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After entering actual progress we want to look for earned value indicators on how well we are doing. We are going to change the view but
instead of choosing a table from the menu we need to select more tables and select Earned value from our list. Now we get a sheet with our
earned value information. We can compare the earned value with the planned value which measures following costs:
Cost variance (CV)the difference between a tasks estimated cost and its actual cost (the formula CV = Earned Value Actual Cost).
Schedule variance (SV)the difference between the current progress and the scheduled progress of a task, in terms of cost (the formula
SV = Planned Value Earned Value).
Estimate at completion (EAC) is the estimated total cost of a task or project, based on performance as of the status date.
Variance at completion (VAC) shows the difference between the budget at completion (BAC) and the estimate at completion (EAC).
When we look at our project by January 18th we are suppose to spend roughly 20.500, we have earned for actual work a little less 19.800 but
we spend over 27.800 so we have a negative amount for both scheduled as cost variance. There is more than 700 worth of work that is
supposed to be done but that hasnt been done and on the existing work we achieved we are 8000 over budget.