PMI Term - Planned Value (PV)
Clarity Term - Budgeted Cost of Work Scheduled (BCWS)
Definition - Is the authorized budget assigned to the work to be performed.
PMI Term - Earned Value (EV)
Clarity Term - Budgeted Cost of Work Performed (BCWP)
Definition - Is the value of work performed expressed in terms of the budget assigned.
PMI Term - Actual Cost (AC)
Clarity Term - Actual Cost of Work Performed (ACWP)
Definition - Is the total actual cost incurred in accomplishing the work.
PMI Term - Budget at Completion (BAC)
Clarity Term - Budget at Completion (BAC)
Definition - Is the total budget for the project.
EVM Calculation Methods -
Percent Complete (PC)
Defines an estimate expressed as a percent of the amount of work that has been completed on a task or work breakdown structure. The EV calculation method where Budgeted Cost of Work Performed (BCWP) is system calculated using the following formula:
BCWP = Budget at Completion (BAC) * % complete
0/100
Defines the EV calculation method where Budgeted Cost of Work Performed (BCWP) is system calculated using the following fixed formula:
If % complete = 100, then BCWP = Budget at Completion (BAC); otherwise, BCWP = zero
Use this method when project work begins and completes in a single reporting period, and credit is only earned when the project or task is 100 percent complete.
50/50
Defines the EV calculation method where Budgeted Cost of Work Performed (BCWP) is system calculated using the following formula:
If % complete > zero but < 100, then BCWP = Budget at Completion (BAC) / 2. If % complete = 100, then BCWP = BAC. If % complete = zero, then BCWP = zero
Use this method when project work begins and completes within two reporting periods, and 50 percent credit is earned when a project or task is started and the remaining 50 percent is earned upon completion.
Level of Effort (LOE)
Defines the EV calculation method where Budgeted Cost of Work Performed (BCWP) is system calculated using the following formula:
BCWP = Budgeted Cost of Work Scheduled (BCWS)
Weighted Milestones
Defines the EV calculation method where Budgeted Cost of Work Performed (BCWP) is user defined. The project manager assigns weights to milestones across the duration of the summary task. As each milestone in the summary task is reached, a specific percent of the work is completed until 100% is reached. Use this method if your organization uses earned value management methodology for measuring project performance and has projects and tasks that use this method. When you choose this method, you must then manually enter task BCWP.
Milestone Percent Complete (PC)
Defines the EV calculation method where Budgeted Cost of Work Performed (BCWP) is not system calculated but user defined. Dollar amounts are selected for the weighting of each time period, instead of a percentage. EV credit is earned as a percentage of the milestone value assigned. Use this method if your organization uses earned value management methodology for measuring project performance and has projects and tasks that use this method. When you choose this method, you must then manually enter task BCWP.
Apportioned Effort (AE)
Defines the EV calculation method where Budgeted Cost of Work Performed (BCWP) is not system calculated but is user defined. Task work effort is tied to other task work efforts. As the base task completes work, the apportioned task earns completed work. The task uses the work effort tied to other tasks to drive its performance. Use this method for discrete work that is related to other discrete work. Use this method if your organization uses earned value management methodology for measuring project performance and has projects and tasks that use this method. When you choose this method, you must then manually enter task BCWP.
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