Formulas for Project Management
These are the formulas used in the Project Management Book of Knowledge (PMBOK).
Present Value (PV) = FV/(1+i)n
Future Value = amount x 1/PV
Variance = Plan – Actual
EV = Earned Value, or budgeted cost of work performed (BCWP), is a percentage of the total budget equal to the percentage of the work actually completed. What is done.
PV (BCWS) = budgeted cost of work scheduled is that portion of the approved cost estimate planned to be spent on the activity during a given period. What should be done.
AC (ACWP) = actual cost of work performed (ACWP), is the total of direct and indirect costs incurred in accomplishing work on the activity during a given period. Cost to achieve what is done.
Cost Variance CV = EV – AC <0 means Trouble
Schedule Variance SV = EV – PV <0 means Trouble
Variance At Completion à VAC = BAC – EAC
Cost Performance Index CPI = EV / AC <1 means Trouble
Schedule Performance Index SPI = EV / PV <1 means Trouble
Percent Complete = (EV/BAC) x 100
BAC = total amount of workhours we budget for the work
Estimate At Completion EAC = BAC/CPI = AC + ETC (Forecast of work to complete)
1. AC + remaining project budget modified by a performance factor (BAC/CPI)
2. AC + new estimate for all remaining work
3. AC + remaining budget (BAC)
Estimate To Complete ETC = BAC – EV
Management Reserve (Contingency) MR
Cost Baseline = BAC + MR
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