)

PCIB

Percent complete index, which compare the to-date progress to the end of the project

Percent complete X:

Looks at percent complete in terms of budget amounts

X = (Earned Value) / (Budgeted cost at completion)

X = EV / BAC

Percent complete X:

Looks at percent complete in terms of budget amounts

X = (Earned Value) / (Budgeted cost at completion)

X = EV / BAC

PCIC

Percent complete index, which compare the to-date progress to the end of the project

Percent complete X:

Views percent complete in terms of actual dollars spent to accomplish the work to date and the actual expected dollars for the completed project.

X = (Actual Cost) / (Estimated cost at completion)

X = AC / EAC

Percent complete X:

Views percent complete in terms of actual dollars spent to accomplish the work to date and the actual expected dollars for the completed project.

X = (Actual Cost) / (Estimated cost at completion)

X = AC / EAC

EACre

Method for revising estimates of future project cost:

We use X to represent revisions made by experts and practitioners associated with the project (usually done in smaller projects).

X = (Actual Cost) / (Revised estiated cost to complete ramaining work)

X = AC / ETCre

We use X to represent revisions made by experts and practitioners associated with the project (usually done in smaller projects).

X = (Actual Cost) / (Revised estiated cost to complete ramaining work)

X = AC / ETCre

EACf

Method for revising estimates of future project cost:

This method uses the actual cost to date plus and efficiency index (CPI). I.e., estimated total cost at completion.

X = ETC + AC

ETC = (BAC-EV)/(EV/AC)

(BAC-EV)->Work remaining

(EV/AC)-> CPI

ETC: Estimated cost to complete remaining work

AC: Cumulative actual cost of work completed to date

CPI: Cumulative cost index to date

BAC: Total budget of the baseline

EV: Cumulative budgeted cost of work completed to date

This method uses the actual cost to date plus and efficiency index (CPI). I.e., estimated total cost at completion.

X = ETC + AC

ETC = (BAC-EV)/(EV/AC)

(BAC-EV)->Work remaining

(EV/AC)-> CPI

ETC: Estimated cost to complete remaining work

AC: Cumulative actual cost of work completed to date

CPI: Cumulative cost index to date

BAC: Total budget of the baseline

EV: Cumulative budgeted cost of work completed to date

To Complete Performance Index (TCPI)

This ratio measures the amount of value each remaining dollar in the budget must earn to stay within the budget

X = (BAC-EV) / (BAC-AC)

BAC: Total budget of the baseline

AC: Cumulative actual cost of work completed to date

EV: Cumulative budgeted cost of work completed to date

X < 1: Complete project without using the whole budget. Opens possibilities to improve quality and increase scope (Increase profit).

X = (BAC-EV) / (BAC-AC)

BAC: Total budget of the baseline

AC: Cumulative actual cost of work completed to date

EV: Cumulative budgeted cost of work completed to date

X < 1: Complete project without using the whole budget. Opens possibilities to improve quality and increase scope (Increase profit).