AACE EVP flashcards
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32 cards. Read the term and the definition here. The deck at the top of this page is optional.
- Earned Value (EV)
- The budgeted cost of work performed (BCWP); it quantifies the value of completed work in terms of the approved budget.
- Planned Value (PV)
- The authorized budget assigned to scheduled work (BCWS); it represents the planned cost of work scheduled up to a given date.
- Actual Cost (AC)
- The actual cost incurred for work performed (ACWP); it includes direct and indirect costs but excludes management reserve.
- Cost Variance (CV)
- CV = EV - AC; a positive value indicates cost underrun, while a negative value indicates cost overrun.
- Schedule Variance (SV)
- SV = EV - PV; a positive value indicates ahead of schedule, while a negative value indicates behind schedule.
- Cost Performance Index (CPI)
- CPI = EV / AC; a value greater than 1 indicates cost efficiency, while less than 1 indicates cost inefficiency.
- Schedule Performance Index (SPI)
- SPI = EV / PV; a value greater than 1 indicates schedule efficiency, while less than 1 indicates schedule inefficiency.
- Budget at Completion (BAC)
- The total authorized budget for the project, excluding management reserve; it is the sum of all control account budgets and undistributed budget.
- Performance Measurement Baseline (PMB)
- The time-phased budget plan against which project performance is measured; it includes control account budgets and undistributed budget but excludes management reserve.
- Control Account (CA)
- A management control point where scope, budget, actual cost, and schedule are integrated and compared to earned value for performance measurement.
- Work Package (WP)
- A task at the lowest level of the WBS that can be scheduled, budgeted, and controlled; it has a defined scope and duration.
- Planning Package
- A WBS element below the control account but above work packages; it has budget but its work is not yet detailed into work packages.
- Management Reserve (MR)
- Budget for unplanned in-scope work, not part of the PMB, and requires customer approval to use.
- Undistributed Budget (UB)
- Budget for authorized work not yet assigned to a control account; it is part of the PMB until distributed.
- Integrated Master Schedule (IMS)
- A network schedule that integrates all project work and is used to plan, schedule, and track progress.
- Earned Value (EV) Calculation
- EV = percent complete × BAC for a work package; it represents the budgeted value of completed work.
- To-Complete Performance Index (TCPI)
- TCPI = (BAC - EV) / (BAC - AC) when target is BAC; it measures the cost efficiency needed to meet the remaining budget.
- Estimate to Complete (ETC)
- The expected cost to finish all remaining project work; ETC = EAC - AC.
- Variance at Completion (VAC)
- VAC = BAC - EAC; a negative value indicates a projected cost overrun at completion.
- Earned Schedule (ES)
- The time at which PV equals EV; it provides a time-based measure of schedule performance.
- Schedule Performance Index (SPI) Time-Based
- SPI = ES / Actual Time; a value less than 1 indicates the project is behind schedule in time.
- Percent Complete
- Percent Complete = EV / BAC; it indicates the proportion of the total budget earned to date.
- Percent Spent
- Percent Spent = AC / BAC; it indicates the proportion of the total budget consumed to date.
- EAC with CPI
- EAC = BAC / CPI; this forecast assumes that current cost performance will continue for the remaining work.
- EAC with Bottom-Up ETC
- EAC = AC + Bottom-up ETC; this forecast is used when future performance is expected to differ from past performance.
- EAC with Budgeted Rate
- EAC = AC + (BAC - EV); this forecast assumes remaining work will be performed at the budgeted rate.
- EAC with CPI and SPI
- EAC = AC + (BAC - EV) / (CPI × SPI); this forecast assumes both cost and schedule performance will continue.
- Trend Analysis
- Analysis of CPI and SPI over time to predict future performance and identify unfavorable trends.
- Forecast Report
- A report that includes EAC, ETC, VAC, and TCPI to communicate projected cost and schedule outcomes.
- Integrated Baseline Review (IBR)
- A review that verifies the PMB is realistic and achievable, assessing technical, schedule, cost, and risk integration.
- Change Control Process
- A formal process for approving and incorporating changes to the PMB; changes must be reflected in the IMS and EVM data.
- Baseline Change Proposal
- A proposal to change the PMB that includes impact analysis on cost, schedule, and risk.